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Financial Statements - Departmental

for the year ended 30 June 2011

Overview of Departmental Financial Results

for the year ended 30 June 2011

The following significant movements in actual results between the 2010/11 and 2009/10 years, and actual results against the 2010/11 Supplementary Estimates budget, are explained below:

Overview of Departmental Financial Results
2010
Actual
$000
2011
Actual
$000
2011
Main Estimates
$000
2011
Supp. Estimates
$000

Revenue

 
63,858 Crown 63,921 73,098 73,972
Expenses  
43,758

Personnel

43,975 47,114 43,727
13,552 Operating 15,128 18,639 20,545
5,542 Consultants 4,674 6,249 9,261

Current Assets

 
8,799 Debtor - Crown 6,751 6,696 8,940

Non-current Assets

 
3,653 Property, plant and equipment 3,328 3,660 3,678

Current Liabilities

 
5,254 Creditors and other payables 4,802 4,300 4,463
4,810 Provision for employee entitlements 4,903 4,822 4,655

Non-current Liabilities

 
887 Provision for employee entitlements 809 390 870

Taxpayers' Funds

 
6,342 General funds 5,742 5,742 5,742

Movements between Main Estimates Budgets and Supplementary Estimates Budgets are explained in the published Supplementary Estimates of Appropriation.

Significant Actual Movements Between 2010/11 and 2009/10

  • Operating expenses increased by $1.600 million mainly owing to costs of processing increased level of payments to investors as part of the Deposit Guarantee Scheme (DGS).
  • Consultants expenses decreased by $900,000 mainly owing to a reduction in activity as part of the DGS offset by increases in projects for BASS, infrastructure and mixed ownership model.
  • Debtor - Crown has decreased by $2.048 million as the prior year expenditure was significantly higher in June for the DGS and BASS project.
  • Taxpayers' Funds has decreased by $600,000 owing to the repayment of capital provided for the Treasury accommodation project between 2003 and 2005.

Significant Variances Between 2010/11 Actuals and Supplementary Estimates Budget

  • Revenue - Crown for departmental outputs was lower by $10.050 million, mainly owing to less demand for the DGS facility and NZECO and lower costs for establishment of monitoring of AMI.
  • Consultants expenses are $4.600 million below budget owing to lower costs incurred for DGS, NZECO and monitoring of AMI.
  • Debtor - Crown has decreased by $2.100 million mainly owing to lower expenditure in June than forecast for DGS, NZECO and establishment of AMI.
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