Formats and related files
Vote Finance#
APPROPRIATION MINISTER(S): Minister for Climate Change (M12), Minister of Finance (M31), Minister for State Owned Enterprises (M65), Minister for Infrastructure (M80), Minister of Research, Science and Innovation (M84), Minister for Greater Christchurch Regeneration (M85), Minister of Housing and Urban Development (M96)
APPROPRIATION ADMINISTRATOR: The Treasury
RESPONSIBLE MINISTER FOR THE TREASURY: Minister of Finance
Overview of the Vote#
The Minister of Finance is responsible for appropriations in Vote Finance for the 2019/20 financial year which cover the following:
- A total of over $71 million for the provision of policy and financial advice to support decision making by Ministers and to deliver financial services.
- A total of over $10 million for the administration of Crown borrowing, securities, derivative transactions, investments and guarantees.
- A total of over $10 million for the provision of shared services to other agencies and entities.
- A total of nearly $6 million for departmental capital expenditure.
- A total of nearly $3,076 million for the payment of interest and other costs relating to the Crown's debt.
- A total of nearly $1,965 million for superannuation costs, primarily as contributions to the Government Superannuation Fund and the NZ Superannuation Fund.
- A total of nearly $4 million for the un-wind of interest expense on liabilities.
- A total of $5 million for inquiries and research into productivity-related matters by the Productivity Commission.
- A total of nearly $5 million for unclaimed money, meeting costs associated with the Landcorp Protected Land Agreement, managing the Crown's residual liabilities, review and reform of local infrastructure arrangements, provision of support to and advice on the tax system by the Tax Working Group, and provisions for meeting liabilities associated with Geothermal Wells.
- A total of $20 million for the Crown's participation in Dividend Reinvestment Plans.
- A total of over $251 million for refinancing of Housing New Zealand Corporation and Housing New Zealand Limited Debt.
- A total of nearly $15 million for costs of administering New Zealand House, London.
- A total of $174 million for meeting any deficiency in Earthquake Commission's Natural Disaster Fund.
- A total of $57 million for an equity injection for Crown Infrastructure Partners Limited to invest in water and roading infrastructure and support the timely increase of housing supply.
The Minister of Finance is also responsible for Crown revenue and receipts which account for nearly $3,611 million in non-tax revenue for return on investments, including capital charge, dividends, and interest on securities and deposits.
The Minister supporting Greater Christchurch Regeneration is responsible for annual and multi-year appropriations in Vote Finance for the 2019/20 financial year which total over $414 million for the continuation of Anchor Projects Programme and divestment of Crown-owned land to Otakaro Limited, the transfer of Anchor Project Assets to Otakaro Limited.
The Minister of Housing and Urban Development is responsible for the Social Housing Reform Programme appropriation and the Infrastructure Financing and Funding appropriation in Vote Finance which accounts for nearly $2 million and just over $3 million respectively for 2019/20.
The Minister for State Owned Enterprises is responsible for Crown Company Monitoring Advice appropriation in Vote Finance for the 2019/20 financial year which covers nearly $5 million to provide advice to shareholding or responsible Ministers to improve the performance of companies that the Crown has a shareholding in and some Crown entities in order to improve the wellbeing of New Zealanders.
The Minister for Climate Change is responsible for the Green Investment Fund appropriation in Vote Finance for the 2019/20 financial year which covers $46 million for an equity injection for its capital and operating expenditure and $2 million for the design and establishment of the Fund.
The Minister for Infrastructure is responsible for the Independent Infrastructure Advice and Oversight appropriation for the 2019/20 financial year which covers over $9 million to provide services to improve New Zealand's infrastructure outcomes.
Details of these appropriations are set out in Parts 2-4.
Details of Appropriations and Capital Injections#
Annual Appropriations and Forecast Permanent Appropriations#
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Titles and Scopes of Appropriations by Appropriation Type | Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Departmental Output Expenses |
|||
|
Administration of Crown Borrowing, Securities, Derivative Transactions and Investment PLA (M31) This appropriation is limited to expenses incurred in connection with administering borrowing, securities, derivative transactions and investment by the Crown, as authorised by section 65ZH of the Public Finance Act 1989. |
10,105 | 10,105 | 10,105 |
|
Administration of Guarantees and Indemnities Given by the Crown PLA (M31) This appropriation is limited to expenses incurred in connection with administering of guarantees and indemnities given by the Crown, as authorised by section 65ZG of the Public Finance Act 1989. |
110 | 110 | 110 |
|
Design and Establishment of Christchurch Regeneration Acceleration Facility (M85) This appropriation is limited to the design and establishment of the Christchurch Regeneration Acceleration Facility. |
1,100 | 1,100 | 400 |
|
Design and Establishment of the Green Investment Fund (M12) This appropriation is limited to the design and establishment of the Green Investment Fund. |
2,544 | 2,544 | 2,000 |
|
Infrastructure Funding and Financing (M96) This appropriation is limited to provision of advice on, and implementing changes to, Infrastructure Funding and Financing systems and settings. |
2,350 | 2,350 | 3,072 |
|
Shared Support Services (M31) This appropriation is limited to provision of support services to other agencies. |
11,371 | 11,371 | 10,487 |
|
Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers (M65) This appropriation is limited to the provision of ownership, performance monitoring and governance advice to the Minister for State Owned Enterprises and other responsible Ministers in respect of the Ministers' shareholding responsibilities or as responsible Ministers for the New Zealand Lotteries Commission and Public Trust. |
4,763 | 4,763 | - |
|
Crown Company Monitoring Advice to the Minister of Research, Science and Innovation and the Minister for Economic Development (M84) This appropriation is limited to the provision of ownership, performance monitoring, and governance advice to the Minister of Research, Science and Innovation and other responsible Ministers in respect of the Ministers' shareholding responsibilities. |
236 | 236 | - |
|
Policy Advice - Finance (M31) This appropriation is limited to the provision of advice (including second opinion advice and contributions to policy advice led by other agencies) to support decision-making by Ministers on government policy matters relating to Finance. |
46,394 | 46,394 | - |
|
Provision of Financial Operations Services and Operational Advice (M31) This appropriation is limited to the provision of services which support the performance of the State sector, including fiscal reporting, forecasting and monitoring; provision of Export Credit; and the management, administration and monitoring of Crown Guarantee Schemes, Crown Lending, Crown Investments and Crown Bank Accounts. |
32,039 | 32,039 | - |
|
Total Departmental Output Expenses |
111,012 | 111,012 | 26,174 |
|
Departmental Capital Expenditure |
|||
|
The Treasury - Capital Expenditure PLA (M31) This appropriation is limited to the purchase or development of assets by and for the use of the Treasury, as authorised by section 24(1) of the Public Finance Act 1989. |
15,621 | 15,621 | 5,985 |
|
Total Departmental Capital Expenditure |
15,621 | 15,621 | 5,985 |
|
Non-Departmental Output Expenses |
|||
|
Independent Infrastructure Advice and Oversight (M80) This appropriation is limited to the New Zealand Infrastructure Commission providing services to improve New Zealand's infrastructure outcomes. |
- | - | 9,100 |
|
Inquiries and Research into Productivity-Related Matters (M31) This appropriation is limited to the undertaking of inquiries into and research on, and promoting public understanding of, productivity-related matters by the New Zealand Productivity Commission in accordance with the New Zealand Productivity Commission Act 2010. |
5,030 | 5,030 | 5,030 |
|
Management of Anchor Projects by Otakaro Limited (M85) This appropriation is limited to the Crown's contribution to Otakaro Limited's operating and financing expenses. |
28,029 | 21,503 | 21,600 |
|
Management of the Crown's Obligations for Geothermal Wells (M31) This appropriation is limited to the management and maintenance relating to geothermal wells and associated sites and structures for which the Crown accepts responsibility. |
621 | 158 | 180 |
|
Management of the New Zealand Superannuation Fund (M31) This appropriation is limited to managing the New Zealand Superannuation Fund on behalf of the Crown. |
953 | 716 | 728 |
|
Total Non-Departmental Output Expenses |
34,633 | 27,407 | 36,638 |
|
Non-Departmental Borrowing Expenses |
|||
|
Debt Servicing PLA (M31) This appropriation is limited to the payment of borrowing expenses for the Crown's New Zealand-dollar and foreign-currency debt, authorised by section 60(1)b of the Public Finance Act 1989. |
3,351,086 | 3,351,086 | 3,075,926 |
|
Total Non-Departmental Borrowing Expenses |
3,351,086 | 3,351,086 | 3,075,926 |
|
Non-Departmental Other Expenses |
|||
|
Crown Residual Liabilities (M31) Residual obligations arising from administration of the Crown's sale and purchase agreements with SOEs and Crown entities and from the sale of Crown investments, and for the settlement of claims against the Crown arising from exposure to asbestos. |
324 | 170 | 60 |
|
Geothermal Wells Fund (M31) This appropriation is limited to meeting the costs of one-off unforeseen events relating to those geothermal wells for which the Crown accepts responsibility. |
1,000 | - | 500 |
|
Government Superannuation Appeals Board (M31) This appropriation is limited to the expenses of the Government Superannuation Appeals Board in performing its functions under the Government Superannuation Fund Act 1956. |
50 | 18 | 50 |
|
Government Superannuation Fund Authority - Crown's Share of Expenses PLA (M31) This appropriation is limited to the Crown's share of the expenses of the Government Superannuation Fund Authority relating to the management and administration of the Government Superannuation Fund and the schemes, authorised by sections 15E and 95 of the Government Superannuation Fund Act 1956. |
41,800 | 41,800 | 45,000 |
|
Government Superannuation Fund Unfunded Liability PLA (M31) This appropriation is limited to the net increase (excluding actuarial gains and losses) in the Crown's liability to the Government Superannuation Fund and the specified superannuation contribution withholding tax on employer contributions by the Crown, authorised by section 95AA of the Government Superannuation Fund Act 1956. |
469,000 | 469,000 | 444,000 |
|
Meeting Deficiency in Earthquake Commission's Natural Disaster Fund PLA (M31) This appropriation is limited to expenses incurred in meeting the deficiency in the Earthquake Commission's Natural Disaster Fund, as authorised by section 16 of the Earthquake Commission Act 1993. |
94,000 | 94,000 | 174,000 |
|
National Provident Fund Schemes - Liability Under Crown Guarantee PLA (M31) This appropriation is limited to the net increase (excluding actuarial gains and losses) in the Crown's liability for benefits payable to members of National Provident Fund schemes under the Crown guarantee in section 60 of the National Provident Fund Restructuring Act 1990. This appropriation is authorised by section 66 of the National Provident Fund Restructuring Act 1990. |
19,250 | 19,250 | 15,000 |
|
Review and Reform of Local Government Infrastructure Arrangements (M31) This appropriation is limited to the review and reform of disaster funding for local government infrastructure, including contributions to expenses of the Local Government Risk Agency. |
873 | 294 | 100 |
|
Unclaimed Money PLA (M31) This appropriation is limited to the repayment of money authorised by section 74(5) of the Public Finance Act 1989. |
