Formats and related files
Vote Finance#
APPROPRIATION MINISTER(S): Minister of Climate Change (M12), Minister of Finance (M31), Minister for State Owned Enterprises (M65), Minister for Infrastructure (M80), Minister Responsible for the Earthquake Commission (M86)
DEPARTMENT ADMINISTERING THE VOTE: The Treasury (A40)
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 2021/22 financial year which cover the following:
- A total of over $78 million for the provision of policy and financial advice to support decision making by Ministers and to deliver financial services.
- A total of over $15 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 over $3,154 million for the payment of interest and other costs relating to the Crown's debt.
- A total of over $2,854 million for superannuation costs, primarily as contributions to the Government Superannuation Fund and the NZ Superannuation Fund.
- A total of over $267 million for the continued support for the recovery of Christchurch by contributing operating and capital funding for the Anchor Projects Programme.
- A total of $120 million for continuation of Christchurch Regeneration grants to the Christchurch City Council.
- A total of $50 million for an equity injection for Airways New Zealand in response to the impacts of COVID-19.
- A total of over $3 million for the un-wind of interest expense on liabilities.
- A total of nearly $6 million for inquiries and research into productivity-related matters by the Productivity Commission.
- A total of nearly $4 million for unclaimed money, meeting costs associated with the Landcorp Protected Land Agreement, managing the Crown's residual liabilities and providing COVID-19 guarantees.
- A total of over $12 million for the Crown's participation in Dividend Reinvestment Plans.
- A total of over $217 million for refinancing of Kainga Ora - Homes and Communities and Housing New Zealand Limited Debt.
- A total of nearly $13 million for costs of administering New Zealand House, London.
- A total of over $37 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.
- A total of $25 million for an equity injection to Tamaki Regeneration Company Limited for supporting the Tamaki regeneration programme and deliver new fit for purpose social housing and new open market housing.
- A total of nearly $28 million for the increased investment in the World Bank, International Finance Corporation.
- A total of $40 million to provide funding to the Venture Capital Fund for supporting the development of markets for early stage equity finance and venture capital.
- A total of $1,150 million to provide a commercial loan facility for Air New Zealand in response to COVID-19.
The Minister of Finance is also responsible for Crown revenue and receipts which account for nearly $3,367 million in non-tax revenue for return on investments, including capital charge, dividends, and interest on securities and deposits.
The Minister for Infrastructure is responsible for over $226 million for Infrastructure Projects to be funded or delivered by Crown Infrastructure Partners Limited and Otakaro Limited and for nearly $15 million to provide services to improve New Zealand's infrastructure outcomes.
The Minister for State Owned Enterprises is responsible for over $5 million for the provision of 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 $200 million for the Green Investment Fund's capital investments and $6 million for its operating expenditure.
The Minister Responsible for the Earthquake Commission is responsible for over $53 million to the Earthquake Commission to provide for a timely, fair, and enduring resolution of on-sold over-cap claims resulting from the Canterbury earthquake sequence.
The Minister Responsible for the Earthquake Commission is responsible for $200,000 for an Independent Oversight Committee to oversee the settlement of potential obligations of Southern Response Earthquake Services Limited for Claims already settled.
Details of these appropriations are set out in Parts 2-4.
Details of Appropriations and Capital Injections#
Annual Appropriations and Forecast Permanent Appropriations#
2020/21 | 2021/22 | ||
---|---|---|---|
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) (A40) 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. |
12,625 | 12,625 | 12,625 |
Administration of Guarantees and Indemnities Given by the Crown PLA (M31) (A40) 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. |
3,110 | 3,110 | 3,110 |
Shared Support Services (M31) (A40) This appropriation is limited to provision of support services to other agencies. |
10,460 | 10,460 | 10,460 |
Southern Response Earthquake Services Independent Oversight Committee (M86) (A40) This appropriation is limited to an Independent Oversight Committee overseeing the settlement of potential obligations of Southern Response Earthquake Services Limited for claims already settled. |
400 | 400 | 200 |
Design and Establishment of Christchurch Regeneration Acceleration Facility (M31) (A40) This appropriation is limited to the design and establishment of the Christchurch Regeneration Acceleration Facility. |
799 | - | - |
Infrastructure Funding and Financing (M31) (A40) This appropriation is limited to provision of advice on, and implementing changes to, Infrastructure Funding and Financing systems and settings. |
49 | - | - |
Total Departmental Output Expenses |
27,443 | 26,595 | 26,395 |
Departmental Capital Expenditure |
|||
The Treasury - Capital Expenditure PLA (M31) (A40) 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. |
5,985 | 5,985 | 5,985 |
Total Departmental Capital Expenditure |
5,985 | 5,985 | 5,985 |
Non-Departmental Output Expenses |
|||
Independent Infrastructure Advice and Oversight (M80) (A40) This appropriation is limited to the New Zealand Infrastructure Commission providing services to improve New Zealand's infrastructure outcomes. |
13,488 | 13,488 | 14,875 |
Inquiries and Research into Productivity-Related Matters (M31) (A40) 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 | 5,930 |
Management of Anchor Projects by Otakaro Limited (M31) (A40) This appropriation is limited to the Crown's contribution to Otakaro Limited's operating and financing expenses. |
29,318 | 10,858 | 20,000 |
Management of the New Zealand Superannuation Fund (M31) (A40) This appropriation is limited to managing the New Zealand Superannuation Fund on behalf of the Crown. |
728 | 613 | 728 |
Total Non-Departmental Output Expenses |
48,564 | 29,989 | 41,533 |
Non-Departmental Borrowing Expenses |
|||
Debt Servicing PLA (M31) (A40) 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. |
3,162,449 | 3,162,449 | 3,154,380 |
Total Non-Departmental Borrowing Expenses |
3,162,449 | 3,162,449 | 3,154,380 |
Non-Departmental Other Expenses |
|||
Carrying Value of Future Liabilities (M31) (A40) This appropriation is limited to amounts expensed in periodic changes to the carrying value of future liabilities that are recorded on a discounted present value basis. |
3,314 | 2,174 | 3,000 |
Christchurch Regeneration Acceleration Facility (M31) (A40) This appropriation is limited to grants to the Christchurch City Council for projects approved for funding pursuant to the Christchurch Regeneration Acceleration Facility. |
94,000 | 10,180 | 120,000 |
Government Superannuation Appeals Board (M31) (A40) 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 | 8 | 50 |
Government Superannuation Fund Authority - Crown's Share of Expenses PLA (M31) (A40) 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. |
39,125 | 39,125 | 43,465 |
Government Superannuation Fund Unfunded Liability PLA (M31) (A40) 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. |
406,699 | 406,699 | 387,981 |
National Provident Fund Schemes - Liability Under Crown Guarantee PLA (M31) (A40) 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. |
2,000 | 2,000 | 2,000 |
Payments and Expenses in Respect of Guarantees and Indemnities PLA (M31) (A40) This appropriation is limited to any money paid by the Crown under, and any expenses incurred by the Crown in relation to, a guarantee or indemnity given under section 65ZD of the Public Finance Act 1989 as authorised by section 65ZG of that Act. |
3,142,672 | 3,142,672 | 93 |
Stewardship of Residual Crown Obligations (M31) (A40) This appropriation is limited to the management and maintenance of the Crown's residual liabilities and obligations, where these are administered by The Treasury. |
516 | 242 | 711 |
Unclaimed Money PLA (M31) (A40) This appropriation is limited to the repayment of money authorised by section 74(5) of the Public Finance Act 1989. |
29 | 29 | 30 |
Unwind of Discount Rate Used in the Present Value Calculation of Payment for Shares in International Financial Institutions PLA (M31) (A40) 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. |
44 | 44 | 73 |
Impairment of Investment in Southern Response Earthquake Services Ltd (M31) (A40) This appropriation is limited to the impairment of equity investment in Southern Response Earthquake Services Ltd. |
79,000 | - | - |
Payment in Respect of Export Credit Office Guarantees and Indemnities PLA (M31) (A40) This appropriation is limited to payments by the Crown under export credit guarantees or indemnities given under Section 65ZD of the Public Finance Act 1989, as authorised by section 65ZG of that Act. |
77 | 77 | - |
Total Non-Departmental Other Expenses |
3,767,526 | 3,603,250 | 557,403 |
Non-Departmental Capital Expenditure |
|||
COVID-19: Capital Injections to Airways New Zealand (M31) (A40) This appropriation is limited to equity injections to Airways New Zealand in response to the impacts of COVID-19. |
45,000 | 20,000 | 50,000 |
International Financial Institutions PLA (M31) (A40) This appropriation is limited to capital expenditure for shares subscribed to by New Zealand as a member of International Financial Institutions, authorised by section 5 of the International Finance Agreements Act 1961. |
40,568 | 40,568 | 27,900 |
