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Pre-election Economic & Fiscal Update 2011

NOTE 22: Reconciliation of core Crown operating cash flows to residual core Crown cash

NOTE 22: Reconciliation of core Crown operating cash flows to residual core Crown cash
2011
Actual
$m 		2012
Previous
Budget
$m 		2012
Forecast
$m 		2013
Forecast
$m 		2014
Forecast
$m 		2015
Forecast
$m 		2016
Forecast
$m

Core Crown cash flows from operations

Total tax receipts 51,454 55,084 54,801 58,629 63,325 67,297 71,112
Total other sovereign receipts 646 645 693 686 715 731 743
Interest, profits and dividends 1,817 1,469 1,462 1,938 1,840 1,996 2,005
Sale of goods and services and other receipts 2,094 2,496 2,895 2,238 2,087 2,051 2,035
Transfer payments and subsidies (22,226) (23,448) (23,103) (23,308) (23,825) (24,677) (25,728)
Personnel and operating costs (40,433) (42,107) (43,101) (41,293) (39,785) (40,291) (39,569)
Finance costs (2,637) (3,493) (3,450) (3,995) (3,934) (4,512) (4,446)
Forecast for future new operating spending - (463) (623) (944) (1,788) (2,932) (3,959)
Top-down expense adjustment - 310 1,100 300 100 100 100
Net cash flows from core Crown operations (9,285) (9,507) (9,326) (5,749) (1,265) (237) 2,293
Net purchase of physical assets (1,524) (1,863) (2,133) (1,616) (1,379) (1,350) (1,617)
Net increase in advances (1,242) (879) (1,125) (952) (813) (1,162) (553)
Net purchase of investments (1,292) (1,261) (1,160) (1,222) (1,428) (1,297) (1,638)
Contribution to NZS Fund - - - - - - -
Forecast for future new capital spending - (242) (192) (452) (651) (800) (900)
Balance sheet funding of new capital spending - 100 (50) 125 560 790 835
Top-down capital adjustment - 170 350 - - - -
Residual cash (13,343) (13,482) (13,636) (9,866) (4,976) (4,056) (1,580)

Financed by:

Other net sale/(purchase) of marketable securities and deposits (4,791) 6,733 6,517 8,701 (4,405) 4,456 (1,880)
Total operating and investing activities (18,134) (6,749) (7,119) (1,165) (9,381) 400 (3,460)

Used in:

Net (repayment)/issue of other New Zealand dollar borrowing (1,835) 8,295 9,521 194 733 2,971 (616)
Net (repayment)/issue of foreign currency borrowing 1,661 (6,871) (7,773) (547) (700) (1,197) (1,141)
Issues of circulating currency 234 219 89 218 229 240 252
Decrease/(increase) in cash (861) (1) (1,250) (2) - (145) 146
(801) 1,642 587 (137) 262 1,869 (1,359)
Net cash inflow/(outflow) to be offset by domestic bonds (18,935) (5,107) (6,532) (1,302) (9,119) 2,269 (4,819)

Gross cash proceeds from domestic bonds

Domestic bonds (market) 19,468 13,635 15,422 12,773 10,030 7,833 4,819
Domestic bonds (non-market) 270 187 448 122 36 - -
Total gross cash proceeds from domestic bonds 19,738 13,822 15,870 12,895 10,066 7,833 4,819
Repayment of domestic bonds (market) - (7,602) (7,602) (10,957) - (9,955) -
Repayment of domestic bonds (non-market) (803) (1,113) (1,736) (636) (947) (147) -
Net cash proceeds from domestic bonds 18,935 5,107 6,532 1,302 9,119 (2,269) 4,819
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