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Fiscal Summary for the year ended 30 June 2008
| Forecast | Fiscal Strategy | Fiscal Indicators/Financial Statements | Actual | ||
|---|---|---|---|---|---|
|
Original |
Estimated |
30 June |
30 June |
||
| 31.6% | 31.5% | Taxes… | Taxation as % of GDP | 31.5% | 31.7% |
| 54.7 | 56.7 | Core Crown taxation | 56.7 | 53.5 | |
| 5.8 | 4.5 | … combined with other revenue… | Other Core Crown operating items | 4.2 | 7.0 |
| (56.1) | (57.4) | … fund core Crown expenses… | Core Crown expenses | (57.0) | (54.0) |
| 2.0 | (1.2) | … and with the results of entities outside the budget process… |
Net surpluses/(deficits) of SOEs and Crown entities |
(1.5) | 1.5 |
| 6.4 | 2.6 | … results in a surplus or deficit… |
Operating balance |
2.4 | 8.0 |
| (1.4) | 2.6 | …part of which is gains or losses set aside for fiscal strategy purposes… |
Other (gains)/losses | 3.2 | (2.1) |
| 5.0 | 5.2 | … and so we have developed an operating indicator excluding these items. |
OBEGAL |
5.6 | 5.9 |
| (0.1) | - | Some of this is income retained that is not available for fiscal purposes |
Net return on NZS Fund (excl. revaluations) | (0.1) | 0.4 |
| (1.7) | (0.6) | Net retained surpluses of SOEs and Crown entities |
(0.8) | (1.7) | |
| 1.8 | 2.4 | ... and some is income and expenses not impacting cash |
Non-cash items and working capital movements |
2.6 | 4.0 |
| 5.0 | 7.0 | The operating cash flow that results, needs to provide sufficient funds for |
Core Crown Cash flow from Operations |
7.3 | 8.6 |
| (2.1) | (2.1) | ... building up assets in NZ Superannuation | Contribution to NZS Fund | (2.1) | (2.0) |
| (1.8) | (1.5) | ... meeting the capital expenditure budget, and | Purchase of physical assets | (1.4) | (1.8) |
| (2.1) | (2.5) | ... making advances (eg, to students and DHBs) | Advances and capital injections | (1.7) | (2.0) |
| (1.0) | 0.9 | with a residual impact on debt consistent with fiscal strategy |
Residual Cash |
2.1 | 2.8 |
| -0.6% | 0.5% | … and as a percentage of GDP |
1.1% | 1.7% | |