NZ Superannuation Fund - Contributions (M31) (A40) This appropriation is limited to capital contributions to the New Zealand Superannuation Fund, for the present and future cost of New Zealand Superannuation. |
2,120,000 | 2,120,000 | 2,420,000 |
Refinancing of Kainga Ora - Homes and Communities and Housing New Zealand Limited Debt (M31) (A40) This appropriation is limited to refinancing existing Kainga Ora - Homes and Communities and Housing New Zealand Limited Debt. |
141,458 | 141,458 | 217,387 |
Tamaki Regeneration Company Limited - Equity Injection (M31) (A40) This appropriation is limited to the provision of an equity injection to Tamaki Regeneration Company Limited. |
60,000 | 60,000 | 25,000 |
COVID-19: Loan to Hawkes Bay Airport Limited (M31) (A40) This appropriation is limited to provision of a loan to Hawkes Bay Airport Limited as part of the Government's response to COVID-19. |
4,500 | - | - |
Earthquake Commission Natural Disaster Fund Deficiency - Advances PLA (M31) (A40) This appropriation is limited to capital expenditure incurred in providing advances to meet a deficiency in the Earthquake Commission's Natural Disaster Fund, as authorised by section 16 of the Earthquake Commission Act 1993. |
130,000 | 130,000 | - |
Southern Response Earthquake Services Ltd: Equity Investment (M31) (A40) This appropriation is limited to the investment in Southern Response Earthquake Services Ltd. |
79,000 | - | - |
Transfer of Anchor Project Assets to Otakaro Limited (M31) (A40) This appropriation is limited to the transfer of Christchurch Regeneration anchor project assets to Otakaro Limited. |
50,000 | 220 | - |
Total Non-Departmental Capital Expenditure |
2,670,526 | 2,512,246 | 2,740,287 |
Multi-Category Expenses and Capital Expenditure |
|||
Crown Company Monitoring Advice MCA (M65) (A40) 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. |
5,042 | 5,042 | 5,051 |
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. |
4,954 | 4,954 | 4,963 |
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. |
88 | 88 | 88 |
Greater Christchurch Anchor Projects MCA (M31) (A40) 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. |
130,080 | 65,033 | 247,165 |
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. |
- | - | 100 |
Christchurch Convention Centre - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Convention Centre. |
9,019 | 7,451 | 17,400 |
Christchurch Stadium - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Stadium. |
- | - | 165 |
Financial Impact of Valuations This category is limited to expenses incurred as a result of the Crown's decisions affecting valuations. |
- | - | 100 |
Leasing Anchor Project Land This category is limited to the financial impact of granting concessionary leases over anchor project land. |
- | - | 100 |
Metro Sports Facility - Operating This category is limited to the Crown's contribution to the development, operations and divestment of Metro Sports Facility. |
43,000 | - | 120,000 |
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. |
2,042 | 4,739 | 4,000 |
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. |
7,068 | 737 | 12,000 |
Public Space - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Crown owned public space. |
8,047 | - | 11,000 |
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. |
- | - | 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. |
- | - | 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. |
32,284 | 29,226 | 17,000 |
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. |
- | - | 100 |
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. |
26,299 | 21,828 | 60,000 |
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. |
2,321 | 1,052 | 5,000 |
Management of Landcorp Protected Land Agreement MCA (M31) (A40) The single overarching purpose of this appropriation is meeting the Crown's responsibilities under the Landcorp Protected Land Agreement. |
3,000 | (114) | 3,158 |
Non-Departmental Other Expenses |
|||
Operating Costs This category is limited to providing operating costs incurred under the Landcorp Protected Land Agreement. |
1,500 | (150) | 1,658 |
Non-Departmental Capital Expenditure |
|||
Capital Investments This category is limited to providing for capital investments incurred under the Landcorp Protected Land Agreement. |
1,500 | 36 | 1,500 |
Management of New Zealand House, London MCA (M31) (A40) The single overarching purpose of this appropriation is to ensure that New Zealand House, London is well managed. |
20,813 | 9,709 | 12,964 |
Non-Departmental Output Expenses |
|||
Property Management This category is limited to the property management services in respect of New Zealand House, London. |
2,000 | 360 | 1,000 |
Non-Departmental Other Expenses |
|||
Operational Costs This category is limited to the operational costs of New Zealand House, London. |
17,563 | 9,313 | 11,214 |
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). |
500 | 36 | - |
Non-Departmental Capital Expenditure |
|||
Capital Expenditure This category is limited to capital expenditure in relation to New Zealand House, London. |
750 | - | 750 |
Greater Christchurch Regeneration MCA (M31) (A40) To meet remaining risks and cost pressures relating to support for the regeneration of Greater Christchurch. |
5,473 | - | - |
Non-Departmental Other Expenses |
|||
Greater Christchurch Regeneration - Operating This category is limited to residual expenses associated with support for Greater Christchurch Regeneration. |
3,373 | - | - |
Non-Departmental Capital Expenditure |
|||
Greater Christchurch Regeneration - Capital This category is limited to residual capital expenditure associated with support for Greater Christchurch Regeneration. |
2,100 | - | - |
Management of the Crown's Agreement with Taitokerau Forests Limited MCA (M31) (A40) The single overarching purpose of this appropriation is meeting the Crown's responsibilities under its agreement with Taitokerau Forests Limited. |
195 | 192 | - |
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. |
3 | - | - |
Impairment of Loans This category is limited to the expense incurred on the impairment and write-down of loans to Taitokerau Forests Limited. |
192 | 192 | - |
Total Multi-Category Expenses and Capital Expenditure |
164,603 | 79,862 | 268,338 |
Total Annual Appropriations and Forecast Permanent Appropriations |
9,847,096 | 9,420,376 | 6,794,321 |
Multi-Year Appropriations#
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
Non-Departmental Other Expenses |
||
Shovel Ready Project Funding - Crown Infrastructure Partners (M80) (A40) This appropriation is limited to grants to Crown Infrastructure Partners to fund or deliver infrastructure projects.Commences: 01 August 2020 Expires: 30 June 2025 |
Original Appropriation | 1,264,595 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 1,264,595 | |
Actual to 2019/20 Year End | - | |
Estimated Actual for 2020/21 | 1,055,923 | |
Estimate for 2021/22 | 208,672 | |
Estimated Appropriation Remaining | - | |
Shovel Ready Project Funding - Otakaro Limited (M80) (A40) This appropriation is limited to grants to Otakaro Limited to fund or deliver infrastructure projects.Commences: 01 August 2020 Expires: 30 June 2025 |
Original Appropriation | 139,350 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 139,350 | |
Actual to 2019/20 Year End | - | |
Estimated Actual for 2020/21 | 121,645 | |
Estimate for 2021/22 | 17,705 | |
Estimated Appropriation Remaining | - | |
Non-Departmental Capital Expenditure |
||
COVID-19: Capital Injections to New Zealand Post Limited (M31) (A40) This appropriation is limited to equity injections to New Zealand Post Limited in response to the impacts of COVID-19.Commences: 06 May 2020 Expires: 30 June 2021 |
Original Appropriation | 150,000 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 150,000 | |
Actual to 2019/20 Year End | 80,000 | |
Estimated Actual for 2020/21 | - | |
Estimate for 2021/22 | - | |
Estimated Appropriation Remaining | 70,000 | |
COVID-19: Loans to Air New Zealand (M31) (A40) This appropriation is limited to loans to Air New Zealand as part of the Government's response to COVID-19.Commences: 23 March 2020 Expires: 27 September 2023 |
Original Appropriation | 900,000 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | 600,000 | |
Adjusted Appropriation | 1,500,000 | |
Actual to 2019/20 Year End | - | |
Estimated Actual for 2020/21 | 350,000 | |
Estimate for 2021/22 | 1,150,000 | |
Estimated Appropriation Remaining | - | |
Crown Infrastructure Partners Limited - Equity Injection (M31) (A40) 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 2019/20 | (308,000) | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 292,000 | |
Actual to 2019/20 Year End | 17,000 | |
Estimated Actual for 2020/21 | 10,484 | |
Estimate for 2021/22 | 37,509 | |
Estimated Appropriation Remaining | 227,007 | |
New Zealand Green Investment Finance Ltd - Equity Injections for Capital Investments (M12) (A40) 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 2019/20 | - | |
Adjustments for 2020/21 | 200,000 | |
Adjusted Appropriation | 300,000 | |
Actual to 2019/20 Year End | 40,000 | |
Estimated Actual for 2020/21 | 60,000 | |
Estimate for 2021/22 | 200,000 | |
Estimated Appropriation Remaining | - | |
New Zealand Green Investment Finance Ltd - Equity Injections for Operating Expenditure (M12) (A40) 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 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 30,000 | |
Actual to 2019/20 Year End | 6,000 | |
Estimated Actual for 2020/21 | 7,940 | |
Estimate for 2021/22 | 6,000 | |
Estimated Appropriation Remaining | 10,060 | |
Participation in Dividend Reinvestment Plans by the Mixed Ownership Model Companies (M31) (A40) 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 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 80,000 | |
Actual to 2019/20 Year End | 49,787 | |
Estimated Actual for 2020/21 | 17,866 | |
Estimate for 2021/22 | 12,347 | |
Estimated Appropriation Remaining | - | |
Venture Capital Fund (M31) (A40) This appropriation is limited to the provision of capital to support the development of markets for early stage equity finance and venture capital.Commences: 01 May 2020 Expires: 30 April 2024 |
