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Financial Statements of the Government of New Zealand for the Year Ended 30 June 2016

Audited Financial Statements of the Government of New Zealand

Statement of Financial Performance
for the year ended 30 June 2016

Statement of Financial Performance
for the year ended 30 June 2016
2016 Forecast Note Actual
Budget
2015
$m
Budget
2016
$m
30 June
2016
$m
30 June
2015
$m
Revenue  
68,098 68,931 Taxation revenue 3 69,668 66,055
4,606 4,637 Other sovereign revenue 3 4,643 4,953
72,704 73,568 Total sovereign revenue 74,311 71,008
17,044 16,618 Sales of goods and services 4 16,364 16,365
4,064 3,721 Interest revenue and dividends 5 3,603 3,524
3,580 3,607 Other revenue 6 3,881 3,615
24,688 23,946 Total revenue earned through operations 23,848 23,504
97,392 97,514 Total revenue (excluding gains) 98,159 94,512
Expenses  
24,482 24,421 Transfer payments and subsidies 7 24,312 23,723
21,594 21,783 Personnel expenses 8 21,763 21,124
4,253 4,234 Depreciation 3,912 3,873
38,131 37,696 Other operating expenses 9 36,832 36,378
4,687 4,472 Interest expenses 10 4,336 4,563
4,348 4,335 Insurance expenses 11 4,725 4,110
305 2 Forecast new operating spending
(1,025) (600) Top-down expense adjustment
96,775 96,343 Total expenses (excluding losses) 95,880 93,771
441 503 Less minority interests share of operating balance before gains and losses 448 327
176 668 Operating balance before gains and losses (excluding minority interests) 1,831 414
2,560 1,041 Net gains/(losses) on financial instruments 12 1,117 6,196
(45) (4,496) Net gains/(losses) on non-financial instruments 13 (8,636) (1,649)
2,515 (3,455) Total gains/(losses) (7,519) 4,547
32 62 Less minority interests share of total gains/(losses) (12) 218
2,483 (3,517) Gains/(losses) (excluding minority interests) (7,507) 4,329
331 284 Net surplus from associates and joint ventures 307 1,028
2,990 (2,565) Operating balance (excluding minority interests) (5,369) 5,771
Operating balance allocated between:  
2,990 (2,565) Operating balance (excluding minority interests) (5,369) 5,771
473 565 Minority interests share of operating balance 25 436 545
3,463 (2,000) Operating balance (including minority interests) (4,933) 6,316

The accompanying notes (including accounting policies) are an integral part of these statements.

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