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Note 10:  Receivables

Forecast Actual
Original Budget $m Estimated Actual $m 30 June 2006 $m 30 June 2005 $m
5,585 5,691 Taxes receivable 8,720 5,641
4,305 4,465 Accounts receivable 5,259 4,610
70 75 Receivable from the sale and purchase of Maui gas 74 121
245 202 Prepayments 421 511
10,205 10,433 Total Receivables 14,474 10,883

Included in taxes receivable at nominal value less provision for doubtful debts are general taxes receivable administered by the Inland Revenue Department. The gross book value of the debtors was $8,824 million, $899 million has been provided as a provision for doubtful debts. Included in accounts receivables at gross value less provision for doubtful debts are debtor portfolios held by the Ministries of Social Development and Justice. Due to the nature of these portfolios the collectability of outstanding amounts take place over a significant period of time. The debtor portfolio held by the Ministry of Justice largely relates to outstanding court and enforcement fines and associated filing and enforcement fees. The gross book value of the debtor portfolio was $547 million, $123 million has been provided as a provision for doubtful debts reflecting the nature of the collectability of the debtors. The debtor portfolio held by the Ministry of Social Development largely relates to benefit overpayments, advances on benefits and recoverable special needs grant. The gross book value was $821 million, $408 million has been provided as a provision for doubtful debts reflecting the nature of the collectability of the debtors. Work is currently underway to estimate the fair value of long term receivables held by the Ministry of Justice, Ministry of Social Development and Inland Revenue Department as part of the Government’s transition to NZ IFRS.

Note 11:  Other Investments
Forecast Actual
Original Budget $m Estimated Actual $m 30 June 2006 $m 30 June 2005 $m
72 76 International Bank for Reconstruction and Development 86 74
78 81 Asian Development Bank 92 79
84 110 Other 145 68
234 267 Total Other Investments 323 221
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