Original Appropriation | 259,500 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 259,500 | |
Actual to 2019/20 Year End | - | |
Estimated Actual for 2020/21 | 40,430 | |
Estimate for 2021/22 | 40,080 | |
Estimated Appropriation Remaining | 178,990 |
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) (A40) 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 2019/20 | 20,351 | |
Adjustments for 2020/21 | 26,938 | |
Adjusted Appropriation | 395,238 | |
Actual to 2019/20 Year End | 81,955 | |
Estimated Actual for 2020/21 | 81,962 | |
Estimate for 2021/22 | 78,381 | |
Estimated Appropriation Remaining | 152,940 | |
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 2019/20 | (1) | |
Adjustments for 2020/21 | 33 | |
Adjusted Amount | 2,293 | |
Actual to 2019/20 Year End | 495 | |
Estimated Actual for 2020/21 | 451 | |
Estimate for 2021/22 | 449 | |
Estimated Amount Remaining | 898 | |
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 2019/20 | (1) | |
Adjustments for 2020/21 | (19) | |
Adjusted Amount | 10,434 | |
Actual to 2019/20 Year End | 2,118 | |
Estimated Actual for 2020/21 | 2,087 | |
Estimate for 2021/22 | 2,077 | |
Estimated Amount Remaining | 4,152 | |
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 2019/20 | 1,410 | |
Adjustments for 2020/21 | (4,353) | |
Adjusted Amount | 46,992 | |
Actual to 2019/20 Year End | 7,262 | |
Estimated Actual for 2020/21 | 9,966 | |
Estimate for 2021/22 | 9,920 | |
Estimated Amount Remaining | 19,844 | |
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 2019/20 | - | |
Adjustments for 2020/21 | (2,025) | |
Adjusted Amount | 34,158 | |
Actual to 2019/20 Year End | 5,371 | |
Estimated Actual for 2020/21 | 7,222 | |
Estimate for 2021/22 | 7,189 | |
Estimated Amount Remaining | 14,376 | |
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 2019/20 | 18,943 | |
Adjustments for 2020/21 | 33,302 | |
Adjusted Amount | 301,361 | |
Actual to 2019/20 Year End | 66,709 | |
Estimated Actual for 2020/21 | 62,236 | |
Estimate for 2021/22 | 58,746 | |
Estimated Amount Remaining | 113,670 | |
Earthquake Commission - On-Sold Canterbury Properties (M86) (A40) The single overarching purpose of this appropriation is to provide a timely, fair, and enduring resolution of on-sold over-cap claims resulting from the Canterbury earthquake sequence.Commences: 01 September 2019 Expires: 30 June 2022 |
Original Appropriation | 300,000 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | 100,000 | |
Adjusted Appropriation | 400,000 | |
Actual to 2019/20 Year End | 287,938 | |
Estimated Actual for 2020/21 | 54,258 | |
Estimate for 2021/22 | 53,060 | |
Estimated Appropriation Remaining | 4,744 | |
Non-Departmental Output Expenses |
||
Claims Handling and Other Administrative Costs This category is limited to payment of administrative expenses and other costs arising from the assessment, settlement, and payment of ex-gratia payments made to Canterbury residents as part of the On-Sold Canterbury Properties package. |
Original Amount | 5,000 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | 20,000 | |
Adjusted Amount | 25,000 | |
Actual to 2019/20 Year End | 1,448 | |
Estimated Actual for 2020/21 | 9,748 | |
Estimate for 2021/22 | 9,060 | |
Estimated Amount Remaining | 4,744 | |
Non-Departmental Other Expenses |
||
Repair of Canterbury Properties This category is limited to ex-gratia payments made to Canterbury residents to resolve on-sold over-cap claims resulting from the Canterbury earthquake sequence. |
Original Amount | 295,000 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | 80,000 | |
Adjusted Amount | 375,000 | |
Actual to 2019/20 Year End | 286,490 | |
Estimated Actual for 2020/21 | 44,510 | |
Estimate for 2021/22 | 44,000 | |
Estimated Amount Remaining | - |
Total Annual Appropriations and Forecast Permanent Appropriations and Multi-Year Appropriations#
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Annual Appropriations and Forecast Permanent Appropriations | 9,847,096 | 9,420,376 | 6,794,321 |
Total Forecast MYA Non-Departmental Other Expenses | 1,177,568 | 1,177,568 | 226,377 |
Total Forecast MYA Non-Departmental Capital Expenditure | 486,720 | 486,720 | 1,445,936 |
Total Forecast MYA Multi-Category Expenses and Capital Expenditure | 136,220 | 136,220 | 131,441 |
Total Annual Appropriations and Forecast Permanent Appropriations and Multi-Year Appropriations |
11,647,604 | 11,220,884 | 8,598,075 |
Capital Injection Authorisations#
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
The Treasury - Capital Injection (M31) (A40) | - | - | - |
Supporting Information#
Part 1 - Vote as a Whole#
1.1 - New Policy Initiatives#
Policy Initiative | Appropriation | 2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Accelerating New Zealand's Economic Recovery - Laying the Foundation for a Better Future | Crown Company Monitoring Advice MCA (M31) | 250 | 350 | 350 | 350 | 350 |
Accelerating New Zealand's Economic Recovery - Laying the Foundation for a Better Future | Policy Advice and Financial Services MYMCA (M31) | 3,436 | 4,989 | 5,051 | 5,418 | - |
Accelerating New Zealand's Economic Recovery - Laying the Foundation for a Better Future | Policy Advice - Finance (M31) | - | - | - | - | 4,695 |
Government Implementation Unit | Policy Advice and Financial Services MYMCA (M31) | - | 359 | 359 | - | - |
Developing a funding and financing strategy for Aotearoa New Zealand's climate transition | Policy Advice and Financial Services MYMCA (M31) | - | 800 | - | - | - |
Project 14 | Policy Advice and Financial Services MYMCA (M31) | 2,300 | - | - | - | - |
Increase the baseline to Invest in the Treasury's Debt Function | Administration of Crown Borrowing, Securities, Derivative Transactions and Investment PLA (M31) | 2,550 | 2,550 | 2,550 | 2,550 | 2,550 |
COVID-19 Business Finance Guarantee Scheme Departmental | Administration of Guarantees and Indemnities Given by the Crown PLA (M31) | 3,000 | 3,000 | 2,000 | - | - |
Southern Response Earthquake Services Independent Oversight Committee | Southern Response Earthquake Services Independent Oversight Committee (M86) | 400 | 200 | - | - | - |
COVID-19 Shovel Ready Crown Infrastructure Partners infrastructure projects | Shovel Ready Project Funding - Crown Infrastructure Partners (M80) | 1,055,923 | 208,672 | - | - | - |
COVID-19 Shovel Ready Otakaro infrastructure projects | Shovel Ready Project Funding - Otakaro Limited (M80) | 121,645 | 17,705 | - | - | - |
Additional funding to cover cost of ex-gratia payments relating to the repair of earthquake damaged properties | Earthquake Commission - On-Sold Canterbury Properties (M86) | 47,545 | 52,455 | - | - | - |
COVID-19 capital support to Airways New Zealand | COVID-19: Capital Injections to Airways New Zealand (M31) | 45,000 | 50,000 | - | - | - |
COVID-19 commercial loan facility to Hawkes Bay Airport Limited | COVID-19: Loan to Hawkes Bay Airport Limited (M31) | 4,500 | - | - | - | - |
To increase a commercial loan facility to protect Air New Zealand, in response to COVID-19 | COVID-19: Loans to Air New Zealand (M31) | - | 600,000 | - | - | - |
Additional funding for equity injections into New Zealand Green Investment Finance Ltd for its capital investment | New Zealand Green Investment Finance Ltd - Equity Injections for Capital Investments (M12) | - | 200,000 | - | - | - |
Delivering New Zealand's contribution to the World Bank capital increase package | International Financial Institutions PLA (M31) | - | 27,900 | - | - | - |
Restoring the Productivity Commission's research and engagement capability | Inquiries and Research into Productivity-Related Matters (M31) | - | 900 | 900 | 900 | 900 |
Total initiatives | 1,286,549 | 1,169,880 | 11,210 | 9,218 | 8,495 |
1.2 - Trends in the Vote#
Summary of Financial Activity
2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 46,212 | 44,929 | 50,144 | 53,609 | 76,007 | 56,584 | 26,395 | 41,533 | 67,928 | 45,730 | 43,728 | 119,870 |
Benefits or Related Expenses | - | - | - | - | - | - | N/A | - | - | - | - | - |
Borrowing Expenses | 3,410,543 | 3,412,689 | 3,349,692 | 3,074,471 | 3,162,449 | 3,162,449 | - | 3,154,380 | 3,154,380 | 3,382,269 | 3,552,665 | 4,000,199 |
Other Expenses | 968,041 | 534,305 | 625,310 | 981,435 | 4,945,094 | 4,780,818 | - | 783,780 | 783,780 | 434,978 | 449,981 | 471,312 |
Capital Expenditure | 634,279 | 911,848 | 1,280,636 | 1,963,915 | 3,163,231 | 3,004,951 | 5,985 | 4,186,223 | 4,192,208 | 3,021,029 | 2,820,348 | 2,850,296 |
Intelligence and Security Department Expenses and Capital Expenditure | - | - | - | - | - | - | - | N/A | - | - | - | - |
Multi-Category Expenses and Capital Expenditure (MCA) | ||||||||||||
Output Expenses | 82,455 | 83,545 | 79,799 | 90,526 | 98,752 | 97,112 | 83,432 | 10,060 | 93,492 | 85,316 | 84,470 | 6,051 |
Other Expenses | 132,060 | 101,948 | 82,550 | 349,197 | 136,817 | 66,828 | - | 221,837 | 221,837 | 20,000 | 20,200 | 22,100 |
Capital Expenditure | 34,109 | 38,541 | 134,231 | 120,827 | 65,254 | 52,142 | N/A | 84,450 | 84,450 | 2,250 | 2,250 | 2,250 |
Total Appropriations |
5,307,699 | 5,127,805 | 5,602,362 | 6,633,980 | 11,647,604 | 11,220,884 | 115,812 | 8,482,263 | 8,598,075 | 6,991,572 | 6,973,642 | 7,472,078 |
Crown Revenue and Capital Receipts |
||||||||||||
Tax Revenue | - | - | - | - | - | - | N/A | - | - | - | - | - |
Non-Tax Revenue | 3,305,607 | 3,167,833 | 3,536,613 | 3,246,509 | 2,569,455 | 2,569,455 | N/A | 2,656,423 | 2,656,423 | 2,788,764 | 2,909,784 | 3,028,560 |
Capital Receipts | 286,137 | 379,970 | 217,758 | 313,750 | 307,721 | 307,721 | N/A | 710,663 | 710,663 | 192,953 | 273,103 | 89,447 |
Total Crown Revenue and Capital Receipts |
3,591,744 | 3,547,803 | 3,754,371 | 3,560,259 | 2,877,176 | 2,877,176 | N/A | 3,367,086 | 3,367,086 | 2,981,717 | 3,182,887 | 3,118,007 |
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 year information in the 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
Time-limited funding of $20 million per annum for the Management of Anchor Projects by Otakaro Limited expires at 30 June 2022.
