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Annual Report of the Treasury for the Year Ended 30 June 2014

Provision of Financial Services to the New Zealand Local Government Funding Agency RDA (Revenue-dependent Appropriation)

What is Intended to be Achieved with this Appropriation

This appropriation is intended to deliver high-quality administrative services to the New Zealand Local Government Funding Agency (LGFA) to enable it to optimise the debt funding terms and conditions for participating local authorities.

Scope of Appropriation

This appropriation is limited to expenses incurred in connection with the provision of financial services on a commercial basis to the New Zealand LGFA.

Significant Work Completed

During 2013/14, the Treasury:

  • provided services to LGFA, including bond tendering, processing on-lending to local councils, executing investment and derivative transactions, settling transactions and regular valuation, finance and risk reports
  • managed the risk on $955 million of interest-rate swaps transacted for LGFA, and
  • charged fees to cover the costs of providing these services, in accordance with the SLA.
Performance Measure Target for 2013/14 Performance for 2013/14 Forecast for 2014/15
Agreed service level standards are met. Achieved Achieved Achieved
2013
Actual
$000
Provision of Financial Services to the New Zealand Local Government Funding Agency RDA 2014
Actual
$000
2014
Main Estimates
$000
2014
Supp. Estimates
$000
2015
Unaudited Forecast as per BEFU 2014
$000
146 Expenses 154 165 165 165
 

Funded by:

       
146 Other revenue 154 165 165 165

Expenditure is $11,000 under the Supplementary Estimates budget owing to minor timing variations.

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