250 | 2 | 250 |
|
Unclaimed Trust Money PLA (M31) This appropriation is limited to the repayment of money authorised by section 70(2) of the Public Finance Act 1989. |
250 | - | 250 |
|
Unwind of Discount Rate Used in the Present Value Calculation - Rehabilitation of Stockton Mine Acid Mine Drainage (M31) This appropriation is limited to the expense incurred in unwinding the discount rate used in the present value calculation of the Crown's liability under its Deed of Commitment relating to the rehabilitation of Stockton Acid Mine Drainage, as costs are incurred against the liability. |
3,000 | 1,250 | 3,000 |
|
Unwind of Discount Rate Used in the Present Value Calculation of Payment for Shares in International Financial Institutions PLA (M31) This appropriation is limited to the expense incurred in unwinding the discount rate used in the present value calculation of the liability in respect of share subscriptions in International Financial Institutions as it nears settlement, as authorised by section 5(2) of the International Finance Agreements Act 1961. |
866 | 784 | 300 |
|
Unwind of Discount Rate Used in the Present Value Calculation of Payment Under Crown Deed of Support with Southern Response Earthquake Services Ltd (M31) This appropriation is limited to the expense incurred in unwinding the discount rate used in the present value calculation of the liability as the liability nears settlement. |
4,306 | 3,235 | 550 |
|
Ahu Whenua Trust Ex-gratia Payment (M31) This appropriation is limited to an ex-gratia payment to an Ahu Whenua Trust in settlement of its claims from 21 September 1992 onwards. |
9,000 | 9,000 | - |
|
Impairment of Investment in Southern Response Earthquake Services Ltd (M31) This appropriation is limited to the impairment of equity investment in Southern Response Earthquake Services Ltd. |
137,000 | - | - |
|
Total Non-Departmental Other Expenses |
780,969 | 638,803 | 683,060 |
|
Non-Departmental Capital Expenditure |
|||
|
NZ Superannuation Fund - Contributions (M31) This appropriation is limited to capital contributions to the New Zealand Superannuation Fund, for the present and future cost of New Zealand Superannuation. |
1,000,000 | 1,000,000 | 1,460,000 |
|
Refinancing of Housing New Zealand Corporation and Housing New Zealand Limited Debt (M31) This appropriation is limited to refinancing existing Housing New Zealand Corporation and Housing New Zealand Limited Debt. |
195,909 | 35,616 | 251,246 |
|
Southern Response Earthquake Services Ltd: Equity Investment (M31) This appropriation is limited to the investment in Southern Response Earthquake Services Ltd. |
137,000 | - | - |
|
Tamaki Regeneration Company Limited - Equity Injection (M31) This appropriation is limited to the provision of an equity injection to Tamaki Regeneration Company Limited. |
137,000 | 59,500 | - |
|
Total Non-Departmental Capital Expenditure |
1,469,909 | 1,095,116 | 1,711,246 |
|
Multi-Category Expenses and Capital Expenditure |
|||
|
Crown Company Monitoring Advice MCA (M65) The single overarching purpose of this appropriation is to provide advice to shareholding or responsible Ministers to improve performance of companies that the Crown has the shareholding in and some Crown entities in order to improve the wellbeing of New Zealanders. |
- | - | 4,869 |
|
Departmental Output Expenses |
|||
|
Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers This category is limited to the provision of ownership, performance monitoring and governance advice to the Minister for State Owned Enterprises and other responsible Ministers in respect of the Ministers' shareholding responsibilities or as responsible Ministers for the New Zealand Lotteries Commission and Public Trust. |
- | - | 4,624 |
|
Crown Company Monitoring Advice to the Minister of Research, Science and Innovation This category is limited to the provision of ownership, performance monitoring and governance advice to the Minister of Research, Science and Innovation and other responsible Ministers in respect of the Ministers' responsibilities for Crown Research Institutes. |
- | - | 245 |
|
Greater Christchurch Anchor Projects MCA (M85) The single overarching purpose of this appropriation is to support the recovery of Christchurch by contributing operating and capital funding for anchor projects covered by the Christchurch Central Recovery Plan. |
373,741 | 195,498 | 166,100 |
|
Non-Departmental Other Expenses |
|||
|
Christchurch Bus Interchange and Associated Transport Infrastructure - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Bus Interchange and associated transport infrastructure. |
22,537 | 19,815 | 5,000 |
|
Christchurch Convention Centre - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Convention Centre. |
4,239 | 2,127 | 7,900 |
|
Christchurch Stadium - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Stadium. |
2,639 | 2,019 | 400 |
|
Financial Impact of Valuations This category is limited to expenses incurred as a result of the Crown's decisions affecting valuations. |
731 | - | 100 |
|
Leasing Anchor Project Land This category is limited to the financial impact of granting concessionary leases over anchor project land. |
900 | - | 100 |
|
Metro Sports Facility - Operating This category is limited to the Crown's contribution to the development, operations and divestment of Metro Sports Facility. |
283 | - | 12,000 |
|
Pre-Development Holding Costs - Operating This category is limited to the Crown's contribution to the maintenance, operation and ownership of anchor project land and assets prior to commencement of developments. |
2,143 | 1,128 | 6,000 |
|
Procurement of Land and Assets - Operating This category is limited to the Crown's contribution to the purchase, acquisition and clearance of land and assets for anchor project development. |
38,051 | 13,430 | 21,500 |
|
Public Space - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Crown owned public space. |
34,230 | 25,587 | 5,100 |
|
Sale of Land This category is limited to the financial impact from the divestment of land and transaction costs incurred in the preparation for sale and the sale of land. |
584 | - | 100 |
|
Non-Departmental Capital Expenditure |
|||
|
Christchurch Bus Interchange and Associated Transport Infrastructure - Capital This category is limited to the Crown's contribution to the capital development of the Christchurch Bus Interchange and associated transport infrastructure and to providing equity or loan capital to Otakaro Limited for that purpose. |
1,985 | - | 100 |
|
Christchurch Convention Centre - Capital This category is limited to the Crown's contribution to the capital development of the Christchurch Convention Centre and to providing equity or loan capital to Otakaro Limited for that purpose. |
171,069 | 130,260 | 98,800 |
|
Land and Asset Acquisition - Capital This category is limited to the Crown's contribution to the cost of land and assets to be acquired for anchor project development and to providing equity or loan capital to Otakaro Limited for that purpose. |
7,436 | - | 1,900 |
|
Metro Sports Facility - Capital This category is limited to the Crown's contribution to the capital development of Metro Sports Facility and to providing equity or loan capital to Otakaro Limited for that purpose. |
84,006 | - | 100 |
|
Public Space - Capital This category is limited to the capital development of the Crown owned public space and to providing equity or loan capital to Otakaro Limited for that purpose. |
2,908 | 1,132 | 7,000 |
|
Management of Landcorp Protected Land Agreement MCA (M31) The single overarching purpose of this appropriation is meeting the Crown's responsibilities under the Landcorp Protected Land Agreement. |
3,866 | 400 | 3,000 |
|
Non-Departmental Other Expenses |
|||
|
Operating Costs This category is limited to providing operating costs incurred under the Landcorp Protected Land Agreement. |
415 | 400 | 1,500 |
|
Non-Departmental Capital Expenditure |
|||
|
Capital Investments This category is limited to providing for capital investments incurred under the Landcorp Protected Land Agreement. |
3,451 | - | 1,500 |
|
Management of New Zealand House, London MCA (M31) The single overarching purpose of this appropriation is to ensure that New Zealand House, London is well managed. |
32,267 | 9,254 | 14,850 |
|
Non-Departmental Output Expenses |
|||
|
Property Management This category is limited to the property management services in respect of New Zealand House, London. |
3,427 | 337 | 1,000 |
|
Non-Departmental Other Expenses |
|||
|
Operational Costs This category is limited to the operational costs of New Zealand House, London. |
23,781 | 8,645 | 13,000 |
|
Renegotiation of Lease Arrangements This category is limited to activities to re-gear the lease on New Zealand House, London (including The Royal Opera Arcade and Her Majesty's Theatre). |
559 | 272 | 100 |
|
Non-Departmental Capital Expenditure |
|||
|
Capital Expenditure This category is limited to capital expenditure in relation to New Zealand House, London. |
4,500 | - | 750 |
|
Social Housing Reform MCA (M96) The single overarching purpose of this appropriation is to improve the variety of social housing in New Zealand and grow the community housing sector, by making Housing New Zealand Corporation stock available to social housing providers. |
7,276 | 3,702 | 2,000 |
|
Departmental Output Expenses |
|||
|
Implementation of the Social Housing Reform Programme This category is limited to the policy, operational, and transactional work to implement the Government's reform of social housing. |
3,702 | 3,702 | 100 |
|
Non-Departmental Output Expenses |
|||
|
Direct Sale Costs for Implementing the Social Housing Reform Programme This category is limited to direct sales costs of implementing the Government's reform of social housing. |
3,574 | - | 1,900 |
|
Tax Working Group MCA (M31) The single overarching purpose of this appropriation is to enable the Tax Working Group to consider and recommend improvements in the structure, fairness and balance of the tax system. |
1,964 | 1,874 | 200 |
|
Departmental Output Expenses |
|||
|
Tax Working Group - Provision of Support and Advice This category is limited to providing support and advice to the Tax Working Group. |
1,629 | 1,629 | - |
|
Non-Departmental Output Expenses |
|||
|
Tax Working Group - Direct Costs This category is limited to the direct costs of the Tax Working Group. |
335 | 245 | 200 |
|
Management of the Crown's Agreement with Taitokerau Forests Limited MCA (M31) The single overarching purpose of this appropriation is meeting the Crown's responsibilities under its agreement with Taitokerau Forests Limited. |
7,500 | 5,328 | - |
|
Non-Departmental Other Expenses |
|||
|
Grants This category is limited to grants to Taitokerau Forests Limited for on-payment to forest owners, payable upon harvest of the forests. |
370 | 196 | - |
|
Impairment of Loans This category is limited to the expense incurred on the impairment and write-down of loans to Taitokerau Forests Limited. |
6,630 | 5,132 | - |
|
Non-Departmental Capital Expenditure |
|||
|
Loans This category is limited to the provision of loans to Taitokerau Forests Limited for forest management and development. |
500 | - | - |
|
Total Multi-Category Expenses and Capital Expenditure |
426,614 | 216,056 | 191,019 |
|
Total Annual Appropriations and Forecast Permanent Appropriations |
6,189,844 | 5,455,101 | 5,730,048 |
Multi-Year Appropriations#
| Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
|---|---|---|
|
Non-Departmental Capital Expenditure |
||
|
Crown Infrastructure Partners Limited - Equity Injection (M31) This appropriation is limited to investment in Crown Infrastructure Partners Limited.Commences: 09 April 2018 Expires: 30 June 2022 |
Original Appropriation | 600,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | (308,000) | |
| Adjusted Appropriation | 292,000 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | 12,200 | |
| Estimate for 2019/20 | 57,000 | |
| Estimated Appropriation Remaining | 222,800 | |
|
Loan Facility for Tamaki Redevelopment Company (M31) This appropriation is limited to provision of a loan to Tamaki Redevelopment Company Limited.Commences: 31 March 2015 Expires: 30 June 2019 |
Original Appropriation | 200,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 200,000 | |
| Actual to 2017/18 Year End | 29,500 | |
| Estimated Actual for 2018/19 | 14,000 | |