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 2020/21 the following significant changes occurred:
- $3.143 billion was expensed in 2020/21 to recognise liabilities arising from guarantees or indemnities given in respect of the COVID-19 Large Scale Asset Purchases and the Business Finance Guarantee Scheme
- $1.265 billion in 2020/21 was appropriated to provide grants to Crown Infrastructure Partners to fund or deliver Shovel Ready Infrastructure Projects
- $139 million was appropriated in 2020/21 to provide grants to Otakaro Limited to fund or deliver Shovel Ready Infrastructure Projects
- $100 million was appropriated in 2020/21 to provide for ex-gratia payments to be made to Canterbury residents to settle on-sold over-cap claims resulting from the Canterbury earthquake sequence, and
- $94 million was appropriated in 2020/21 and $120 million in 2021/22 to provide grants to the Christchurch City Council to fund projects pursuant to the Christchurch Regeneration Acceleration Facility, the main project being the Multi-Use Arena.
Material changes in previous years included:
- $86 million was granted in 2019/20 to the Christchurch City Council to fund projects pursuant to the Christchurch Regeneration Acceleration Facility, the main projects being the Otakaro Avon River Corridor and Roading Works
- $50 million was expensed in 2019/20 in meeting the terms of the Global Settlement Agreement negotiated with the Christchurch City Council in relation to assets transferred into the ownership of the Council, in particular the Bus Interchange
- Grants of $115 million in 2019/20 and $125 million in 2018/19 to meet a cash deficiency in the Earthquake Commission's Natural Disaster Fund, and
- $1,000 million was appropriated for the impairment of the Crown's investment in Southern Response Earthquake Services Limited (SRES). Between 2014/15 and 2018/19 $921 million was expensed, leaving $79 million in 2020/21.
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:
- up to $600 million of an additional loan facility has been made to Air New Zealand, this is expected to be drawn in 2021/22
- $130 million of advances have been provided to meet a cash deficiency in the Earthquake Commission's Natural Disaster Fund
- $45 million in 2020/21 and $50 million in 2021/22 was appropriated for additional equity investment in Airways New Zealand, New Zealand's primary air navigation service provider, in response to COVID-19
- $200 million in 2021/22 was appropriated to increase capitalisation of New Zealand Green Investment Finance Ltd, and
- $28 million was appropriated in 2021/22 to increase the Crown's investment in the World Bank, International Finance Corporation.
Material movements in previous years included:
- subscription for non-recurring investments of $45 million to the World Bank's International Bank for Reconstruction and Development in 2020/21
- an increase in contributions to the NZ Superannuation Fund to $500 million in 2017/18, $1,000 million in 2018/19, $1,460 million in 2019/20 and $2,120 million in 2020/21
- in response to COVID-19 a loan facility of up to $900 million was made to Air New Zealand in 2020/21
- in response to COVID-19 an equity investment of $70 million in 2019/20 was made in Airways New Zealand
- in response to COVID-19 an equity investment of $80 million in 2019/20 was made in New Zealand Post Limited
- between 2014/15 and 2018/19 $1,000 million was appropriated for additional Crown investment in Southern Response Earthquake Services Limited, and
- $300 million was appropriated for additional Crown investment in Tamaki Regeneration Limited.
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
Capital receipts are expected to increase in 2021/22 by nearly $490 million principally due to the timing of loan repayments. An increase in the expected Capital Charge from Departments of $120 million and an increase in the expected return from investments of $18 million is partly offset by reduced dividends from State Owned Enterprises, leading to Non-Tax Revenues increasing by nearly $87 million.
Part 2 - Details of Departmental Appropriations#
2.1 - Departmental Output Expenses#
Administration of Crown Borrowing, Securities, Derivative Transactions and Investment PLA (M31) (A40)
Scope of Appropriation
Expenses and Revenue
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 12,625 | 12,625 | 12,625 |
Revenue from the Crown | 12,620 | 12,620 | 12,620 |
Revenue from Others | 5 | 5 | 5 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to ensure the government has access to a sustainable and cost-effective source of debt funding for the provision of public services to New Zealanders.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
The Crown's debt funding needs are met through execution of the MOF approved annual NZGB programme and associated funding strategy. Associated risks are managed in accordance with the Portfolio Management Policy |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2021/22 Annual Report.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Increase the baseline to Invest in the Treasury's Debt Function | 2020/21 | 2,550 | 2,550 | 2,550 | 2,550 | 2,550 |
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 these sections: (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) (A40)
Scope of Appropriation
Expenses and Revenue
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 3,110 | 3,110 | 3,110 |
Revenue from the Crown | 3,109 | 3,109 | 3,109 |
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
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Validated and approved payments under the Business Finance Guarantee scheme are made within agreed timeframes |
Achieved | Achieved | Achieved |
A register of Crown Guarantees and Indemnities is maintained as an accurate record throughout the financial year |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2021/22 Annual Report.
Conditions on Use of Appropriation
Reference | Conditions |
---|---|
Section 65ZH 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. |
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
COVID-19 Business Finance Guarantee Scheme Departmental | 2019/20 | 3,000 | 3,000 | 2,000 | - | - |
Shared Support Services (M31) (A40)
Scope of Appropriation
Expenses and Revenue
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 10,460 | 10,460 | 10,460 |
Revenue from the Crown | - | - | - |
Revenue from Others | 10,460 | 10,460 | 10,460 |
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
2020/21 | 2021/22 | ||
---|---|---|---|
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 2021/22 Annual Report.
Southern Response Earthquake Services Independent Oversight Committee (M86) (A40)
Scope of Appropriation
Expenses and Revenue
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 400 | 400 | 200 |
Revenue from the Crown | 400 | 400 | 200 |
Revenue from Others | - | - | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve independent oversight and advice on the implementation and delivery of a Southern Response proactive settlement package for former AMI policyholders who cash settled for earthquake damage before 1 October 2014.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
The Board's decisions on implementing the packages are informed by regular reports on progress and recommendations from the oversight committee |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2021/22 Annual Report.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Southern Response Earthquake Services Independent Oversight Committee | 2020/21 | 400 | 200 | - | - | - |
Reasons for Change in Appropriation
The decrease in this appropriation from 2020/21 to 2021/22 is due to the phasing of the work that the committee will provide.
2.3 - Departmental Capital Expenditure and Capital Injections#
The Treasury - Capital Expenditure PLA (M31) (A40)
Scope of Appropriation
Capital Expenditure
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Forests/Agricultural | - | - | - |
Land | - | - | - |
Property, Plant and Equipment | 2,985 | 2,985 | 2,430 |
Intangibles | 3,000 | 3,000 | 3,555 |
Other | - | - | - |
Total Appropriation |
5,985 | 5,985 | 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
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Expenditure is in accordance with the Treasury capital asset management plan |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2021/22 Annual Report.
