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Net Assets
Section 22 of the Public Finance Act 1989 requires that the net asset holding of a department must not exceed the most recent projected balance of net assets for that department as set out in an Appropriation Act, except where Ministers agree a surplus may be retained or where assets or liabilities have been remeasured. The following schedule discloses departments that have breached this requirement during the year.
Some department's had two instances of net asset breaches during the year. These situations occur when the Department obtains additional net asset authority so that they clear their initial net asset breach; however, the department then subsequently exceeds their amended net asset authority.
| Department |
Net Assets Authority at Time of Breach $000 |
Amount in Excess of Net Asset balance Limit $000 |
|---|---|---|
| Crown Law Office | 4,757 | 1,174 |
| Crown Law Office | 3,178 | 1,579 |
| Department of Building and Housing | 14,753 | 1,556 |
| Department of Building and Housing | 11,592 | 560 |
| Land Information New Zealand | 36,567 | 3,863 |
| Land Information New Zealand | 32,478 | 7,952 |
| New Zealand Police | 890,096 | 10 |