| Estimate for 2019/20 | - | |
| Estimated Appropriation Remaining | 156,500 | |
|
New Zealand Green Investment Finance Ltd - Equity Injections for Capital Investments (M12) This appropriation is limited to the provision of equity injections into New Zealand Green Investment Finance Ltd for its capital investments.Commences: 12 April 2019 Expires: 30 June 2023 |
Original Appropriation | 100,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 100,000 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 40,000 | |
| Estimated Appropriation Remaining | 60,000 | |
|
New Zealand Green Investment Finance Ltd - Equity Injections for Operating Expenditure (M12) This appropriation is limited to the provision of equity injections into New Zealand Green Investment Finance Ltd for its operating expenditure.Commences: 12 April 2019 Expires: 30 June 2023 |
Original Appropriation | 30,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 30,000 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | 6,000 | |
| Estimate for 2019/20 | 6,000 | |
| Estimated Appropriation Remaining | 18,000 | |
|
Participation in Dividend Reinvestment Plans by the Mixed Ownership Model Companies (M31) This appropriation is limited to the Crown acquiring new shares in Air New Zealand Limited, Genesis Energy Limited, Mercury NZ Limited and Meridian Energy Limited as a result of the Crown's participation in any dividend reinvestment plans carried out by the companies.Commences: 14 February 2018 Expires: 30 June 2022 |
Original Appropriation | 80,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 80,000 | |
| Actual to 2017/18 Year End | 9,752 | |
| Estimated Actual for 2018/19 | 20,941 | |
| Estimate for 2019/20 | 20,000 | |
| Estimated Appropriation Remaining | 29,307 | |
|
Transfer of Anchor Project Assets to Otakaro Limited (M85) This appropriation is limited to the transfer of Christchurch anchor project assets to Otakaro Limited.Commences: 01 April 2016 Expires: 30 June 2020 |
Original Appropriation | 500,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 500,000 | |
| Actual to 2017/18 Year End | 273,079 | |
| Estimated Actual for 2018/19 | 1,034 | |
| Estimate for 2019/20 | 225,887 | |
| Estimated Appropriation Remaining | - |
Multi-Year Multi-Category Appropriations#
| Title, Overarching Purpose and Period of Appropriations and Type and Scope of Categories | Appropriations, Adjustments and Use | $000 |
|---|---|---|
|
Policy Advice and Financial Services (M31) The single overarching purpose of this appropriation is to provide the government with high quality policy and financial advice and to deliver financial services.Commences: 01 July 2019 Expires: 30 June 2024 |
Original Appropriation | 347,949 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 347,949 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 71,013 | |
| Estimated Appropriation Remaining | 276,936 | |
|
Departmental Output Expenses |
||
|
Crown Lending and Bank Accounts This category is limited to the management, administration and monitoring of Crown lending and Crown Bank Accounts. |
Original Amount | 2,261 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Amount | 2,261 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 462 | |
| Estimated Amount Remaining | 1,799 | |
|
Export Credit This category is limited to the provision and monitoring of export credit and financial guarantees to support the financing and insurance of New Zealand exports, excluding the cost of claims under a guarantee given under this scheme. |
Original Amount | 10,454 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Amount | 10,454 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 2,137 | |
| Estimated Amount Remaining | 8,317 | |
|
Fiscal Management and Reporting This category is limited to the preparation of the government's Budget, and of forecast and financial reporting on the government reporting entity. |
Original Amount | 49,935 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Amount | 49,935 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 10,207 | |
| Estimated Amount Remaining | 39,728 | |
|
Investment Management and Asset Performance This category is limited to services to improve investment performance and asset management in the State sector. |
Original Amount | 36,183 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Amount | 36,183 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 7,396 | |
| Estimated Amount Remaining | 28,787 | |
|
Policy Advice This category is limited to the provision of advice (including second opinion advice and contributions to policy advice led by other agencies) to support decision-making by Ministers on government policy matters relating to Finance. |
Original Amount | 249,116 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Amount | 249,116 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 50,811 | |
| Estimated Amount Remaining | 198,305 |
Total Annual Appropriations and Forecast Permanent Appropriations and Multi-Year Appropriations#
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Annual Appropriations and Forecast Permanent Appropriations | 6,189,844 | 5,455,101 | 5,730,048 |
| Total Forecast MYA Non-Departmental Capital Expenditure | 210,675 | 54,175 | 348,887 |
| Total Forecast MYA Multi-Category Expenses and Capital Expenditure | - | - | 71,013 |
|
Total Annual Appropriations and Forecast Permanent Appropriations and Multi-Year Appropriations |
6,400,519 | 5,509,276 | 6,149,948 |
Capital Injection Authorisations#
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| The Treasury - Capital Injection (M31) | 5,888 | 5,888 | - |
Supporting Information#
Part 1 - Vote as a Whole#
1.1 - New Policy Initiatives#
| Policy Initiative | Appropriation | 2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
| Designing a new funding and financing framework for investment in infrastructure |
Infrastructure Funding and Financing Departmental Output Expenses |
2,350 | 3,072 | - | - | - |
| Establishment of an Interim infrastructure transactions unit and infrastructure body |
Policy Advice Departmental Output Expenses |
3,392 | 848 | - | - | - |
| Funding for the New Zealand Infrastructure Commission to improve New Zealand's infrastructure outcomes |
Independent Infrastructure Advice and Oversight Non-Departmental Output Expenses |
- | 9,100 | 13,488 | 14,875 | 13,875 |
| Addressing the Treasury's non-discretionary cost pressures to deliver its core functions and a wellbeing approach |
Policy Advice and Financial Services MYMCA Departmental Output Expenses |
- | 5,000 | 5,000 | 5,000 | 5,000 |
| Funding for equity injections into New Zealand Green Investment Finance Limited for its capital investment |
New Zealand Green Investment Finance Ltd - Equity Injections for Capital Investments Non-Departmental Capital Expenditure |
- | 40,000 | 20,000 | 20,000 | 20,000 |
| Funding for equity injections into New Zealand Green Investment Finance Limited for its operating expenditure |
New Zealand Green Investment Finance Ltd - Equity Injections for Operating Expenditure Non-Departmental Capital Expenditure |
6,000 | 6,000 | 6,000 | 6,000 | 6,000 |
| Re-prioritisation of Funds Management of the Landcorp Protected Land Agreement |
Management of Landcorp Protected Land Agreement MCA Non-Departmental Other Expenses |
(2,000) | (500) | (500) | (342) | - |
| Contribution to the establishment of the new Ministry of Housing and Urban Development |
Crown Company Monitoring Advice MCA Departmental Output Expenses |
(270) | (432) | (432) | (432) | (432) |
| Additional funding for enhanced Earthquake Commission monitoring and insurance policy advice |
Provision of Financial Operations Services and Operational Advice Departmental Output Expenses |
1,699 | - | - | - | - |
| Reprioritisation of Funding - Social Housing Reform Programme |
Social Housing Reform MCA |
|||||
| Departmental Output Expenses | - | (1,700) | - | - | - | |
| Non-Departmental Output Expenses | - | (1,900) | - | - | - | |
| Early Stage Capital Market Development |
NZ Superannuation Fund - Contributions Non-Departmental Capital Expenditure |
- | (40,000) | (80,000) | (80,000) | (40,000) |
| Reprioritisation from Crown Infrastructure Partners |
Crown Infrastructure Partners Limited - Equity Injection Non-Departmental Capital Expenditure |
- | - | - | (300,000) | - |
| Total Initiatives | 11,171 | 19,488 | (36,444) | (334,899) | 4,443 |
1.2 - Trends in the Vote#
Summary of Financial Activity
| 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Actual $000 |
Actual $000 |
Actual $000 |
Actual $000 |
Final Budgeted $000 |
Estimated Actual $000 |
Departmental Transactions Budget $000 |
Non- Departmental Transactions Budget $000 |
Total Budget $000 |
Estimated $000 |
Estimated $000 |
Estimated $000 |
|
|
Appropriations |
||||||||||||
| Output Expenses | 18,906 | 29,729 | 46,212 | 44,929 | 62,213 | 54,987 | 26,174 | 36,638 | 62,812 | 40,097 | 41,484 | 40,484 |
| Benefits or Related Expenses | - | - | - | - | - | - | N/A | - | - | - | - | - |
| Borrowing Expenses | 3,619,582 | 3,409,180 | 3,410,543 | 3,412,689 | 3,351,086 | 3,351,086 | - | 3,075,926 | 3,075,926 | 3,073,101 | 2,925,172 | 3,047,925 |
| Other Expenses | 1,220,709 | 951,850 | 968,041 | 534,305 | 780,969 | 638,803 | - | 683,060 | 683,060 | 476,606 | 476,606 | 488,606 |
| Capital Expenditure | 373,715 | 2,554,386 | 634,279 | 911,848 | 1,696,205 | 1,164,912 | 5,985 | 2,060,133 | 2,066,118 | 2,568,443 | 2,809,479 | 2,709,372 |
| Intelligence and Security Department Expenses and Capital Expenditure | - | - | - | - | - | - | - | N/A | - | - | - | - |
| Multi-Category Expenses and Capital Expenditure (MCA) | ||||||||||||
| Output Expenses | 75,711 | 83,437 | 82,455 | 83,545 | 96,099 | 89,345 | 75,982 | 3,100 | 79,082 | 75,328 | 75,028 | 75,028 |
| Other Expenses | - | 49,615 | 132,060 | 101,948 | 138,092 | 78,751 | - | 72,800 | 72,800 | 19,000 | 19,558 | 20,000 |
| Capital Expenditure | - | 19,182 | 34,109 | 38,541 | 275,855 | 131,392 | N/A | 110,150 | 110,150 | 2,250 | 2,250 | 2,250 |
|
Total Appropriations |
5,308,623 | 7,097,379 | 5,307,699 | 5,127,805 | 6,400,519 | 5,509,276 | 108,141 | 6,041,807 | 6,149,948 | 6,254,825 | 6,349,577 | 6,383,665 |
|
Crown Revenue and Capital Receipts |
||||||||||||
| Tax Revenue | - | - | - | - | - | - | N/A | - | - | - | - | - |
| Non-Tax Revenue | 3,069,945 | 3,673,883 | 3,305,607 | 3,167,833 | 3,488,220 | 3,488,220 | N/A | 3,198,356 | 3,198,356 | 3,350,562 | 3,440,647 | 3,615,512 |
| Capital Receipts | 67,797 | 627,990 | 286,137 | 379,970 | 168,818 | 168,818 | N/A | 344,900 | 344,900 | 150,934 | 222,006 | 333,656 |
|
Total Crown Revenue and Capital Receipts |
3,137,742 | 4,301,873 | 3,591,744 | 3,547,803 | 3,657,038 | 3,657,038 | N/A | 3,543,256 | 3,543,256 | 3,501,496 | 3,662,653 | 3,949,168 |
Note - where restructuring of the vote has occurred then, to the extent practicable, prior years information has been restated as if the restructuring had occurred before the beginning of the period covered. In this instance Total Appropriations for the Budgeted and Estimated Actual year may not equal Total Annual Appropriations and Forecast Permanent Appropriations and Multi-Year Appropriations in the Details of Appropriations and Capital Injections.
Adjustments to the Summary of Financial Activity Table Due to Vote Restructuring
There have been no restructuring adjustments to prior information reported in last year's Summary of Financial Activity table.
1.3 - Analysis of Significant Trends#
Total Vote: All Appropriations
The movements in appropriations in Vote Finance, as detailed in the Summary of Financial Activity table above, are largely due to movements in capital expenditure, debt servicing costs and other Non-Departmental expenses.
Significant movements within each appropriation category are shown below.
Non-Departmental Output Expenses
The funding of $23 million per annum for the Management of Anchor Projects by Otakaro Limited, was established in 2015/16 and expires at 30 June 2020.
Non-Departmental Borrowing Expenses
Debt servicing costs have fluctuated over the period and are expected to continue to do so in the future, as a result of movements in forecast interest rates and the amount of outstanding debt.
Non-Departmental Other Expenses
During 2018/19 $94 million was appropriated for expenses incurred in meeting a deficiency in the Earthquake Commission's Natural Disaster Fund. A further $174 million has been appropriated in 2019/20.