Capital Injections and Movements in Departmental Net Assets
The Treasury
Details of Net Asset Schedule | 2020/21 Estimated Actual $000 |
2021/22 Projected $000 |
Explanation of Projected Movements in 2021/22 |
---|---|---|---|
Opening Balance | 24,345 | 24,345 | |
Capital Injections | - | - | |
Capital Withdrawals | - | - | |
Surplus to be Retained (Deficit Incurred) | - | - | |
Other Movements | - | - | |
Closing Balance |
24,345 | 24,345 |
Part 3 - Details of Non-Departmental Appropriations#
3.1 - Non-Departmental Output Expenses#
Independent Infrastructure Advice and Oversight (M80) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 13,488 | 13,488 | 14,875 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve improved infrastructure outcomes for the wellbeing of New Zealanders.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
The New Zealand Infrastructure Commission - Te Waihanga will carry out its functions in accordance with its purpose, as set out in its enabling legislation and its Statement of Intent |
New measure in 2020/21 | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the New Zealand Infrastructure Commission in its 2021/22 Annual Report.
Reasons for Change in Appropriation
The increase in this appropriation for 2021/22 of $1.387 million is in accordance with the original funding profile for this appropriation upon its establishment.
Service Providers
Services will be delivered by the New Zealand Infrastructure Commission.
Inquiries and Research into Productivity-Related Matters (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 5,030 | 5,030 | 5,930 |
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
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Successful completion of an annual benchmarking exercise to track New Zealand's productivity performance |
New measure in 2020/21 | N/A | Achieved |
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 |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the New Zealand Productivity Commission in its 2021/22 Annual Report.
Service Providers
Services will be delivered by New Zealand Productivity Commission.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Restoring the Productivity Commission's research and engagement capability | 2021/22 | - | 900 | 900 | 900 | 900 |
Reasons for Change in Appropriation
The increase in this appropriation for 2021/22 and outyears is due to an additional funding of $900,000 to contribute to rebuilding and preserving the Commission's capability and capacity to lead and coordinate independent research, increase consultation with key communities, deliver flexible and tailored inquiry reports, and promote wider public understanding of productivity issues.
Management of Anchor Projects by Otakaro Limited (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 29,318 | 10,858 | 20,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve continuation of Christchurch earthquake recovery Anchor Projects Programme and divestment of Crown-owned land in Christchurch.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
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 2021/22 Annual Report.
Reasons for Change in Appropriation
The decrease in this appropriation for 2021/22 is due to a transfer of unused funding of $9.318 million from 2019/20 to 2020/21 to contribute to the operating and financing costs of Otakaro Limited.
Management of the New Zealand Superannuation Fund (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 728 | 613 | 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.
3.3 - Non-Departmental Borrowing Expenses#
Debt Servicing PLA (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 3,162,449 | 3,162,449 | 3,154,380 |
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 increase in this appropriation for 2021/22 is due to movements in forecast interest rates and the amount of debt outstanding.
3.4 - Non-Departmental Other Expenses#
Carrying Value of Future Liabilities (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 3,314 | 2,174 | 3,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve recognition of the impact of increases in the carrying value of future liabilities resulting from being recorded on a discounted present value basis.
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 liabilities.
Christchurch Regeneration Acceleration Facility (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 94,000 | 10,180 | 120,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the timely delivery of Crown funding to the Christchurch City Council, to allow it to deliver capital works for Christchurch's regeneration.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Crown funding is transferred in a timely way |
Achieved | Achieved | Achieved |
Crown funding for the CMUA is transferred as called for by the Council in its quarterly funding requests |
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 2021/22 Annual Report.
Reasons for Change in Appropriation
The increase in this appropriation for 2021/22 is due to:
- a fiscally neutral transfer of unused funding of $214 million from 2019/20 to 2020/21 for the process of designing and building the Canterbury Multi-Use Arena, and
- a further fiscally neutral transfer of funding of $120 million from 2020/21 to 2021/22 to align funding with expected project costs.
Government Superannuation Appeals Board (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 50 | 8 | 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 Multi-year, multi-category appropriation Policy Advice and Financial Services.
Government Superannuation Fund Authority - Crown's Share of Expenses PLA (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 39,125 | 39,125 | 43,465 |
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 $4.340 million to $43.465 million due to an updated actuarial assessment of the Crown's share of expenses.
Government Superannuation Fund Unfunded Liability PLA (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 406,699 | 406,699 | 387,981 |
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 $18.718 million to $387.981 million due to an updated actuarial assessment of the Crown's liability to the Government Superannuation Fund.
National Provident Fund Schemes - Liability Under Crown Guarantee PLA (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 2,000 | 2,000 | 2,000 |
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.
Payments and Expenses in Respect of Guarantees and Indemnities PLA (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 3,142,672 | 3,142,672 | 93 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the recognition of expenses associated with Crown guarantees and indemnities.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Payments are made in accordance with the terms of the agreement for notified claims |
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 2021/22 Annual Report.
Reasons for Change in Appropriation
The decrease in this appropriation for 2021/22 of $3.143 billion relates mainly to:
- indemnities of $2.982 billion provided to the Reserve Bank for fiscal impacts from the Large Scale Asset Purchase (LSAP) programme in 2020/21, and
- an additional $160.997 million related to guarantees provided under the Business Finance Guarantee Scheme (BFGS) in 2020/21.
Shovel Ready Project Funding - Crown Infrastructure Partners (M80) (A40)
Scope of Appropriation and Expenses
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
Shovel Ready Project Funding - Crown Infrastructure Partners (M80) (A40) This appropriation is limited to grants to Crown Infrastructure Partners to fund or deliver infrastructure projects.Commences: 01 August 2020 Expires: 30 June 2025 |
Original Appropriation | 1,264,595 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 1,264,595 | |
Actual to 2019/20 Year End | - | |
Estimated Actual for 2020/21 | 1,055,923 | |
Estimate for 2021/22 | 208,672 | |
Estimated Appropriation Remaining | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to provide grant funding to Crown Infrastructure Partners Limited to fund or deliver 'Shovel Ready' Infrastructure Projects.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Payments are made in accordance with approved grant drawdown requests |
New measure 2020/21 | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by Crown Infrastructure Partners Limited in its 2021/22 Annual Report.
Service Providers
Delivery of 'Shovel Ready' Infrastructure Projects will be undertaken by Crown Infrastructure Partners Limited.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
COVID-19 Shovel Ready Crown Infrastructure Partners infrastructure projects | 2020/21 | 1,055,923 | 208,672 | - | - | - |
Reasons for Change in Appropriation
This is a new multi-year appropriation commencing in 2020/21.
Shovel Ready Project Funding - Otakaro Limited (M80) (A40)
Scope of Appropriation and Expenses
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
Shovel Ready Project Funding - Otakaro Limited (M80) (A40) This appropriation is limited to grants to Otakaro Limited to fund or deliver infrastructure projects.Commences: 01 August 2020 Expires: 30 June 2025 |
Original Appropriation | 139,350 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 139,350 | |
Actual to 2019/20 Year End | - | |
Estimated Actual for 2020/21 | 121,645 | |
Estimate for 2021/22 | 17,705 | |
Estimated Appropriation Remaining | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to provide grant funding to Otakaro Limited to fund or deliver 'Shovel Ready' Infrastructure Projects.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Payments are made in accordance with approved grant drawdown requests |
New measure in 2020/21 | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by Otakaro Limited in its 2021/22 Annual Report.
Service Providers
Delivery of 'Shovel Ready' Infrastructure Projects will be undertaken by Otakaro Limited.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
COVID-19 Shovel Ready Otakaro infrastructure projects | 2020/21 | 121,645 | 17,705 | - | - | - |
Reasons for Change in Appropriation
This is a new multi-year appropriation commencing in 2020/21.
Stewardship of Residual Crown Obligations (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 516 | 242 | 711 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve timely and accurate delivery of the Crown's residual liabilities and obligations.
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 transactions.
Reasons for Change in Appropriation
The increase in this appropriation for 2021/22 of $195,000 relates to the transfer of this amount in 2020/21 to Management of the Crown's agreement with Taitokerau Forests Limited appropriation, to provide for the write-off of the remaining impaired loans.
Unclaimed Money PLA (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 29 | 29 | 30 |
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.
Unwind of Discount Rate Used in the Present Value Calculation of Payment for Shares in International Financial Institutions PLA (M31) (A40)
Scope of Appropriation
Expenses
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 44 | 44 | 73 |
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
This appropriation reflects unwinding the discount rate used in the present value calculation of the remaining liability in respect of subscription to International Financial Institutions.
