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2014 Investment Statement

Glossary of terms

Glossary of terms
Term Definition
ACC Accident Compensation Corporation.
ALOS Average length of stay.
APR Annual Portfolio Report - Produced by the Treasury and describes the performance of the Crown-owned enterprises that have full or partial commercial objectives.
Appropriation A parliamentary authorisation for the Crown or an Office of Parliament to incur expenses or capital expenditure.
Asset A resource controlled as a result of past activities which is expected to deliver future economic benefits.
Balance sheet A statement of assets, liabilities and net worth, also known as the Statement of Financial Position.
Better Business Cases A structured way that stakeholders can work and think together to provide a business case.
Capital expenditure Expenditure which purchases or upgrades an asset.
Carrying value The value at which an asset is recognised after deducting any accumulated depreciation (amortisation) and accumulated impairment losses thereon.
CCC Christchurch City Council.
Contingent liability A cost the Crown will have to face if a particular uncertain and not probable event occurs.  Typically, contingent liabilities consist of guarantees and indemnities, legal disputes and claims, and uncalled capital.
Core Crown The core Crown is represented by departments, Offices of Parliament, the Reserve Bank, and the NZS Fund.
Cost benefit analysis A systematic process for calculating and comparing the benefits and costs of a project(s).
Corrections Department of Corrections.
Crown Includes all Ministers of the Crown and all departments, but does not include an Office of Parliament, a Crown entity, or a state enterprise.
Crown entities The term Crown entity covers a wide range of different organisations that collectively undertake a range of different functions: regulatory, advisory, service delivery, devolved purchase and ownership.  Most Crown entities exist under their own governing legislation.  They form part of the Crown reporting entity, but are not part of the Crown itself.
CFI Crown Financial Institution - Crown entity that has specific responsibilities relating to the management and investment of significant Crown financial assets.  This group includes: ACC, EQC, GSF, and NZSF.
Department A government department is an organization responsible for the administration of a particular area of government.
Depreciation The wearing out, consumption or other loss of value of assets.  Allocated as an expense over the estimated useful life of each asset.
DHB District Health Board. 
DLOC Directed Level of Capability.
DOC Department of Conservation. 
DRTWR Durable return to work rate.
EFTS Equivalent Full Time Student.
EFU Economic and Fiscal Update - The Treasury's latest economic forecasts and the forecast financial statements of the Crown.
EQC Earthquake Commission.
Equity The residual interest in an entity's assets after deducting liabilities.
Fiscal policy The government's policy relating to its spending, revenue and balance sheet.
FSGNZ Financial Statements of the Government of New Zealand.
GAAP Generally Accepted Accounting Practice - Describes the assumptions and rules applied when preparing and presenting financial statements; In New Zealand the Financial Reporting Act 1993 requires most reporting entities in both the private and public sectors to comply with GAAP.
GDP Gross domestic product - A measure of the value of all goods and services produced in New Zealand.
Genesis Genesis Power Limited.
GFC Global financial crisis. 
Government The party or parties that command a majority of the House on confidence and supply matters; also used to mean the Executive.
GSF Government Superannuation Fund.
GST Goods and Services Tax.
HNZC Housing New Zealand Corporation.
HYEFU Half Year Economic and Fiscal Update.
ICT Information and Communication Technology.
Implicit risk Cost the Crown may face in the future which arises from public expectation or moral obligation (rather than a legal obligation).
IRD Inland Revenue Department.
IRRS Income Related Rent Subsidy.
ITPs Institutes of Technology and Polytechnics.
LINZ Land Information New Zealand.
Liability Obligations arising as a result of past transactions which are expected to result in an outflow of benefits in the future.
LTFS Statement of the Long-term Fiscal Position.
M Ha Million Hectares.
Meridian Meridian Energy Limited.
MFAT Ministry of Foreign Affairs and Trade.
MLE Modern Learning Environment.
MRP Mighty River Power Limited.
MoE Ministry of Education.
MoJ Ministry of Justice.
MOM Mixed ownership model.  Also referred to as the Government Share Offer Programme.
MPI Ministry for Primary Industries.
NDF Natural Disaster Fund.
Net core Crown debt Represents gross sovereign issued debt less core Crown financial assets (excluding advances and financial assets held by the NZSF). 
Net International Investment Position A country's public and private international financial assets less liabilities.
Net worth Assets less liabilities (also referred to as Crown balance or equity).
NWAC Net Worth Attributable to the Crown.
NZD New Zealand Dollar.
NZDMO New Zealand Debt Management Office - An operating unit of Treasury.
NZDF New Zealand Defence Force.
NZSF New Zealand Superannuation Fund.
NZTA New Zealand Transport Agency.
OCL  Outstanding Claims Liability. 
OCR Official Cash Rate.
OECD Organisation for Economic Co-operation and Development.
OIS Overnight Index Swap.
Outcomes Impacts on or consequences for the community of the outputs or activities of the Government.
PAYE Pay as you earn.
PAYGO Pay as you go.
PCL Public Conservation Land.
PP&E Property, plant and equipment.
PFA Public Finance Act 1989.
Police New Zealand Police.
PPP Public Private Partnership.
Public Sector Discount Rate The Treasury's estimate of the public sector cost of capital.
RBNZ Reserve Bank of New Zealand.
SAYGO Save as you go.
SME Specialised Military Equipment.
SOE State-owned enterprise.
TEI Tertiary Education Institute.
Transpower Transpower New Zealand Limited.
TSR Total Shareholder Return.
TVNZ Television New Zealand Limited.
TWI NZD Trade Weighted Index.
VKT Vehicle Kilometres Travelled.
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