Material changes in previous years included:
- a one-off write-off in 2015/16 of the Crown's historical investment in Solid Energy New Zealand Limited of nearly $61 million
- the impairment of the Crown's investment in Southern Response Earthquake Services Limited of $333 million in 2014/15, $222 million in 2015/16,$308 million in 2016/17 and $137 million in 2018/19, and
- in 2014/15, one-off costs of nearly $108 million were incurred relating to the indemnity provided to Solid Energy New Zealand Limited for the reimbursement of rehabilitation costs associated with mining operations. There was also $684 million incurred for the Crown's unfunded liability under the Government Superannuation Scheme.
Departmental Capital Expenditure
The departmental capital expenditure appropriation is forecast to decrease by nearly $10 million in 2019/20 as the refurbishment of the Treasury's new premises was completed in early 2019.
Non-Departmental Capital Expenditure
This appropriation category comprises purchases of debt and equity by the Crown in various Crown entities, and capital additions to the Crown's physical assets.
Significant changes comprise:
- an increase in contributions to the NZ Superannuation Fund of $460 million to $1,460 million in 2019/20. The annual contributions increase by a further $420 million in 2020/21 and $460 million in 2021/22
- the expiry at 30 June 2019 of the MYA providing a loan facility to Tamaki Redevelopment Ltd, a reduction of $170 million in this category
- an increase in the funding available for the transfer of assets to Otakaro Limited of $226m in 2019/20
Material movements in previous years included:
- contributions to the NZ Superannuation Fund of $500 million in 2017/18 and $1,000 million in 2018/19
- an increase in 2018/19 in the loan facility to Tamaki Redevelopment Limited of nearly $152 million
- an increase in the equity funding to Tamaki Regeneration Limited of $137 million
- transfer of Housing New Zealand Corporation stock to the Tamaki Redevelopment Company in 2015/16 as part of the Social Housing Reform Programme - valued at $1,631 million
- additional investment in Southern Response Earthquake Services Limited of $333 million in 2014/15, $222 million in 2015/16, $308 million in 2016/17 and $137 million in 2018/19, for Christchurch earthquake claims settlement, and
- non-recurring investments to the International Monetary Fund of $199 million and $136 million to the Asian Infrastructure Bank in 2015/16.
Multi-Category Expenses and Capital Expenditure
Changes in the multi-category expenses and capital expenditure across the reporting periods are largely associated with fluctuations in expenditure related to activities to achieve the objectives of the Greater Christchurch Anchor Projects multi-category appropriation.
Crown Revenue
Non-tax Crown Revenue largely comprises capital charge, interest from securities and deposits, and dividends from State-Owned Enterprises, Crown Entities, and partly owned listed companies.
Crown Capital Receipts
Variances in Crown Capital Receipts are largely due to International Monetary Fund capital returns, repayment of loans, and capital withdrawals from Crown companies. In 2018/19, capital receipts are forecast to be lower due to a reduction in the repayment of loans from Housing New Zealand Corporation of $210 million due to the timing of the maturity of its loans. In 2015/16, capital receipts were higher as a result of a $445 million repayment of advances from the International Monetary Fund.
1.4 - Reconciliation of Changes in Appropriation Structure#
| Old Structure | New Structure | |||||
|---|---|---|---|---|---|---|
| 2018/19 Appropriations in the 2018/19 Structure |
2018/19 (Current) $000 |
Appropriations to which Expenses (or Capital Expenditure) have been Moved from or to |
Amount Moved $000 |
2018/19 Appropriations in the 2019/20 Structure |
2018/19 (Restated) $000 |
2019/20 $000 |
|
Vote Finance |
||||||
| Crown Company Monitoring Advice to the Minister of Research, Science and Innovation and the Minister for Economic Development | 236 | Transferred to Crown Company Monitoring Advice MCA | (236) | - | - | |
| Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers | 4,763 | Transferred to Crown Company Monitoring Advice MCA | (4,763) | - | - | |
|
Crown Company Monitoring Advice MCA |
||||||
| Crown Company Monitoring Advice to the Minister of Research, Science and Innovation | 236 | 245 | ||||
| Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers | 4,763 | 4,624 | ||||
| Policy Advice - Finance | 46,394 | Transferred to Policy Advice and Financial Services MYMCA | (46,394) |
Policy Advice and Financial Services MYMCA |
||
| Provision of Financial Operations Services and Operational Advice | 32,039 | Transferred to Policy Advice and Financial Services MYMCA | (32,039) | Crown Lending and Bank Accounts | 558 | 462 |
| Export Credit | 2,589 | 2,137 | ||||
| Fiscal Management and Reporting | 19,351 | 10,207 | ||||
| Investment Management and Asset Performance | 9,541 | 7,396 | ||||
| Policy Advice | 46,394 | 50,811 | ||||
| Total changes in appropriations | 83,432 | (83,432) | 83,432 | 75,882 | ||
Explanations of the reasons for changing the appropriation structure are noted in the details of each appropriation in Parts 2-4.
Part 2 - Details of Departmental Appropriations#
2.1 - Departmental Output Expenses#
Administration of Crown Borrowing, Securities, Derivative Transactions and Investment PLA (M31)
Scope of Appropriation
Expenses and Revenue
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 10,105 | 10,105 | 10,105 |
| Revenue from the Crown | 10,100 | 10,100 | 10,100 |
| Revenue from Others | 5 | 5 | 5 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the administration of the Crown's financing requirements so as to raise sufficient funds to finance the Crown's cash deficit while minimising the cost to the Crown of such borrowing.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Crown liquidity and funding risk and NZDMO market and credit risk are well managed within the Crown's risk appetite: As evidenced by compliance with the following NZDMO policies: Market Risk Policy, Credit Risk Policy, Liquidity Risk Policy and Funding Risk Policy. |
No more than four breaches | One breach | No more than four breaches |
|
NZDMO operational risk is well managed within the Crown's risk appetite: As evidenced by the number of settlement errors and financial loss arising from settlement errors. |
No more than six errors or $10,000 cost | No more than six errors or $10,000 cost | No more than six errors or $10,000 cost |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Previous Government |
||||||
| Business Information Hub operating costs | 2015/16 | 330 | 330 | 330 | 330 | 330 |
Conditions on Use of Appropriation
| Reference | Conditions |
|---|---|
| Section 65ZH of the Public Finance Act | Any expenses incurred in connection with any of the following matters may be incurred without further appropriation, and must be paid without further authority, than this section: (a) negotiating the borrowing of money by the Crown (b) undertaking, managing, servicing, converting, or repaying borrowing described in paragraph (a) (c) issuing a public security in respect of the Crown (d) executing, redeeming, or varying a public security described in paragraph (c) (e) negotiating a derivative transaction of the Crown (f) managing, servicing, or making payments under a derivative transaction described in paragraph (e) (g) negotiating an investment referred to in section 65I, and (h) placing, managing, servicing, or converting an investment referred to in section 65I. |
Administration of Guarantees and Indemnities Given by the Crown PLA (M31)
Scope of Appropriation
Expenses and Revenue
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 110 | 110 | 110 |
| Revenue from the Crown | 109 | 109 | 109 |
| Revenue from Others | 1 | 1 | 1 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve efficient and effective administration of the Crown's Guarantees and Indemnities, including the Wholesale and Retail Deposit Guarantee Schemes.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
The administration of Crown guarantees and indemnities as required to discharge the Crown's obligations in a timely manner ensuring any costs from the materialisation are contained. |
New Measure in 2018/19 | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Conditions on Use of Appropriation
| Reference | Conditions |
|---|---|
| Section 65ZG of the Public Finance Act | Any money paid by the Crown under a guarantee or indemnity given under Section 65ZD and any expenses incurred by the Crown in relation to the guarantee or indemnity may be incurred without further appropriation, and must be paid without further authority than this section. |
Design and Establishment of Christchurch Regeneration Acceleration Facility (M85)
Scope of Appropriation
Expenses and Revenue
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 1,100 | 1,100 | 400 |
| Revenue from the Crown | 1,100 | 1,100 | 400 |
| Revenue from Others | - | - | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to enable the establishment and operation of the Christchurch Regeneration Acceleration Facility, including the design and management of decision-making processes and associated arrangements for investments.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
The Christchurch Regeneration Acceleration Facility is established in a timely manner. |
New measure in 2018/19 | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Design and Establishment of the Christchurch Regeneration Acceleration Facility | 2017/18 | 1,100 | 400 | - | - | - |
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to this programme of work finishing part way through 2019/20.
Design and Establishment of the Green Investment Fund (M12)
Scope of Appropriation
Expenses and Revenue
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 2,544 | 2,544 | 2,000 |
| Revenue from the Crown | 2,544 | 2,544 | 2,000 |
| Revenue from Others | - | - | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the design and establishment of the Green Investment Fund.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
The Green Investment Fund is established in a timely manner. |
New measure in 2018/19 | Achieved | Achieved |
|
The Green Investment Fund's initial investment mandate is specified. |
New measure in 2018/19 | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Design and establishment of the Green Investment Fund which will be funded with up to $100 million to invest in assets that reduce carbon emissions. | 2017/18 | 2,544 | 2,000 | - | - | - |
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 reflects the completion of this programme of work part way through the year.
Infrastructure Funding and Financing (M96)
Scope of Appropriation
Expenses and Revenue
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 2,350 | 2,350 | 3,072 |
| Revenue from the Crown | 2,350 | 2,350 | 3,072 |
| Revenue from Others | - | - | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve a new framework for funding and financing investment in infrastructure.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
The design of an alternative funding model for local authorities to accelerate infrastructure and support housing affordability. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Design a new funding and financing framework for investment in infrastructure. | 2018/19 | 2,350 | 3,072 | - | - | - |
Reasons for Change in Appropriation
The increase in this appropriation reflects the timing of this work programme which started part way through the previous year.
Shared Support Services (M31)
Scope of Appropriation
Expenses and Revenue
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 11,371 | 11,371 | 10,487 |
| Revenue from the Crown | - | - | - |
| Revenue from Others | 11,371 | 11,371 | 10,487 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve quality, efficient support services for other agencies.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Services meet the standards and timeframes agreed with other agencies. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to the State Services Commission withdrawing from IT shared services in 2019.
2.3 - Departmental Capital Expenditure and Capital Injections#
The Treasury - Capital Expenditure PLA (M31)
Scope of Appropriation
Capital Expenditure
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Forests/Agricultural | - | - | - |
| Land | - | - | - |
| Property, Plant and Equipment | 11,503 | 11,503 | 2,430 |
| Intangibles | 4,118 | 4,118 | 3,555 |
| Other | - | - | - |
|
Total Appropriation |
15,621 | 15,621 | 5,985 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the renewal and replacement of life-expired assets in support of the delivery of Treasury services.
How Performance will be Assessed and End of Year Reporting Requirements
Expenditure is in accordance with the Treasury capital asset management plan.
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to the completion during 2019 of the refurbishment of the Treasury's new premises at 1-3 The Terrace.
Capital Injections and Movements in Departmental Net Assets
The Treasury
| Details of Net Asset Schedule | 2018/19 Estimated Actual $000 |
2019/20 Projected $000 |
Explanation of Projected Movements in 2019/20 |
|---|---|---|---|
| Opening Balance | 22,417 | 26,483 | |
| Capital Injections | 5,888 | - | |
| Capital Withdrawals | (1,822) | - | |
| Surplus to be Retained (Deficit Incurred) | - | - | |
| Other Movements | - | - | |
|
Closing Balance |
26,483 | 26,483 |
Part 3 - Details of Non-Departmental Appropriations#
3.1 - Non-Departmental Output Expenses#
Independent Infrastructure Advice and Oversight (M80)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | - | - | 9,100 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to improve the infrastructure outcomes of New Zealand. This will be achieved through functions such as developing long-term infrastructure strategies and enabling the coordination of infrastructure planning in New Zealand.