3.5 - Non-Departmental Capital Expenditure#
COVID-19: Capital Injections to Airways New Zealand (M31) (A40)
Scope of Appropriation
Capital Expenditure
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 45,000 | 20,000 | 50,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to fund the Crown's contribution to the Airways New Zealand in response to the impacts of COVID-19.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Payments are made in accordance with the terms of the agreement for notified claims |
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 2021/22 Annual Report.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
COVID-19 capital support to Airways New Zealand | 2020/21 | 45,000 | 50,000 | - | - | - |
Reasons for Change in Appropriation
The increase in this appropriation from 2020/21 to 2021/22 is due to the phasing of the expected further equity investment in Airways New Zealand, New Zealand's primary air navigation service provider, in response to the impacts of COVID-19.
COVID-19: Loans to Air New Zealand (M31) (A40)
Scope of Appropriation and Expenses
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
COVID-19: Loans to Air New Zealand (M31) (A40) This appropriation is limited to loans to Air New Zealand as part of the Government's response to COVID-19.Commences: 23 March 2020 Expires: 27 September 2023 |
Original Appropriation | 900,000 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | 600,000 | |
Adjusted Appropriation | 1,500,000 | |
Actual to 2019/20 Year End | - | |
Estimated Actual for 2020/21 | 350,000 | |
Estimate for 2021/22 | 1,150,000 | |
Estimated Appropriation Remaining | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to fund the Crown's contribution to Air New Zealand Limited in response to the impacts of COVID-19.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Payments are made in accordance with the terms of the agreement for notified claims |
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 2021/22.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
To increase a commercial loan facility to protect Air New Zealand, in response to COVID-19 | 2021/22 | - | 600,000 | - | - | - |
To provide a commercial loan facility to protect Air New Zealand and to protect the core part of Air New Zealand's services that support the wider economy and the wellbeing of New Zealanders | 2019/20 | 350,000 | 550,000 | - | - | - |
Reasons for Change in Appropriation
An additional commercial loan facility of $600 million for 2021/22 was provided to Air New Zealand to protect the core part of Air New Zealand's services, in response to COVID-19.
Crown Infrastructure Partners Limited - Equity Injection (M31) (A40)
Scope of Appropriation and Expenses
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
Crown Infrastructure Partners Limited - Equity Injection (M31) (A40) 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 2019/20 | (308,000) | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 292,000 | |
Actual to 2019/20 Year End | 17,000 | |
Estimated Actual for 2020/21 | 10,484 | |
Estimate for 2021/22 | 37,509 | |
Estimated Appropriation Remaining | 227,007 |
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 |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
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 | 10,484 | 37,509 | 50,177 | 69,336 | 107,494 |
International Financial Institutions PLA (M31) (A40)
Scope of Appropriation
Capital Expenditure
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 40,568 | 40,568 | 27,900 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to provide for the capital expenditure for shares subscribed to by New Zealand as a member of International Financial Institutions, as authorised by s5 of the International Finance Agreements Act 1961.
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 New Zealand's share subscriptions as a member of International Financial Institutions.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Delivering New Zealand's contribution to the World Bank capital increase package | 2021/22 | - | 27,900 | - | - | - |
Delivering New Zealand's contribution to the World Bank capital increase package | 2020/21 | 40,568 | - | - | - | - |
Reasons for Change in Appropriation
New Zealand agreed to subscribe to increase the investment in the World Bank, International Finance Corporation.
New Zealand Green Investment Finance Ltd - Equity Injections for Capital Investments (M12) (A40)
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) (A40) 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 2019/20 | - | |
Adjustments for 2020/21 | 200,000 | |
Adjusted Appropriation | 300,000 | |
Actual to 2019/20 Year End | 40,000 | |
Estimated Actual for 2020/21 | 60,000 | |
Estimate for 2021/22 | 200,000 | |
Estimated Appropriation Remaining | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to fund the Crown's contribution to the New Zealand Green Investment Fund Ltd for its capital investments.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
NZGIFs requests for ordinary shares are supported by statements that the capital will be used in ways that are consistent with the low emission investment strategy |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported on by New Zealand Green Investment Finance Ltd in its Annual Report for 2021/22.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Additional funding for equity injections into New Zealand Green Investment Finance Ltd for its capital investment | 2021/22 | - | 200,000 | - | - | - |
Funding for equity injections into New Zealand Green Investment Ltd for its capital investment | 2019/20 | 60,000 | - | - | - | - |
Reasons for Change in Appropriation
The increase in this appropriation is due to additional funding of $200 million for the 2021/22 year to increase capitalisation of New Zealand Green Investment Finance Ltd.
New Zealand Green Investment Finance Ltd - Equity Injections for Operating Expenditure (M12) (A40)
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) (A40) 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 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 30,000 | |
Actual to 2019/20 Year End | 6,000 | |
Estimated Actual for 2020/21 | 7,940 | |
Estimate for 2021/22 | 6,000 | |
Estimated Appropriation Remaining | 10,060 |
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
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
The Crown will fund NZGIF's operating expenses in accordance with the terms and conditions of the redeemable preference share agreement between the parties |
Achieved | Achieved | Achieved |
End of Year Performance Reporting
Performance information for this appropriation will be reported on by New Zealand Green Investment Finance Ltd in its Annual Report for 2021/22.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Funding for equity injections into New Zealand Green Investment Finance Ltd for its operating expenditure. | 2018/19 | 7,940 | 6,000 | 6,000 | 3,060 | 1,000 |
NZ Superannuation Fund - Contributions (M31) (A40)
Scope of Appropriation
Capital Expenditure
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 2,120,000 | 2,120,000 | 2,420,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to provide capital contributions to the New Zealand Superannuation Fund, to be invested on behalf of New Zealanders to smooth the present and future cost of New Zealand Superannuation.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
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 2021/22 Annual Report.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
New Funding approved in 2017/18 | 2017/18 | 2,120,000 | 2,420,000 | 2,460,000 | 2,460,000 | - |
Reasons for Change in Appropriation
The increase in this appropriation for 2021/22 reflects the original funding profile associated with the Government's decision to recommence its contributions to the New Zealand Superannuation Fund.
Participation in Dividend Reinvestment Plans by the Mixed Ownership Model Companies (M31) (A40)
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) (A40) 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 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 80,000 | |
Actual to 2019/20 Year End | 49,787 | |
Estimated Actual for 2020/21 | 17,866 | |
Estimate for 2021/22 | 12,347 | |
Estimated Appropriation Remaining | - |
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 |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Funding for Crown's participation in Dividend Reinvestment Plan | 2017/18 | 17,866 | 12,347 | - | - | - |
Refinancing of Kainga Ora - Homes and Communities and Housing New Zealand Limited Debt (M31) (A40)
Scope of Appropriation
Capital Expenditure
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 141,458 | 141,458 | 217,387 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to enable Kainga Ora - Homes and Communities and Housing New Zealand Limited to refinance their loans.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
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 2021/22.
Reasons for Change in Appropriation
The increase in this appropriation for 2021/22 is due to the alignment of the amount with Kainga Ora - Homes and Communities and Housing New Zealand Limited debt refinancing requirements.
Tamaki Regeneration Company Limited - Equity Injection (M31) (A40)
Scope of Appropriation
Capital Expenditure
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 60,000 | 60,000 | 25,000 |
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.
Reasons for Change in Appropriation
The decrease in this appropriation for 2021/22 is due to the forecast cash flow requirements of the company in relation to its housing construction programme.
Venture Capital Fund (M31) (A40)
Scope of Appropriation and Expenses
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
Venture Capital Fund (M31) (A40) This appropriation is limited to the provision of capital to support the development of markets for early stage equity finance and venture capital.Commences: 01 May 2020 Expires: 30 April 2024 |
Original Appropriation | 259,500 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | - | |
Adjusted Appropriation | 259,500 | |
Actual to 2019/20 Year End | - | |
Estimated Actual for 2020/21 | 40,430 | |
Estimate for 2021/22 | 40,080 | |
Estimated Appropriation Remaining | 178,990 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to deepen early stage capital markets and enable New Zealand's venture capital market to become more self-sustaining.
How Performance will be Assessed and End of Year Reporting Requirements
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
VCF capital is committed to venture capital funds, which are further supported by matching private capital |
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 2021/22 Annual Report.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
To provide capital to support the development of markets for early stage equity finance and venture capital | 2019/20 | 40,430 | 40,080 | 55,980 | 64,580 | 58,430 |
Part 4 - Details of Multi-Category Expenses and Capital Expenditure#
4 - Multi-Category Expenses and Capital Expenditure#
Crown Company Monitoring Advice (M65) (A40)
Overarching Purpose Statement
Scope of Appropriation
Departmental Output Expenses
Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible MinistersThis 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
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.
