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Budget 2007 Home Page Half Year Economic & Fiscal Update 2007

Forecast Statement of Financial Performance for the years ending 30 June

Forecast Statement of Financial Performance for the years ending 30 June
    2007 2008 2008 2009 2010 2011 2012
  Note Actual Previous
Budget		 Forecast Forecast Forecast Forecast Forecast
    $m $m $m $m $m $m $m
Revenue                
Taxation revenue 1 53,023 54,173 56,639 57,492 60,498 63,407 66,495
Other sovereign revenue 1 3,701 3,693 3,774 3,825 4,343 4,809 4,904
Forecast revenue reduction contingency 1 -  -  -  (375) (1,500) (1,600) (1,700)
Total Revenue Levied through the Crown's Sovereign Power   56,724 57,866 60,413 60,942 63,341 66,616 69,699
Sales of goods and services   12,357 13,253 13,004 13,859 14,566 15,216 15,876
Interest revenue and dividends 2 2,984 3,366 3,716 3,939 3,951 4,224 4,345
Other revenue   2,362 2,387 2,475 2,540 2,624 2,654 2,692
Total Revenue Earned through the Crown's Operations   17,703 19,006 19,195 20,338 21,141 22,094 22,913
Total Revenue (excluding gains)   74,427 76,872 79,608 81,280 84,482 88,710 92,612
Expenses                
Social assistance and official development assistance 3 16,346 17,892 18,352 18,923 19,607 20,677 21,706
Personnel expenses 4 15,281 15,657 16,271 16,394 16,505 16,600 16,677
Depreciation and amortisation 5 3,338 3,296 3,459 3,643 3,818 4,010 4,199
Other operating expenses 5 27,517 28,997 28,665 29,527 29,865 30,408 30,859
Interest expenses 6 2,893 2,748 3,255 2,842 2,768 2,942 2,973
Insurance expenses 7 3,713 3,010 3,581 3,842 4,092 4,333 4,572
Forecast new operating spending 8 -  314 201 2,057 4,015 5,956 7,926
Top-down expense adjustment 8 -  -  (750) (275) (250) (200) (150)
Total Expenses (excluding losses)   69,088 71,914 73,034 76,953 80,420 84,726 88,762
Operating Balance before gains/(losses)   5,339 4,958 6,574 4,327 4,062 3,984 3,850
Net gains/(losses) on financial instruments 9 1,569 1,377 1,873 1,431 1,539 1,781 1,984
Net gains/(losses) on non-financial instruments   985 -  (1,237) 96 105 102 135
Total Gains/(losses)   2,554 1,377 636 1,527 1,644 1,883 2,119
Net surplus/(deficit) from associates and joint ventures   186 96 178 199 218 227 259
Operating Balance from continuing activities   8,079 6,431 7,388 6,053 5,924 6,094 6,228
Gain/(loss) from discontinued operations   (92) -  -  -  -  -  - 
Operating Balance (including minority interest)   7,987 6,431 7,388 6,053 5,924 6,094 6,228
Attributable to minority interest   12 -  -  -  -  -  - 
Operating Balance 10 7,999 6,431 7,388 6,053 5,924 6,094 6,228

The accompanying Notes and Accounting policies are an integral part of these Statements.

Forecast Statement of Financial Performance (continued) – Functional Expense Analysis for the years ending 30 June

Functional Expense Analysis for the years ending 30 June
  2007 2008 2008 2009 2010 2011 2012
  Actual Previous
Budget		 Forecast Forecast Forecast Forecast Forecast
  $m $m $m $m $m $m $m
Total Crown expenses
By functional classification		              
Social security and welfare 20,947 21,271 21,568 22,226 22,910 23,965 25,082
GSF pension expenses 648 629 629 603 568 558 545
Health 10,511 11,699 11,589 11,642 11,729 11,722 11,748
Education 9,887 10,321 10,550 10,578 10,590 10,701 10,796
Core government services 4,329 2,132 2,680 2,585 2,623 3,018 3,037
Law and order 2,840 3,076 3,126 3,137 3,146 3,146 3,158
Defence 1,449 1,597 1,598 1,638 1,727 1,836 1,905
Transport and communications 6,872 7,671 7,632 7,803 8,061 8,113 8,455
Economic and industrial services 4,601 5,879 6,277 6,985 7,473 7,792 8,046
Primary services 1,247 1,319 1,363 1,335 1,334 1,338 1,343
Heritage, culture and recreation 1,941 2,218 2,266 2,754 2,676 2,778 2,824
Housing and community development 902 961 968 961 968 979 992
Other 20 79 82 82 82 82 82
Finance costs 2,893 2,748 3,255 2,842 2,768 2,942 2,973
Forecast for future new spending -  314 201 2,057 4,015 5,956 7,926
Top-down expense adjustment -  -  (750) (275) (250) (200) (150)
Total Crown Expenses excluding losses 69,087 71,914 73,034 76,953 80,420 84,726 88,762

Below is an analysis of core Crown expenses by functional classification. Core Crown expenses include expenses incurred by the Crown, Departments, Reserve Bank and the NZS Fund, but not Crown entities and SOEs.

Functional Expense Analysis for the years ending 30 June
  2007 2008 2008 2009 2010 2011 2012
  Actual Previous
Budget		 Forecast Forecast Forecast Forecast Forecast
  $m $m $m $m $m $m $m
Core Crown expenses
By functional classification		              
Social security and welfare 17,214 17,698 17,914 18,315 18,744 19,554 20,426
GSF pension expenses 648 629 629 603 568 558 545
Health 10,357 11,613 11,480 11,552 11,622 11,623 11,642
Education 9,261 9,719 9,863 9,945 10,009 10,103 10,171
Core government services 4,469 2,479 2,957 2,955 3,042 3,243 3,270
Law and order 2,748 2,836 2,910 2,913 2,904 2,901 2,903
Defence 1,529 1,641 1,641 1,683 1,771 1,880 1,950
Transport and communications 2,275 2,792 2,784 2,849 2,726 2,717 2,946
Economic and industrial services 1,548 2,276 2,710 2,876 3,109 3,273 3,415
Primary services 457 494 527 493 484 480 484
Heritage, culture and recreation 798 977 1,072 1,482 1,366 1,371 1,352
Housing and community development 275 304 313 283 268 266 265
Other 68 80 82 82 82 82 82
Finance costs 2,330 2,244 2,804 2,724 2,646 2,825 2,807
Forecast for future new spending -  314 201 2,057 4,015 5,956 7,926
Top-down expense adjustment -  -  (750) (275) (250) (200) (150)
Total Core Crown Expenses excluding losses 53,977 56,096 57,137 60,537 63,106 66,632 70,034

The accompanying Notes and Accounting policies are an integral part of these Statements.

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