How Performance will be Assessed and End of Year Reporting Requirements
Measures for this new appropriation will be developed, once the New Zealand Infrastructure Commission has been established, for inclusion in the 2019/20 Supplementary Estimates of Appropriations.
End of Year Performance Reporting
Performance information for this appropriation will be reported by the New Zealand Infrastructure Commission in its 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Funding for New Zealand Infrastructure Commission to improve New Zealand's infrastructure outcomes | 2019/20 | - | 9,100 | 13,488 | 14,875 | 13,875 |
Reasons for Change in Appropriation
This is a new appropriation for 2019/20.
Inquiries and Research into Productivity-Related Matters (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 5,030 | 5,030 | 5,030 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve inquiries and research in accordance with the New Zealand Productivity Commission Act 2010.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Inquiry participants' feedback (via survey) on whether the inquiry helped set or lift the standard in New Zealand for high quality analysis and advice on the topic. |
Maintained or Improved | Maintained or Improved | Maintained or Improved |
|
Inquiry participants' feedback (via survey) on whether the inquiry has increased their understanding of the topic. |
Maintained or Improved | Maintained or Improved | Maintained or Improved |
|
Productivity Hub participants' feedback (via survey) on whether the Commission's facilitation of the Hub was a positive contribution toward improved levels of coordination and collaboration in productivity research. |
Maintained or Improved | Maintained or Improved | Maintained or Improved |
|
Productivity Hub participants feedback (via survey) on whether research outputs promote understanding of productivity-related matters. |
Maintained or Improved | Maintained or Improved | Maintained or Improved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the New Zealand Productivity Commission in its 2019/20 Annual Report.
Service Providers
Services will be delivered by New Zealand Productivity Commission.
Management of Anchor Projects by Otakaro Limited (M85)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 28,029 | 21,503 | 21,600 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve continuation of Christchurch earthquake recovery of the Anchor Projects Programme and divestment of Crown-owned land in Christchurch.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Otakaro Limited will manage and administer the Anchor Projects Programme and divestment of Crown-owned land in Christchurch in accordance with the company's purpose as set out in its Constitution and its Statement of Intent. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by Otakaro Limited in its 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Previous Government |
||||||
| Establishment of Otakaro Limited | 2015/16 | 28,029 | 21,600 | - | - | - |
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to a transfer of unused funding of $4.729 million from 2017/18 to 2018/19 in order for Otakaro to fulfil its mandate for the continuation of the anchor projects programme and the divestment of Crown-owned land.
Management of the Crown's Obligations for Geothermal Wells (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 621 | 158 | 180 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve management and maintenance relating to geothermal wells and associated sites and structures for which the Crown accepts responsibility.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(iii) of the PFA as the amount of this annual appropriation for Non-Departmental output expense is less than $5 million.
Service Providers
Services will be provided by Aurecon Limited, MB Century and other providers if and when required.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to an expense transfer of $441,000 of unused funding from 2017/18 to 2018/19 for remedial work on redundant geothermal wells.
Management of the New Zealand Superannuation Fund (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 953 | 716 | 728 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the management and administration of the Guardians of New Zealand Superannuation Fund.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(iii) of the PFA as the amount of this annual appropriation for Non-Departmental output expense is less than $5 million.
Service Providers
Services will be provided by Guardians of New Zealand Superannuation Fund.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to an expense transfer of $225,000 of unused funding from 2017/18 to 2018/19 to fulfil the Board's revised strategy.
3.3 - Non-Departmental Borrowing Expenses#
Debt Servicing PLA (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 3,351,086 | 3,351,086 | 3,075,926 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the payment of borrowing expenses for the Crown's New Zealand-dollar and foreign-currency debt, authorised by section 60(1)(b) of the PFA.
End of Year Performance Reporting
This borrowing expense appropriation is exempt from end of year performance reporting under section 15A(4)(b) of the PFA.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to movements in forecast interest rates and the amount of debt outstanding.
3.4 - Non-Departmental Other Expenses#
Crown Residual Liabilities (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 324 | 170 | 60 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the administration of residual obligations arising from the Crown's sale and purchase agreements with SOEs and Crown entities and from the sale of Crown investments, and for the settlement of claims against the Crown arising from exposure to asbestos.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(iii) of the PFA as the amount of this annual appropriation for Non-Departmental other expense is less than $5 million.
Geothermal Wells Fund (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 1,000 | - | 500 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve meeting the costs of one-off unforeseen events relating to those geothermal wells for which the Crown accepts responsibility.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(iii) of the PFA as the amount of this annual appropriation for Non-Departmental other expense is less than $5 million.
Government Superannuation Appeals Board (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 50 | 18 | 50 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the on-going operations of the Government Superannuation Appeals Board.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for payments of board fees, disbursements and allowances. Performance information relating to the administration of the payment is provided under the Policy Advice and Financial Services appropriation.
Government Superannuation Fund Authority - Crown's Share of Expenses PLA (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 41,800 | 41,800 | 45,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the management and administration of the Government Superannuation Fund and the schemes, authorised by s15E and s95 of the Government Superannuation Act 1956, through payment of the Crown's share of the expenses of the Government Superannuation Fund Authority.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative as this appropriation is solely for payments of the Crown's share of expenses relating to the management and administration of the Government Superannuation Fund and the schemes authorised by s15E and s95 of the Government Superannuation Fund Act 1956.
Reasons for Change in Appropriation
This appropriation increased by $3.200 million to $45 million due to an updated actuarial assessment of the Crown's share of expenses.
Government Superannuation Fund Unfunded Liability PLA (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 469,000 | 469,000 | 444,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to recognise the Crown's liability to the Government Superannuation Fund and the specified superannuation contribution withholding tax on employer contributions by the Crown as authorised by s95AA of the Government Superannuation Fund Act 1956 in accordance with generally accepted accounting practice.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for technical accounting treatment of the Crown's liability.
Reasons for Change in Appropriation
This appropriation decreased by $25 million to $444 million due to an updated actuarial assessment of the Crown's liability to the Government Superannuation Fund.
Meeting Deficiency in Earthquake Commission's Natural Disaster Fund PLA (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 94,000 | 94,000 | 174,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the Crown's responsibilities under section 16 of the Earthquake Commission Act 1993.
End of Year Performance Reporting
An exemption was granted under section 15D(2)(b)(ii) of the Public Finance Act 1989 on the basis that the expenses relate solely to a payment obligation to the Earthquake Commission.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Funding for expenses incurred in meeting the deficiency in the Earthquake Commission's Natural Disaster Fund. | 2018/19 | 94,000 | 174,000 | - | - | - |
Reasons for Change in Appropriation
The increase in this appropriation for 2019/20 is due to funding requirements to meet a likely deficiency in the Fund.
National Provident Fund Schemes - Liability Under Crown Guarantee PLA (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 19,250 | 19,250 | 15,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the recognition of the net increase (excluding actuarial gains and losses) in the Crown's liability for benefits payable to members of National Provident Fund schemes under the Crown guarantee in s60 of the National Provident Fund Restructuring Act 1990. This appropriation is authorised by s66 of the National Provident Fund Restructuring Act 1990.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for costs payable to the National Provident Fund Scheme. Further information about the performance of the Scheme can be found in the National Provident Fund's Annual Report.
Reasons for Change in Appropriation
This appropriation decreased by $4.250 million to $15 million due to an updated actuarial assessment of the Crown's liability for benefits payable to members of National Provident Fund schemes.
Review and Reform of Local Government Infrastructure Arrangements (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 873 | 294 | 100 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve a review of, and develop reform options for the Crown's natural disaster funding arrangements for local government infrastructure. This appropriation will also contribute to assessing the financial viability of the Local Government Risk Agency.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15(2)(b)(iii) of the PFA as the amount of this annual appropriation for Non-Departmental other expense is less than $5 million.
Service Providers
Services will be provided by the Local Government Risk Agency.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to the winding down of this activity.
Unclaimed Money PLA (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 250 | 2 | 250 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the repayment of unclaimed money authorised by s74(5) of the PFA.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for the repayment of unclaimed money to claimants and repayments are made in accordance with s74(5) of the PFA.
Unclaimed Trust Money PLA (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 250 | - | 250 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the repayment of money authorised by s70(2) of the PFA.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for the repayment of unclaimed money to claimants and repayments are made in accordance with s70(2) of the PFA.
Unwind of Discount Rate Used in the Present Value Calculation - Rehabilitation of Stockton Mine Acid Mine Drainage (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 3,000 | 1,250 | 3,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to cover the unwind of discount rate used in the present value calculation of rehabilitation of Stockton Acid Mine Drainage.
End of Year Performance Reporting
An exemption was granted under s15(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative as this appropriation is solely for a non-cash technical accounting transaction.
Unwind of Discount Rate Used in the Present Value Calculation of Payment for Shares in International Financial Institutions PLA (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 866 | 784 | 300 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the recognition of interest unwind for Crown's liability to International Financial Institutions.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for the interest unwind in respect of Crown's liability with International Financial Institutions.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to changes in forecast interest rates and cash flows in relation to the Crown's investments in International Financial Institutions.
Unwind of Discount Rate Used in the Present Value Calculation of Payment Under Crown Deed of Support with Southern Response Earthquake Services Ltd (M31)
Scope of Appropriation
Expenses
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 4,306 | 3,235 | 550 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the recognition of the expense incurred in unwinding the discount rate used in the present value calculation of the liability as the liability nears settlement.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for technical accounting treatment under the Crown Deed of Support with Southern Response Earthquake Services Limited.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to a continued reduction of the expected unwind of the discount as the liability nears settlement in relation to the Crown Support Deed and the Uncalled Capital facility.
3.5 - Non-Departmental Capital Expenditure#
Crown Infrastructure Partners Limited - Equity Injection (M31)
Scope of Appropriation and Expenses
| Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
|---|---|---|
|
Crown Infrastructure Partners Limited - Equity Injection (M31) This appropriation is limited to investment in Crown Infrastructure Partners Limited.Commences: 09 April 2018 Expires: 30 June 2022 |
Original Appropriation | 600,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | (308,000) | |
| Adjusted Appropriation | 292,000 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | 12,200 | |
| Estimate for 2019/20 | 57,000 | |
| Estimated Appropriation Remaining | 222,800 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to enable Crown Infrastructure Partners Limited to invest in water and roading infrastructure to support the timely increase of housing supply.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative because this appropriation is solely for an investment in Crown Infrastructure Partners Limited.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Investment in Crown Infrastructure Partners Limited to enable it to invest in water and roading infrastructure to support the timely increase of housing supply. | 2017/18 | 12,200 | 57,000 | 117,000 | 105,800 | - |
New Zealand Green Investment Finance Ltd - Equity Injections for Capital Investments (M12)
Scope of Appropriation and Expenses
| Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
|---|---|---|
|
New Zealand Green Investment Finance Ltd - Equity Injections for Capital Investments (M12) This appropriation is limited to the provision of equity injections into New Zealand Green Investment Finance Ltd for its capital investments.Commences: 12 April 2019 Expires: 30 June 2023 |
Original Appropriation | 100,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 100,000 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 40,000 | |
| Estimated Appropriation Remaining | 60,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is limited to the Crown's contribution to New Zealand Green Investment Fund for its investments.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
NZGIF will make investments in accordance with the company's purpose as set out in its Constitution and in accordance with the objectives in its Statement of Intent. |
New measure in 2018/19 | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported on by New Zealand Green Investment Finance Ltd in their Annual Report for 2019/20.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Funding for equity injections into New Zealand Green Investment Finance Ltd for its capital investment | 2019/20 | - | 40,000 | 20,000 | 20,000 | 20,000 |
New Zealand Green Investment Finance Ltd - Equity Injections for Operating Expenditure (M12)
Scope of Appropriation and Expenses
| Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
|---|---|---|
|
New Zealand Green Investment Finance Ltd - Equity Injections for Operating Expenditure (M12) This appropriation is limited to the provision of equity injections into New Zealand Green Investment Finance Ltd for its operating expenditure.Commences: 12 April 2019 Expires: 30 June 2023 |
Original Appropriation | 30,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 30,000 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | 6,000 | |
| Estimate for 2019/20 | 6,000 | |
| Estimated Appropriation Remaining | 18,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to provide capital to NZGIF to fund its operating costs and enable it to facilitate and accelerate low emissions investment.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
The Crown will provide capital to fund NZGIF's operating expenses in accordance with the terms and conditions of the redeemable preference share agreement between the parties. |
New measure for 2018/19 | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported on by New Zealand Green Investment Finance Ltd in their Annual Report for 2019/20.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Funding for equity injections into New Zealand Green Investment Finance Ltd for its operating expenditure | 2018/19 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 |
NZ Superannuation Fund - Contributions (M31)
Scope of Appropriation
Capital Expenditure
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 1,000,000 | 1,000,000 | 1,460,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to provide capital contributions to the New Zealand Superannuation Fund.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Payments are made in accordance with decisions taken by the Minister of Finance. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by New Zealand Superannuation Fund in its 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| New Funding approved in 2017/18 | 2017/18 | 1,000,000 | 1,460,000 | 2,120,000 | 2,420,000 | 2,460,000 |
Reasons for Change in Appropriation
The increase in this appropriation for 2019/20 is due to the Government increasing its contributions to the New Zealand Superannuation Fund over time.
