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Fiscal Indicator Analysis - Core Crown Residual Cash for the year ended 30 June 2012
|
Forecast 30 June 2012 |
Actual | |||
|---|---|---|---|---|
|
Budget 11 $m |
Budget 12 $m |
30 June 2012 $m |
30 June 2011 $m |
|
Core Crown Cash Flows from Operations |
||||
| 55,084 | 53,953 | Tax receipts | 54,249 | 51,454 |
| 645 | 664 | Other sovereign receipts | 670 | 646 |
| 1,469 | 1,469 | Interest, profits and dividends | 1,431 | 1,817 |
| 2,496 | 2,735 | Sale of goods & services and other receipts | 2,699 | 2,094 |
| (23,448) | (23,062) | Transfer payments and subsidies | (22,854) | (22,226) |
| (42,107) | (40,960) | Personnel and operating costs | (40,036) | (40,433) |
| (3,493) | (3,398) | Finance costs | (3,369) | (2,637) |
| (463) | (87) | Forecast for future new operating spending | - | - |
| 310 | 450 | Top-down expense adjustment | - | - |
| (9,507) | (8,236) | Net core Crown operating cash flows | (7,210) | (9,285) |
| (1,863) | (1,631) | Net purchase of physical assets | (1,262) | (1,524) |
| (879) | (1,080) | Net increase in advances | (1,022) | (1,242) |
| (1,261) | (1,334) | Net purchase of investments | (1,150) | (1,292) |
| (142) | (88) | Forecast for future new capital spending | - | - |
| 170 | 250 | Top-down capital adjustment | - | - |
| (3,975) | (3,883) | Net Core Crown capital cash flows | (3,434) | (4,058) |
| (13,482) | (12,119) | Residual cash deficit | (10,644) | (13,343) |
| The residual cash deficit is funded as follows: | ||||
Debt programme cash flows |
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Market: |
||||
| 13,635 | 17,012 | Issue of government bonds | 15,146 | 19,468 |
| (7,602) | (7,602) | Repayment of government bonds | (7,602) | - |
| 1,534 | 1,342 | Net issue/(repayment) of short-term borrowing1 | 2,139 | (422) |
| 7,567 | 10,752 | Total market debt cash flows | 9,683 | 19,046 |
Non market: |
||||
| 187 | - | Issue of government bonds | - | 270 |
| (1,113) | (1,501) | Repayment of government bonds | (1,501) | (803) |
| - | (50) | Net issue/(repayment) of short-term borrowing | 430 | (125) |
| (926) | (1,551) | Total non-market debt cash flows | (1,071) | (658) |
| 6,641 | 9,201 | Total debt programme cash flows | 8,612 | 18,388 |
Other borrowing cash flows |
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| 7,261 | 8,641 | Net (repayment)/issue of other New Zealand dollar borrowing | 5,880 | (1,096) |
| (7,371) | (8,406) | Net (repayment)/issue of foreign currency borrowing | (6,030) | 1,469 |
| (110) | 235 | Total other borrowing cash flows | (150) | 373 |
Investing cash flows |
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| 6,733 | 6,360 | Other net sale/(purchase) of marketable securities and deposits | 2,270 | (4,791) |
| 219 | 306 | Issues of circulating currency | 203 | 234 |
| (1) | (3,983) | Decrease/(increase) in cash | (291) | (861) |
| 6,951 | 2,683 | Total investing cash flows | 2,182 | (5,418) |
| 13,482 | 12,119 | Residual cash deficit funding | 10,644 | 13,343 |
1. Short-term borrowing consists of Treasury Bills and may include Euro-Commercial Paper
