Statement of Unappropriated Expenditure
for the year ended 30 June 2010
There was one item of unappropriated expenditure in Vote Finance in the year ended 30 June 2010.
| Appropriation Type | Appropriation Name | Appropriated Expenditure $000 |
Total Expenditure, Expenses or Liabilities Incurred $000 |
Unapproved Unappropriated Expenses $000 |
|---|---|---|---|---|
| Non-departmental capital expenditure | Landcorp Protected Land Agreement | 10,000 | 16,056 | 6,056 |
Under the terms of the Protected Land Agreement, the Crown provides compensation to Landcorp Farming Limited for any accumulated capital costs and accumulated losses/(profits) at time of transfer or sale of any protected land.
An agreement in principle between the Crown and Te Hiku forum to settle a Treaty of Waitangi grievance was signed 16 January 2010. The agreement in principle includes Rangiputa Station which is a property held under the Protected Land Agreement. Although there has been no Deed of Settlement drafted to date, there are other mitigating factors that have rendered the transfer of this property probable and therefore required to be recognised under current New Zealand accounting standards. The Treasury's recognition test had been previously based around a Deed of Settlement position; however, the additional information available in this instance suggests the transfer is now probable.
The estimated current value of the accumulated capital costs and accumulated losses/(profits) is the $6.056 million unappropriated expenditure.
The Statement of Accounting Policies is an integral part of these supplementary financial schedules.
For a full understanding of the Crown's financial position and the result of its operations for the year, refer to the consolidated Financial Statements of the Government for the year ended 30 June 2010.