Participation in Dividend Reinvestment Plans by the Mixed Ownership Model Companies (M31)
Scope of Appropriation and Expenses
| Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
|---|---|---|
|
Participation in Dividend Reinvestment Plans by the Mixed Ownership Model Companies (M31) This appropriation is limited to the Crown acquiring new shares in Air New Zealand Limited, Genesis Energy Limited, Mercury NZ Limited and Meridian Energy Limited as a result of the Crown's participation in any dividend reinvestment plans carried out by the companies.Commences: 14 February 2018 Expires: 30 June 2022 |
Original Appropriation | 80,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 80,000 | |
| Actual to 2017/18 Year End | 9,752 | |
| Estimated Actual for 2018/19 | 20,941 | |
| Estimate for 2019/20 | 20,000 | |
| Estimated Appropriation Remaining | 29,307 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve participation in any Dividend Reinvestment Plans by the four mixed ownership companies, Genesis Energy Limited, Mercury NZ Limited, Meridian Energy Limited, and Air New Zealand Limited.
End of Year Performance Reporting
An exemption was granted under s15(2)(b)(ii) of the PFA as additional performance information is unlikely to be informative because this appropriation is solely for the issuing of new shares to the Crown by either Air New Zealand Limited, Genesis Energy Limited, Mercury NZ Limited, or Meridian Energy Limited as a result of the Crown's participation in any dividend reinvestment plans carried out by the company.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Funding for Crown's participation in Dividend Reinvestment Plan | 2017/18 | 20,941 | 20,000 | 20,000 | 9,307 | - |
Refinancing of Housing New Zealand Corporation and Housing New Zealand Limited Debt (M31)
Scope of Appropriation
Capital Expenditure
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 195,909 | 35,616 | 251,246 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to enable Housing New Zealand Corporation and Housing New Zealand Limited to refinance their loans.
How Performance will be Assessed and End of Year Reporting Requirements
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Refinancing will be undertaken in accordance with the agreed appropriation limits. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Minister of Finance in a report appended to the Treasury's annual report for 2019/20.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Previous Government |
||||||
| Refinancing of Housing New Zealand Corporation and Housing New Zealand Limited Debt. | 2015/16 | 195,909 | 251,246 | 141,458 | 217,387 | 217,387 |
Reasons for Change in Appropriation
The increase in this appropriation for 2019/20 is due to the alignment of the amount of the appropriation with Housing New Zealand Corporation and Housing New Zealand Limited debt refinancing requirements.
Tamaki Regeneration Company Limited - Equity Injection (M31)
Scope of Appropriation
Capital Expenditure
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
| Total Appropriation | 137,000 | 59,500 | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to support the Tamaki regeneration programme and deliver new fit for purpose social housing and new open market housing.
End of Year Performance Reporting
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for an equity injection. Further information will be available in Tamaki Regeneration Company Limited's Annual Reports.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Equity injection to Tamaki Regeneration Company Limited | 2017/18 | 137,000 | - | 138,000 | 25,000 | - |
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to the forecast cash flow requirements of the company in relation to its housing construction programme.
Transfer of Anchor Project Assets to Otakaro Limited (M85)
Scope of Appropriation and Expenses
| Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
|---|---|---|
|
Transfer of Anchor Project Assets to Otakaro Limited (M85) This appropriation is limited to the transfer of Christchurch anchor project assets to Otakaro Limited.Commences: 01 April 2016 Expires: 30 June 2020 |
Original Appropriation | 500,000 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 500,000 | |
| Actual to 2017/18 Year End | 273,079 | |
| Estimated Actual for 2018/19 | 1,034 | |
| Estimate for 2019/20 | 225,887 | |
| Estimated Appropriation Remaining | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve a transfer of Christchurch anchor project assets to Otakaro Limited.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely to give effect to the technical transfer of Christchurch anchor project assets to Otakaro Limited.
Part 4 - Details of Multi-Category Expenses and Capital Expenditure#
Multi-Category Expenses and Capital Expenditure#
Crown Company Monitoring Advice (M65)
Overarching Purpose Statement
Scope of Appropriation
Departmental Output Expenses
Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers
This category is limited to the provision of ownership, performance monitoring and governance advice to the Minister for State Owned Enterprises and other responsible Ministers in respect of the Ministers' shareholding responsibilities or as responsible Ministers for the New Zealand Lotteries Commission and Public Trust.
Crown Company Monitoring Advice to the Minister of Research, Science and Innovation
Expenses, Revenue and Capital Expenditure
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
|
Total Appropriation |
- | - | 4,869 |
|
Departmental Output Expenses |
|||
| Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers | - | - | 4,624 |
| Crown Company Monitoring Advice to the Minister of Research, Science and Innovation | - | - | 245 |
|
Funding for Departmental Output Expenses |
|||
|
Revenue from the Crown |
- | - | 4,866 |
| Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers | - | - | 4,622 |
| Crown Company Monitoring Advice to the Minister of Research, Science and Innovation | - | - | 244 |
|
Revenue from Others |
- | - | 3 |
| Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers | - | - | 2 |
| Crown Company Monitoring Advice to the Minister of Research, Science and Innovation | - | - | 1 |
Comparators for Restructured Appropriation
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Vote, Type and Title of Appropriation | Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
| Vote Finance: Departmental Output Expenses: Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers | 4,763 | 4,763 | - |
| Vote Finance: Departmental Output Expenses: Crown Company Monitoring Advice to the Minister of Research, Science and Innovation and the Minister for Economic Development | 236 | 236 | - |
| Total | 4,999 | 4,999 | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to provide advice to shareholding or responsible Ministers to help them ensure appropriate financial returns, and long-term value from improved performance of companies that the Crown has a shareholding in and some Crown entities in order to improve the wellbeing of New Zealanders.
What is Intended to be Achieved with each Category and How Performance will be Assessed
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Departmental Output Expenses |
|||
|
Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers |
|||
|
70% of our assessed papers will score 7 or more, and that 30% will score 8 or more out of 10, with a score of 10 being the highest quality; as assessed by a panel looking at a representative, random sample of our commercial advice |
New Measure | Achieved | Achieved |
|
The quality of commercial advice as assessed by the Treasury internal advisory panel. |
New measure in 2019/20 | - | 75% |
|
Crown Company Monitoring Advice to the Minister of Research, Science and Innovation |
|||
|
The quality of commercial advice as assessed by the Treasury internal advisory panel. |
New measure in 2019/20 | - | 75% |
Note this standard is 75% but is to be updated later on for 2019/20, pending the confirmation of the refreshed Policy Quality Framework in June 2019.
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Contribution to the establishment of the new Ministry of Housing and Urban Development | 2018/19 | (270) | (432) | (432) | (432) | (432) |
Reasons for Change in Appropriation
This is a new appropriation for 2019/20 reflecting a restructure of the Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers appropriation and the Crown Company Monitoring Advice to the Minister of Research, Science and Innovation and the Minister for Economic Development appropriation into a multi-category appropriation.
Greater Christchurch Anchor Projects (M85)
Overarching Purpose Statement
Scope of Appropriation
Non-Departmental Other Expenses
Christchurch Bus Interchange and Associated Transport Infrastructure - contributions from third parties
This category is limited to the development, operations and divestment of the Christchurch Bus Interchange and associated transport infrastructure funded by contributions from parties other than the Crown.
Christchurch Bus Interchange and Associated Transport Infrastructure - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Bus Interchange and associated transport infrastructure.
Christchurch Convention Centre - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Convention Centre.
Christchurch Stadium - contributions from third parties
This category is limited to the development, operations and divestment of the Christchurch Stadium funded by contributions from parties other than the Crown.
Christchurch Stadium - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Stadium.
Earthquake Memorial - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Canterbury Earthquake Memorial.
Financial Impact of Valuations
This category is limited to expenses incurred as a result of the Crown's decisions affecting valuations.
Leasing Anchor Project Land
This category is limited to the financial impact of granting concessionary leases over anchor project land.
Metro Sports Facility - contributions from third parties
This category is limited to the development, operations and divestment of the Metro Sports Facility funded by contributions from parties other than the Crown.
Metro Sports Facility - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of Metro Sports Facility.
Pre-Development Holding Costs - Operating
This category is limited to the Crown's contribution to the maintenance, operation and ownership of anchor project land and assets prior to commencement of developments.
Procurement of Land and Assets - Operating
This category is limited to the Crown's contribution to the purchase, acquisition and clearance of land and assets for anchor project development.
Public Space - contributions from third parties
This category is limited to the development, operations and divestment of the Crown owned public space funded by contributions from parties other than the Crown.
Public Space - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Crown owned public space.
Residential Housing - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of residential housing covered by the Christchurch Central Recovery Plan.
Sale of Land
This category is limited to the financial impact from the divestment of land and transaction costs incurred in the preparation for sale and the sale of land.
The Square - contributions from third parties
This category is limited to the development, operations and divestment of the Square funded by contributions from parties other than the Crown.
Non-Departmental Capital Expenditure
Christchurch Bus Interchange and Associated Transport Infrastructure - Capital
This category is limited to the Crown's contribution to the capital development of the Christchurch Bus Interchange and associated transport infrastructure and to providing equity or loan capital to Otakaro Limited for that purpose.
Christchurch Convention Centre - Capital
This category is limited to the Crown's contribution to the capital development of the Christchurch Convention Centre and to providing equity or loan capital to Otakaro Limited for that purpose.
Christchurch Stadium - Capital
This category is limited to the Crown's contribution to the capital development of the Christchurch Stadium and to providing equity or loan capital to Otakaro Limited for that purpose.
Earthquake Memorial - Capital
This category is limited to the Crown's contribution to the capital development of the Canterbury Earthquake Memorial and to providing equity or loan capital to Otakaro Limited for that purpose.
Land and Asset Acquisition - Capital
This category is limited to the Crown's contribution to the cost of land and assets to be acquired for anchor project development and to providing equity or loan capital to Otakaro Limited for that purpose.