Expenses, Revenue and Capital Expenditure
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation |
5,042 | 5,042 | 5,051 |
Departmental Output Expenses |
|||
Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers | 4,954 | 4,954 | 4,963 |
Crown Company Monitoring Advice to the Minister of Research, Science and Innovation | 88 | 88 | 88 |
Funding for Departmental Output Expenses |
|||
Revenue from the Crown |
5,039 | 5,039 | 5,048 |
Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers | 4,952 | 4,952 | 4,961 |
Crown Company Monitoring Advice to the Minister of Research, Science and Innovation | 87 | 87 | 87 |
Revenue from Others |
3 | 3 | 3 |
Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers | 2 | 2 | 2 |
Crown Company Monitoring Advice to the Minister of Research, Science and Innovation | 1 | 1 | 1 |
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
2020/21 | 2021/22 | ||
---|---|---|---|
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 |
|||
This category is limited to the provision of ownership, performance and governance advice to the Minister for State Owned Enterprises and other responsible Ministers in respect of the Ministers' shareholding responsibilities for companies that the Crown has a shareholding in, or as responsible Ministers for some statutory Crown Entities. |
|||
Papers with a score of 3 or more |
80% | 80% | 80% |
Papers with a score of 4 or more |
20% | 20% | 20% |
Average score of assessed papers |
3.5 | 3.5 | 3.5 |
Crown Company Monitoring Advice to the Minister of Research, Science and Innovation |
|||
This category 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. |
|||
Average score of assessed papers |
3.5 | 3.5 | 3.5 |
Papers with a score of 3 or more |
80% | 80% | 80% |
Papers with a score of 4 or more |
20% | 20% | 20% |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2021/22 Annual Report.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Accelerating New Zealand's Economic Recovery - Laying the Foundation for a Better Future | 2020/21 | 250 | 350 | 350 | 350 | 350 |
Contribution to the establishment of the new Ministry of Housing and Urban Development | 2018/19 | (432) | (432) | (432) | (432) | (432) |
Earthquake Commission - On-Sold Canterbury Properties (M86) (A40)
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 |
---|---|---|
Earthquake Commission - On-Sold Canterbury Properties (M86) (A40) The single overarching purpose of this appropriation is to provide a timely, fair, and enduring resolution of on-sold over-cap claims resulting from the Canterbury earthquake sequence.Commences: 01 September 2019 Expires: 30 June 2022 |
Original Appropriation | 300,000 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | 100,000 | |
Adjusted Appropriation | 400,000 | |
Actual to 2019/20 Year End | 287,938 | |
Estimated Actual for 2020/21 | 54,258 | |
Estimate for 2021/22 | 53,060 | |
Estimated Appropriation Remaining | 4,744 | |
Non-Departmental Output Expenses |
||
Claims Handling and Other Administrative Costs This category is limited to payment of administrative expenses and other costs arising from the assessment, settlement, and payment of ex-gratia payments made to Canterbury residents as part of the On-Sold Canterbury Properties package. |
Original Amount | 5,000 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | 20,000 | |
Adjusted Amount | 25,000 | |
Actual to 2019/20 Year End | 1,448 | |
Estimated Actual for 2020/21 | 9,748 | |
Estimate for 2021/22 | 9,060 | |
Estimated Amount Remaining | 4,744 | |
Non-Departmental Other Expenses |
||
Repair of Canterbury Properties This category is limited to ex-gratia payments made to Canterbury residents to resolve on-sold over-cap claims resulting from the Canterbury earthquake sequence. |
Original Amount | 295,000 |
Adjustments to 2019/20 | - | |
Adjustments for 2020/21 | 80,000 | |
Adjusted Amount | 375,000 | |
Actual to 2019/20 Year End | 286,490 | |
Estimated Actual for 2020/21 | 44,510 | |
Estimate for 2021/22 | 44,000 | |
Estimated Amount Remaining | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the repair of eligible Canterbury homes to address social issues arising from unrepaired homes with inadequate EQC commissioned repairs and/or damage missed from EQC insurance assessments.
How Performance will be Assessed for this Appropriation
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Applications for ex-gratia payments will be assessed against the criteria specified in the On-sold Canterbury Properties Services Agreement, and a decision on the outcome of the Application will be conveyed to the Applicant within one month of receiving all required documentation and reports | 100% | 100% | 100% |
What is Intended to be Achieved with each Category and How Performance will be Assessed
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Non-Departmental Output Expense |
|||
Claims Handling and Other Administrative Costs |
|||
This category is intended to achieve the compensation of EQC for administrative costs that may arise with respect to the implementation of the on-sold Policy. |
|||
EQC will initiate direct contact with the Applicant within 10 Business Days of receipt of the application |
New measure | 100% | 100% |
A decision on the outcome of the application will be conveyed to the Applicant within one month of receiving all required documentation and reports |
New measure | 100% | 100% |
EQC will provide reporting to Treasury as specified in Schedule 4 of the On-Sold Canterbury Properties Services Agreement |
New measure | Achieved | Achieved |
Non-Departmental Other Expenses |
|||
Repair of Canterbury Properties |
|||
This category is intended to achieve the reimbursement of property owners (via the EQC) for costs arising from the repair of earthquake damaged on-sold over-cap homes. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative as payments are of a transactional nature. Performance information relating to the administration of the payment is included under the terms of the Non-Departmental Output Expense category |
Exempt | Exempt | Exempt |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Earthquake Commission in its 2021/22 Annual Report.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Additional funding to cover cost of ex-gratia payments relating to the repair of earthquake damaged properties | 2020/21 | 47,545 | 52,455 | - | - | - |
Reasons for Change in Appropriation
This multi-year multi-category appropriation increased by $100 million to cover additional claims and administrative costs related to ex-gratia payment to eligible on-sold over-cap property owners in Canterbury to cover the cost of uninsured earthquake repairs.
Greater Christchurch Anchor Projects (M31) (A40)
Overarching Purpose Statement
Scope of Appropriation
Non-Departmental Other Expenses
Christchurch Bus Interchange and Associated Transport Infrastructure - OperatingThis 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 - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Stadium.
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 - 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 - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Crown owned public space.
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.
Non-Departmental Capital Expenditure
Christchurch Bus Interchange and Associated Transport Infrastructure - CapitalThis 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.
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.
Expenses, Revenue and Capital Expenditure
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation |
130,080 | 65,033 | 247,165 |
Non-Departmental Other Expenses |
|||
Christchurch Bus Interchange and Associated Transport Infrastructure - Operating | - | - | 100 |
Christchurch Convention Centre - Operating | 9,019 | 7,451 | 17,400 |
Christchurch Stadium - Operating | - | - | 165 |
Financial Impact of Valuations | - | - | 100 |
Leasing Anchor Project Land | - | - | 100 |
Metro Sports Facility - Operating | 43,000 | - | 120,000 |
Pre-Development Holding Costs - Operating | 2,042 | 4,739 | 4,000 |
Procurement of Land and Assets - Operating | 7,068 | 737 | 12,000 |
Public Space - Operating | 8,047 | - | 11,000 |
Sale of Land | - | - | 100 |
Non-Departmental Capital Expenditure |
|||
Christchurch Bus Interchange and Associated Transport Infrastructure - Capital | - | - | 100 |
Christchurch Convention Centre - Capital | 32,284 | 29,226 | 17,000 |
Land and Asset Acquisition - Capital | - | - | 100 |
Metro Sports Facility - Capital | 26,299 | 21,828 | 60,000 |
Public Space - Capital | 2,321 | 1,052 | 5,000 |
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
2020/21 | 2021/22 | ||
---|---|---|---|
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
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Non-Departmental Other Expenses |
|||
Christchurch Bus Interchange and Associated Transport Infrastructure - Operating |
|||
This category is intended to ensure the ongoing operation and eventual divestment of the Christchurch Bus Interchange. |
|||
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 | N/A (see Note 1) |
All 'An Accessible City' projects are on time and on budget |
Achieved | Achieved | Achieved |
Christchurch Convention Centre - Operating |
|||
This category is intended to advance the Convention Centre project in line with Government decisions. |
|||
The Convention Centre is progressed on time and on budget |
Achieved | Achieved | Achieved |
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 |
|||
This category is intended to support the construction and divestment of Metro Sports Facility. |
|||
Metro Sports Facility is progressed on time and on budget |
Achieved | Achieved | Achieved |
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 |
|||
This category is intended to support the acquisition and clearance of land for the Anchor projects. |
|||
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 |
Public Space - Operating |
|||
This category is intended to support the construction and divestment of Crown-owned public space in Christchurch. |
|||
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 |
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 |
|||
This category is intended to advance the Convention Centre project in line with Government decisions. |
|||
The Convention Centre is progressed on time and on budget |
Achieved | Achieved | Achieved |
Land and Asset Acquisition - Capital |
|||
This category is intended to support the acquisition of land for the Anchor projects. |
|||
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 |
Metro Sports Facility - Capital |
|||
This category is intended to support the construction of Metro Sports Facility. |
|||
Metro Sports Facility is progressed on time and on budget |
Achieved | Achieved | Achieved |
Public Space - Capital |
|||
This category is intended to support the construction and divestment of Crown-owned public space in Christchurch. |
|||
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 |
Note 1 - The Christchurch Bus Exchange was sold to the Christchurch City Council within the 2019/20 financial year (30 September, 2019).
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 on by Otakaro Limited in its 2021/22 Annual Report.
