Financial Statements

Statement of Financial Performance (for the year ended 30 June 2005)

Forecast				Actual
Original Budget[1] $m	Estimated Actual $m		Note	30 June 2005 $m	30 June 2004 $m
		Revenue
		Levied through the Crown’s Sovereign Power
44,193	46,521	Taxation revenue	1	46,624	42,532
3,074	3,226	Levies, fees, fines and penalties	1	3,115	2,986
47,267	49,747	Total Revenue Levied through the Crown’s Sovereign Power	1	49,739	45,518
		Earned through the Crown’s operations
10,716	10,844	Sales of goods and services	2	11,331	10,200
2,517	3,540	Investment income	3	3,814	2,653
2,025	2,203	Other revenue	4	2,181	2,016
15,258	16,587	Total Revenue Earned through the Crown’s Operations		17,326	14,869
62,525	66,334	Total Crown Revenue		67,065	60,387
		Expenses
		By Input Type
16,249	15,823	Subsidies and transfer payments	5	15,844	15,466
13,027	13,486	Personnel expenses	6	13,562	12,501
24,311	25,240	Operating expenses	7	25,314	22,662
441	-	Forecast for future new spending		-	-
2,436	2,742	Finance costs		2,760	2,602
-	(35)	Net foreign-exchange (gains)/losses		(17)	(29)
(57)	1,404	Movement in total GSF liability	16	1,410	(315)
598	2,037	Movement in total ACC liability	17	2,037	170
57,005	60,697	Total Crown Expenses		60,910	53,057
5,520	5,637	Revenues less Expenses		6,155	7,330
151	139	Net surplus of TEIs	13	133	139
5,671	5,776	Operating Balance (including minority interest)		6,288	7,469
-	-	Minority interest		(41)	(45)
5,671	5,776	Operating Balance		6,247	7,424

[1] The original Budget is the forecast for the 2005 financial year, as presented in the 2004 Budget on 27 May 2004.

The accompanying notes and accounting policies are an integral part of these statements.

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