Metro Sports Facility - Capital
This category is limited to the Crown's contribution to the capital development of Metro Sports Facility and to providing equity or loan capital to Otakaro Limited for that purpose.
Public Space - Capital
This category is limited to the capital development of the Crown owned public space and to providing equity or loan capital to Otakaro Limited for that purpose.
Residential Housing - Capital
This category is limited to the Crown's contribution to the capital development of residential housing covered by the Christchurch Central Recovery Plan and to providing equity or loan capital to Otakaro Limited for that purpose.
Expenses, Revenue and Capital Expenditure
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
|
Total Appropriation |
373,741 | 195,498 | 166,100 |
|
Non-Departmental Other Expenses |
|||
| Christchurch Bus Interchange and Associated Transport Infrastructure - Operating | 22,537 | 19,815 | 5,000 |
| Christchurch Convention Centre - Operating | 4,239 | 2,127 | 7,900 |
| Christchurch Stadium - Operating | 2,639 | 2,019 | 400 |
| Financial Impact of Valuations | 731 | - | 100 |
| Leasing Anchor Project Land | 900 | - | 100 |
| Metro Sports Facility - Operating | 283 | - | 12,000 |
| Pre-Development Holding Costs - Operating | 2,143 | 1,128 | 6,000 |
| Procurement of Land and Assets - Operating | 38,051 | 13,430 | 21,500 |
| Public Space - Operating | 34,230 | 25,587 | 5,100 |
| Sale of Land | 584 | - | 100 |
|
Non-Departmental Capital Expenditure |
|||
| Christchurch Bus Interchange and Associated Transport Infrastructure - Capital | 1,985 | - | 100 |
| Christchurch Convention Centre - Capital | 171,069 | 130,260 | 98,800 |
| Land and Asset Acquisition - Capital | 7,436 | - | 1,900 |
| Metro Sports Facility - Capital | 84,006 | - | 100 |
| Public Space - Capital | 2,908 | 1,132 | 7,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the management of Anchor Projects and divestment of Crown-owned land in Christchurch.
How Performance will be Assessed for this Appropriation
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Payments made in respect of Greater Christchurch Anchor Projects are made in accordance with the terms and conditions of the relevant funding agreements and agreed timelines. |
Achieved | Achieved | Achieved |
What is Intended to be Achieved with each Category and How Performance will be Assessed
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Non-Departmental Other Expenses |
|||
|
Christchurch Bus Interchange and Associated Transport Infrastructure - Operating |
|||
|
During operating hours, the bus interchange is not closed from operations greater than 2 hours at any one point in time during the year. |
Achieved | Achieved | Achieved |
|
All 'An Accessible City' projects are on time and on budget. |
Achieved | Achieved | Achieved |
|
This category is intended to ensure the ongoing operation and eventual divestment of the Christchurch Bus Interchange. |
|||
|
Christchurch Convention Centre - Operating |
|||
|
The Convention Centre is progressed on time and on budget. |
Achieved | Achieved | Achieved |
|
This category is intended to advance the Convention Centre project in line with Government decisions. |
|||
|
Christchurch Stadium - Operating |
|||
|
This category is intended to take forward the Crown's position on the Stadium project. |
|||
|
The project will be progressed in line with Government decisions and agreed project timelines. |
Achieved | Achieved | Achieved |
|
Financial Impact of Valuations |
|||
|
This category is intended to record expenses resulting from valuation movements. |
|||
|
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for technical accounting treatment to record expenses resulting from valuation movements. |
Exempt | Exempt | Exempt |
|
Leasing Anchor Project Land |
|||
|
This category is intended to record expenses resulting from the granting of concessionary leases. |
|||
|
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for technical accounting treatment to record expenses resulting from the granting of concessionary leases. |
Exempt | Exempt | Exempt |
|
Metro Sports Facility - Operating |
|||
|
MSF is progressed on time and on budget. |
Achieved | Achieved | Achieved |
|
This category is intended to support the construction and divestment of Metro Sports Facility. |
|||
|
Pre-Development Holding Costs - Operating |
|||
|
This category is intended to achieve the efficient management of Anchor project land prior to construction. |
|||
|
All cleared/remediated land is held in a state ready for development or ultimate sale. |
Achieved | Achieved | Achieved |
|
Procurement of Land and Assets - Operating |
|||
|
Land is acquired and remediated to a level and in a timeframe needed to meet all Anchor Project performance targets and all land divestment targets as per Otakaro's land divestment strategy. |
Achieved | Achieved | Achieved |
|
This category is intended to support the acquisition and clearance of land for the Anchor projects. |
|||
|
Public Space - Operating |
|||
|
All public space projects are developed, operated and divested in keeping with Anchor Project performance targets and Otakaro's land divestment strategy. |
Achieved | Achieved | Achieved |
|
This category is intended to support the construction and divestment of Crown-owned public space in Christchurch. |
|||
|
Sale of Land |
|||
|
This category is intended to record the financial impact of land sales. |
|||
|
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for recording the financial impact of land sales. |
Exempt | Exempt | Exempt |
|
Non-Departmental Capital Expenditure |
|||
|
Christchurch Bus Interchange and Associated Transport Infrastructure - Capital |
|||
|
This category is intended to ensure the ongoing operation and eventual divestment of the Christchurch Bus Interchange. |
|||
|
Expenditure is in line with the agreed project timelines. |
Achieved | Achieved | Achieved |
|
Christchurch Convention Centre - Capital |
|||
|
The Convention Centre is progressed on time and on budget. |
Achieved | Achieved | Achieved |
|
This category is intended to advance the Convention Centre project in line with Government decisions. |
|||
|
Land and Asset Acquisition - Capital |
|||
|
Land is acquired in a timeframe needed to meet all Anchor Project performance targets and all land divestment targets as per Otakaro's land divestment strategy. |
Achieved | Achieved | Achieved |
|
This category is intended to support the acquisition of land for the Anchor projects. |
|||
|
Metro Sports Facility - Capital |
|||
|
Metro Sports Facility is progressed on time and on budget. |
Achieved | Achieved | Achieved |
|
This category is intended to support the construction of Metro Sports Facility. |
|||
|
Public Space - Capital |
|||
|
All public space projects are developed, operated and divested in keeping with Anchor Project performance targets and Otakaro's land divestment strategy. |
Achieved | Achieved | Achieved |
|
This category is intended to support the construction and divestment of Crown-owned public space in Christchurch. |
|||
Service Providers for the Multi-Category Appropriation
Delivery of Greater Christchurch Anchor Projects will be undertaken by Otakaro Limited.
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Current and Past Policy Initiatives
Estimated expenditure for 2019/20 and 2020/21 is withheld as publication is likely to unreasonably prejudice the commercial position of the Crown.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to the forecast timing of expenditure in relation to the construction of anchor projects.
Management of Landcorp Protected Land Agreement (M31)
Overarching Purpose Statement
Scope of Appropriation
Non-Departmental Other Expenses
Operating Costs
This category is limited to providing operating costs incurred under the Landcorp Protected Land Agreement.
Non-Departmental Capital Expenditure
Capital Investments
This category is limited to providing for capital investments incurred under the Landcorp Protected Land Agreement.
Expenses, Revenue and Capital Expenditure
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
|
Total Appropriation |
3,866 | 400 | 3,000 |
|
Non-Departmental Other Expenses |
|||
| Operating Costs | 415 | 400 | 1,500 |
|
Non-Departmental Capital Expenditure |
|||
| Capital Investments | 3,451 | - | 1,500 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the Crown's responsibilities under the Landcorp Protected Land Agreement.
How Performance will be Assessed for this Appropriation
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Management of Protected Land Agreement# |
|||
|
Land and infrastructure is managed to the standards as set out in the terms and conditions of the Protected Land Agreement. |
Achieved | Achieved | Achieved |
What is Intended to be Achieved with each Category and How Performance will be Assessed
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Non-Departmental Other Expenses |
|||
|
Operating Costs |
|||
|
This category is intended to achieve the provision for operating costs incurred under the Landcorp Protected Land Agreement. |
|||
|
An exemption was granted under s15D(2)(b)(iii) of the PFA as annual expenditure under this category for Non-Departmental other expenses is less than $5 million. |
Exempt | Exempt | Exempt |
|
Non-Departmental Capital Expenditure |
|||
|
Capital Investments |
|||
|
This category is intended to achieve the provision of capital investments incurred under the Landcorp Protected Land Agreement. |
|||
|
An exemption was granted under s15D(2)(b)(iii) of the PFA as annual expenditure under this category for Non-Departmental capital expenditure is less than $15 million. |
Exempt | Exempt | Exempt |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to an expense transfer from 2017/18 to 2018/19 of unused funding relating to the costs of managing protected land, partly offset by an expense transfer to Policy Advice - Finance in 2018/19.
Management of New Zealand House, London (M31)
Overarching Purpose Statement
Scope of Appropriation
Non-Departmental Output Expenses
Property Management
This category is limited to the property management services in respect of New Zealand House, London.
Non-Departmental Other Expenses
Operational Costs
This category is limited to the operational costs of New Zealand House, London.
Renegotiation of Lease Arrangements
This category is limited to activities to re-gear the lease on New Zealand House, London (including The Royal Opera Arcade and Her Majesty's Theatre).
Non-Departmental Capital Expenditure
Capital Expenditure
This category is limited to capital expenditure in relation to New Zealand House, London.
Expenses, Revenue and Capital Expenditure
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
|
Total Appropriation |
32,267 | 9,254 | 14,850 |
|
Non-Departmental Output Expenses |
|||
| Property Management | 3,427 | 337 | 1,000 |
|
Non-Departmental Other Expenses |
|||
| Operational Costs | 23,781 | 8,645 | 13,000 |
| Renegotiation of Lease Arrangements | 559 | 272 | 100 |
|
Non-Departmental Capital Expenditure |
|||
| Capital Expenditure | 4,500 | - | 750 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to ensure that New Zealand House, London is well managed.
How Performance will be Assessed for this Appropriation
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Management of New Zealand House, London# |
|||
|
New Zealand House, London is well managed. |
Achieved | Achieved | Achieved |
What is Intended to be Achieved with each Category and How Performance will be Assessed
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Non-Departmental Output Expenses |
|||
|
Property Management |
|||
|
This category is intended to achieve the provision of management of New Zealand House property in London. |
|||
|
An exemption was granted under s15D(2)(b)(iii) of the PFA as the annual expenditure under this category for Non-Departmental output expenses is less than $5 million. |
Exempt | Exempt | Exempt |
|
Non-Departmental Other Expenses |
|||
|
Operational Costs |
|||
|
This category is intended to achieve the provision of operational costs of New Zealand House in London. |
|||
|
An exemption was granted under s15D(2)(b)(ii) of the PFA as this category is solely for costs payable to the New Zealand Government Property Corporation to fund the operations of New Zealand House in London. |
Exempt | Exempt | Exempt |
|
Renegotiation of Lease Arrangements |
|||
|
This category is intended to achieve the renegotiation of the lease arrangements for New Zealand House, London. |
|||
|
An exemption was granted under s15D(2)(b)(iii) of the PFA as the annual expenditure under this category for Non-Departmental other expenses is less than $5 million. |
Exempt | Exempt | Exempt |
|
Non-Departmental Capital Expenditure |
|||
|
Capital Expenditure |
|||
|
This category is intended to achieve the provision of capital expenditure on New Zealand House property in London. |
|||
|
An exemption was granted under s15D(2)(b)(iii) of the PFA as the annual expenditure under this category for Non-Departmental capital expenditure is less than $15 million. |
Exempt | Exempt | Exempt |
Service Providers
Services are provided through Jones Lang LaSalle International Property Consultants, London.