Reasons for Change in Appropriation
The net increase in this appropriation is due to a combination of expense and capital transfers from 2019/20 to 2020/21 and expense and capital transfers from 2021/20 to 2021/22 to align funding with construction costs.
Management of Landcorp Protected Land Agreement (M31) (A40)
Overarching Purpose Statement
Scope of Appropriation
Non-Departmental Other Expenses
Operating CostsThis category is limited to providing operating costs incurred under the Landcorp Protected Land Agreement.
Non-Departmental Capital Expenditure
Capital InvestmentsThis category is limited to providing for capital investments incurred under the Landcorp Protected Land Agreement.
Expenses, Revenue and Capital Expenditure
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation |
3,000 | (114) | 3,158 |
Non-Departmental Other Expenses |
|||
Operating Costs | 1,500 | (150) | 1,658 |
Non-Departmental Capital Expenditure |
|||
Capital Investments | 1,500 | 36 | 1,500 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to support the maintenance and management of land to ensure it is fit-for-purpose when it is required for public policy requirements.
How Performance will be Assessed for this Appropriation
2020/21 | 2021/22 | ||
---|---|---|---|
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
2020/21 | 2021/22 | ||
---|---|---|---|
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 2021/22 Annual Report.
Management of New Zealand House, London (M31) (A40)
Overarching Purpose Statement
Scope of Appropriation
Non-Departmental Output Expenses
Property ManagementThis category is limited to the property management services in respect of New Zealand House, London.
Non-Departmental Other Expenses
Operational CostsThis 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 ExpenditureThis category is limited to capital expenditure in relation to New Zealand House, London.
Expenses, Revenue and Capital Expenditure
2020/21 | 2021/22 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation |
20,813 | 9,709 | 12,964 |
Non-Departmental Output Expenses |
|||
Property Management | 2,000 | 360 | 1,000 |
Non-Departmental Other Expenses |
|||
Operational Costs | 17,563 | 9,313 | 11,214 |
Renegotiation of Lease Arrangements | 500 | 36 | - |
Non-Departmental Capital Expenditure |
|||
Capital Expenditure | 750 | - | 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
2020/21 | 2021/22 | ||
---|---|---|---|
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
2020/21 | 2021/22 | ||
---|---|---|---|
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 2021/22 Annual Report.
Reasons for Change in Appropriation
The decrease in this appropriation for 2021/22 is mainly due to an expense transfer of $8 million from 2019/20 to 2020/21 of unused funding relating to the costs of managing the property.
Policy Advice and Financial Services (M31) (A40)
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) (A40) 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 2019/20 | 20,351 | |
Adjustments for 2020/21 | 26,938 | |
Adjusted Appropriation | 395,238 | |
Actual to 2019/20 Year End | 81,955 | |
Estimated Actual for 2020/21 | 81,962 | |
Estimate for 2021/22 | 78,381 | |
Estimated Appropriation Remaining | 152,940 | |
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 2019/20 | (1) | |
Adjustments for 2020/21 | 33 | |
Adjusted Amount | 2,293 | |
Actual to 2019/20 Year End | 495 | |
Estimated Actual for 2020/21 | 451 | |
Estimate for 2021/22 | 449 | |
Estimated Amount Remaining | 898 | |
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 2019/20 | (1) | |
Adjustments for 2020/21 | (19) | |
Adjusted Amount | 10,434 | |
Actual to 2019/20 Year End | 2,118 | |
Estimated Actual for 2020/21 | 2,087 | |
Estimate for 2021/22 | 2,077 | |
Estimated Amount Remaining | 4,152 | |
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 2019/20 | 1,410 | |
Adjustments for 2020/21 | (4,353) | |
Adjusted Amount | 46,992 | |
Actual to 2019/20 Year End | 7,262 | |
Estimated Actual for 2020/21 | 9,966 | |
Estimate for 2021/22 | 9,920 | |
Estimated Amount Remaining | 19,844 | |
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 2019/20 | - | |
Adjustments for 2020/21 | (2,025) | |
Adjusted Amount | 34,158 | |
Actual to 2019/20 Year End | 5,371 | |
Estimated Actual for 2020/21 | 7,222 | |
Estimate for 2021/22 | 7,189 | |
Estimated Amount Remaining | 14,376 | |
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 2019/20 | 18,943 | |
Adjustments for 2020/21 | 33,302 | |
Adjusted Amount | 301,361 | |
Actual to 2019/20 Year End | 66,709 | |
Estimated Actual for 2020/21 | 62,236 | |
Estimate for 2021/22 | 58,746 | |
Estimated Amount Remaining | 113,670 |
Revenue
Budget $000 |
|
---|---|
Revenue from the Crown to end of 2021/22 |
|
Crown Lending and Bank Accounts | 1,017 |
Export Credit | 6,282 |
Fiscal Management and Reporting | 26,626 |
Investment Management and Asset Performance | 13,422 |
Policy Advice | 180,324 |
Total Revenue Crown to end of 2021/22 |
227,671 |
Revenue from Others to end of 2021/22 |
|
Crown Lending and Bank Accounts | 252 |
Fiscal Management and Reporting | 1,272 |
Investment Management and Asset Performance | 6,364 |
Policy Advice | 7,477 |
Total Revenue Other to end of 2021/22 |
15,365 |
Total Revenue |
243,036 |
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
2020/21 | 2021/22 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Departmental Output Expenses |
|||
Crown Lending and Bank Accounts |
|||
This category is intended to ensure the use of bank accounts across the Crown is controlled and financial returns are consolidated and maximised. |
|||
Crown Departments are able to conduct banking transactions, with no Crown bank accounts opened outside of this policy and visibility of the total cash position is maintained |
New measure in 2020/21 | Achieved | Achieved |
Export Credit |
|||
This category is intended to provide exporters and export suppliers with financial guarantees and insurance solutions when a bank or insurer may not be able to help New Zealand exporters grow internationally. |
|||
The internationalisation of New Zealand exporters are promoted and supported when commercial markets cannot assist |
New measure in 2020/21 | Achieved | Achieved |
Implementation of an annual marketing and engagement strategy |
New measure in 2020/21 | Achieved | Achieved |
Fiscal Management and Reporting |
|||
This category is intended to achieve well-informed Budget decisions and the publication of Budget and related documents, Financial Statements of the Government outturns and forecasts. |
|||
Published documents are produced without material error, as measured by the number of corrections in the form of formal republication or errata |
New measure in 2020/21 | Zero formal republication and errata | Zero formal republication and errata |
Major fiscal models are quality assured (periodically) and, where appropriate, assumptions are tested with suitably qualified experts |
Achieved | Achieved | Achieved |
Investment Management and Asset Performance |
|||
This category is intended to achieve an efficient, effective and sustainable investment management system to support the delivery of value from capital investments. |
|||
The capability and performance of investment-intensive agencies is enhanced by the Treasury's stewardship of the investment management system |
Achieved | Achieved | Achieved |
Policy Advice |
|||
This category is intended to enable and facilitate Ministerial decision-making that achieves for New Zealand improved economic performance, a high-performing State sector, and a stable and sustainable macroeconomic environment. |
|||
Papers with a score of 3 or more |
Revised performance standard | 80% | 80% |
Papers with a score of 4 or more |
20% | 20% | 20% |
Average score of assessed papers |
3.5 | 3.5 | 3.5 |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2021/22 Annual Report.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2020/21 Final Budgeted $000 |
2021/22 Budget $000 |
2022/23 Estimated $000 |
2023/24 Estimated $000 |
2024/25 Estimated $000 |
---|---|---|---|---|---|---|
Developing a funding and financing strategy for Aotearoa New Zealand's climate transition | 2021/22 | - | 800 | - | - | - |
Government Implementation Unit | 2021/22 | - | 359 | 359 | - | - |
Accelerating New Zealand's Economic Recovery - Laying the Foundation for a Better Future | 2020/21 | 3,436 | 4,989 | 5,051 | 5,418 | - |
Transfer from Ministry of Housing & Urban Development to monitor the Government Services Package | 2020/21 | 500 | 300 | 300 | 300 | 300 |
Project 14 | 2020/21 | 2,300 | - | - | - | - |
The Treasury's response to COVID-19 | 2020/21 | 2,780 | 2,821 | 2,699 | 1,965 | - |
Addressing Non-Discretionary Cost Pressures | 2019/20 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 |
Previous National-Led 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 | 300 | - | - | - | - |
Reasons for Change in Appropriation
The increase of $26.938 million in this multi-year appropriation is due to project funding of $2.300 million, a transfer from the Ministry of Housing and Urban Development to monitor the Government Services Package of $1.400 million, a transfer from the Infrastructure Funding & Financing Appropriation of $1.034 million and an increase in third party revenue of $2.500 million. This is offset by a reduction in capital charge of $708,000.
In addition the Treasury received additional funding of $18.894 million over the four years to accelerate New Zealand's economic recovery, $800,000 for the 2021/22 year to develop a funding and financing strategy for Aotearoa New Zealand's climate transition and $718,000 for the 2021/22 and 2022/23 financial years for the Government Implementation Unit.