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to a one-off expense transfer from 2017/18 to 2018/19 to provide for reactive maintenance on the property.
Policy Advice and Financial Services (M31)
Overarching Purpose Statement
Scope of Appropriation, Expenses and Capital Expenditure
| Title, Overarching Purpose and Period of Appropriations and Type and Scope of Categories | Appropriations, Adjustments and Use | $000 |
|---|---|---|
|
Policy Advice and Financial Services (M31) The single overarching purpose of this appropriation is to provide the government with high quality policy and financial advice and to deliver financial services.Commences: 01 July 2019 Expires: 30 June 2024 |
Original Appropriation | 347,949 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Appropriation | 347,949 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 71,013 | |
| Estimated Appropriation Remaining | 276,936 | |
|
Departmental Output Expenses |
||
|
Crown Lending and Bank Accounts This category is limited to the management, administration and monitoring of Crown lending and Crown Bank Accounts. |
Original Amount | 2,261 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Amount | 2,261 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 462 | |
| Estimated Amount Remaining | 1,799 | |
|
Export Credit This category is limited to the provision and monitoring of export credit and financial guarantees to support the financing and insurance of New Zealand exports, excluding the cost of claims under a guarantee given under this scheme. |
Original Amount | 10,454 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Amount | 10,454 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 2,137 | |
| Estimated Amount Remaining | 8,317 | |
|
Fiscal Management and Reporting This category is limited to the preparation of the government's Budget, and of forecast and financial reporting on the government reporting entity. |
Original Amount | 49,935 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Amount | 49,935 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 10,207 | |
| Estimated Amount Remaining | 39,728 | |
|
Investment Management and Asset Performance This category is limited to services to improve investment performance and asset management in the State sector. |
Original Amount | 36,183 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Amount | 36,183 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 7,396 | |
| Estimated Amount Remaining | 28,787 | |
|
Policy Advice This category is limited to the provision of advice (including second opinion advice and contributions to policy advice led by other agencies) to support decision-making by Ministers on government policy matters relating to Finance. |
Original Amount | 249,116 |
| Adjustments to 2017/18 | - | |
| Adjustments for 2018/19 | - | |
| Adjusted Amount | 249,116 | |
| Actual to 2017/18 Year End | - | |
| Estimated Actual for 2018/19 | - | |
| Estimate for 2019/20 | 50,811 | |
| Estimated Amount Remaining | 198,305 |
Revenue
| Budget $000 |
|
|---|---|
|
Revenue from the Crown to end of 2019/20 |
|
| Crown Lending and Bank Accounts | 336 |
| Export Credit | 2,137 |
| Fiscal Management and Reporting | 9,900 |
| Investment Management and Asset Performance | 5,359 |
| Policy Advice | 49,608 |
|
Total Revenue Crown to end of 2019/20 |
67,340 |
|
Revenue from Others to end of 2019/20 |
|
| Crown Lending and Bank Accounts | 126 |
| Fiscal Management and Reporting | 307 |
| Investment Management and Asset Performance | 2,037 |
| Policy Advice | 1,203 |
|
Total Revenue Other to end of 2019/20 |
3,673 |
|
Total Revenue |
71,013 |
Comparators for Restructured Appropriation
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Vote, Type and Title of Appropriation | Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
| Vote Finance: Departmental Output Expenses: Policy Advice - Finance | 46,394 | 46,394 | - |
| Vote Finance: Departmental Output Expenses: Provision of Financial Operations Services and Operational Advice | 32,039 | 32,039 | - |
| Total | 78,433 | 78,433 | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to provide a sound information base for government decision making, as well as the delivery of financial services, to contribute to improving the wellbeing of New Zealanders.
How Performance will be Assessed for this Appropriation
An overarching performance measure for this MYMCA will be developed for inclusion in the 2019/20 Supplementary Estimates of Appropriations.
What is Intended to be Achieved with each Category and How Performance will be Assessed
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Departmental Output Expenses |
|||
|
Crown Lending and Bank Accounts |
|||
|
Compliance with Capital Market's Portfolio Management Policy and Treasury delegations for/in relation to Crown lending and Crown bank accounts. |
New measure in 2019/20 | - | No breaches |
|
Export Credit |
|||
|
New Zealand exports and the internationalisation of New Zealand exporters are promoted and supported. |
New measure in 2019/20 | - | Achieved |
|
Fiscal Management and Reporting |
|||
|
Statutorily required documents as part of the annual financial cycle are produced in accordance with PFA requirements and free from material errors. |
New measure in 2019/20 | - | Achieved |
|
Major fiscal models are quality assured (periodically) and, where appropriate, assumptions are tested with suitably qualified experts. |
New measure in 2019/20 | - | Achieved |
|
Investment Management and Asset Performance |
|||
|
The capability and performance of investment-intensive agencies is enhanced by the Treasury's stewardship of the investment management system. |
New measure in 2019/20 | - | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in the 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Addressing the Treasury's non-discretionary costs pressures to deliver its core functions and a wellbeing approach | 2019/20 | - | 5,000 | 5,000 | 5,000 | 5,000 |
| Establishment of an Interim Infrastructure Transactions Unit and Infrastructure Commission | 2017/18 | 3,392 | 848 | - | - | - |
| Additional funding for enhanced Earthquake Commission monitoring and insurance policy advice | 2017/18 | 1,699 | - | - | - | - |
|
Previous Government |
||||||
| Creating Economic Opportunity: A Treasury Presence Offshore (Singapore) | 2017/18 | 854 | 854 | 854 | 854 | 854 |
| The Stockton Acid Mine Drainage Rehabilitation project | 2017/18 | 1,100 | 1,000 | 300 | - | - |
| Transfer of Work and Income External Monitoring Costs from Vote Social Development | 2015/16 | 750 | 750 | 750 | 750 | 750 |
| Share of costs for Budget 2015 whole-of-government initiatives | 2015/16 | (304) | (314) | (314) | (314) | (314) |
Reasons for Change in Appropriation
This is a new appropriation reflecting the restructure of the Policy Advice - Finance appropriation and the Provision of Financial Operations Services and Operational Advice appropriation into the Policy Advice and Financial Services multi-year multi-category appropriation in 2019/20.
From 2019/20 the Treasury received an additional $5 million to address non-discretionary cost pressures in the Policy Advice category.
Social Housing Reform (M96)
Overarching Purpose Statement
Scope of Appropriation
Departmental Output Expenses
Implementation of the Social Housing Reform Programme
This category is limited to the policy, operational, and transactional work to implement the Government's reform of social housing.
Non-Departmental Output Expenses
Direct Sale Costs for Implementing the Social Housing Reform Programme
This category is limited to direct sales costs of implementing the Government's reform of social housing.
Expenses, Revenue and Capital Expenditure
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
|
Total Appropriation |
7,276 | 3,702 | 2,000 |
|
Departmental Output Expenses |
|||
| Implementation of the Social Housing Reform Programme | 3,702 | 3,702 | 100 |
|
Non-Departmental Output Expenses |
|||
| Direct Sale Costs for Implementing the Social Housing Reform Programme | 3,574 | - | 1,900 |
|
Funding for Departmental Output Expenses |
|||
|
Revenue from the Crown |
3,701 | 3,701 | 100 |
| Implementation of the Social Housing Reform Programme | 3,701 | 3,701 | 100 |
|
Revenue from Others |
1 | 1 | - |
| Implementation of the Social Housing Reform Programme | 1 | 1 | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the development of a variety of social housing in New Zealand and grow the community housing sector by making the Housing New Zealand Corporation stock available to social providers.
How Performance will be Assessed for this Appropriation
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Social Housing Reform# |
|||
|
Social housing regeneration projects are progressed as per Government direction. |
Achieved | Achieved | Achieved |
What is Intended to be Achieved with each Category and How Performance will be Assessed
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Departmental Output Expenses |
|||
|
Implementation of the Social Housing Reform Programme |
|||
|
This category is intended to achieve policy development and operational support for the Government's reform of social housing. |
|||
|
Development of business case for regeneration projects that include potential partnership arrangements with iwi and/or community housing providers. |
New measure in 2018/19 | Achieved | Achieved |
|
Development of policies, commercial structures and standard form contractual documentation to support potential partnership arrangements with iwi and/or community housing providers. |
New measure in 2018/19 | Achieved | Achieved |
|
Non-Departmental Output Expenses |
|||
|
Direct Sale Costs for Implementing the Social Housing Reform Programme |
|||
|
This category is intended to achieve the Cabinet-mandated transactions under the Government's reform of social housing. |
|||
|
An exemption was granted under s15D(2)(b)(iii) of the PFA as the annual expenditure under this category is less than $5 million. |
Exempt | Exempt | Exempt |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Reprioritisation of Funding - Social Housing Reform Programme | 2019/20 | |||||
| Departmental Output Expenses | - | (1,700) | - | - | - | |
| Non-Departmental Output Expenses | - | (1,900) | - | - | - | |
|
Total Initiatives |
- | (3,600) | - | - | - |
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to $3.600 million of funding returning to the Crown as the work programme is near completion and this funding is no longer required.
Tax Working Group (M31)
Overarching Purpose Statement
Scope of Appropriation
Departmental Output Expenses
Tax Working Group - Provision of Support and Advice
This category is limited to providing support and advice to the Tax Working Group.
Non-Departmental Output Expenses
Tax Working Group - Direct Costs
This category is limited to the direct costs of the Tax Working Group.
Expenses, Revenue and Capital Expenditure
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
|
Total Appropriation |
1,964 | 1,874 | 200 |
|
Departmental Output Expenses |
|||
| Tax Working Group - Provision of Support and Advice | 1,629 | 1,629 | - |
|
Non-Departmental Output Expenses |
|||
| Tax Working Group - Direct Costs | 335 | 245 | 200 |
|
Funding for Departmental Output Expenses |
|||
|
Revenue from the Crown |
1,629 | 1,629 | - |
| Tax Working Group - Provision of Support and Advice | 1,629 | 1,629 | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve policy development and support in order for the Tax Working Group to develop recommendations on improvements to the structure and balance of the tax system.
How Performance will be Assessed for this Appropriation
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Tax Working Group# |
|||
|
Goals of the Tax Working Group are progressed in alignment with their Terms of Reference. |
Achieved | Achieved | Achieved |
What is Intended to be Achieved with each Category and How Performance will be Assessed
| 2018/19 | 2019/20 | ||
|---|---|---|---|
| Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
|
Departmental Output Expenses |
|||
|
Tax Working Group - Provision of Support and Advice |
|||
|
This category is intended to achieve policy development and operational support for the Tax Working Group. |
|||
|
The Tax Working Group's satisfaction with the policy advice service rated as 'satisfied' or better. |
75% | 75% | 75% |
|
Non-Departmental Output Expenses |
|||
|
Tax Working Group - Direct Costs |
|||
|
This category is intended to achieve the Tax Working Group's development of recommendations on improvements to the structure and balance of the tax system. |
|||
|
Ministerial satisfaction with the Tax Working Group's provision of its recommendations as per the Group's Terms of Reference. |
New measure in 2018/19 | 75% | 75% |
Service Providers for the Multi-Category Appropriation
Services will be delivered by the Tax Working Group.
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2019/20 Annual Report.
Current and Past Policy Initiatives
| Policy Initiative | Year of First Impact |
2018/19 Final Budgeted $000 |
2019/20 Budget $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
2022/23 Estimated $000 |
|---|---|---|---|---|---|---|
|
Current Government |
||||||
| Establishment of the Tax Working Group | 2017/18 | 1,964 | 200 | - | - | - |
Reasons for Change in Appropriation
The decrease in this appropriation for 2019/20 is due to this programme winding down.