Supplementary estimates of appropriations

Vote Economic Development - Supplementary Estimates 2013/14

Note 57

From the Estimates of Appropriations 2014/15 in Budget 2014, Vote Economic Development was merged into a new Vote - Vote Economic Development and Employment.

APPROPRIATION MINISTER(S): Minister for Economic Development (M25), Minister for Small Business (M62)

APPROPRIATION ADMINISTRATOR: Ministry of Business, Innovation and Employment

RESPONSIBLE MINISTER FOR MINISTRY OF BUSINESS, INNOVATION AND EMPLOYMENT: Minister for Economic Development

Supplementary Estimates of Appropriations#

Details of Appropriations#

Annual and Permanent Appropriations

  2013/14
Titles and Scopes of Appropriations by Appropriation Type Estimates
Budget
$000
Supplementary
Estimates
Budget
$000
Total
Budget
$000

Departmental Output Expenses

     

Enhancing Small Business Capability and Performance (M62)

This appropriation is limited to development of operational policies to lift the capability and performance of Small to Medium Enterprises and services to support the Minister.
221 - 221

Policy Advice - Sectoral Leadership and Development, Firm Capability, and Regional Development (M25)

This appropriation is limited to the provision of advice (including second opinion advice and contributions to policy advice led by other agencies) to support decision-making by Ministers on government policy matters relating to policy areas of development, evaluation and overview of economic, industry and regional development policies and initiatives to achieve short and long term economic growth and stability, and improving and leading the public sector procurement policy.
10,796 7,650 18,446

Policy Advice - Small Business (M62)

This appropriation is limited to the provision of advice (including second opinion advice and contributions to policy advice led by other agencies) to support decision-making by Ministers on government policy matters relating to areas of development, coordination and implementation of policies and programmes that affect Small to Medium Enterprises.
1,285 140 1,425

Sectoral Leadership, Firm Capability, and Regional Development Operational Policy, Ministerial Servicing and Crown Entity Monitoring (M25)

This appropriation is limited to development of operational policies to achieve short and long term economic growth and stability, services to support the Minister, monitoring the performance and compliance of Crown Entities, administering grants programmes, providing support for statutory bodies and improving and leading the public sector procurement practises.
18,225 935 19,160

Total Departmental Output Expenses

30,527 8,725 39,252

Departmental Capital Expenditure

     

Ministry of Business, Innovation and Employment - Capital Expenditure PLA (M25)

This appropriation is limited to the purchase or development of assets by and for the use of the Ministry of Business, Innovation and Employment, as authorised by section 24(1) of the Public Finance Act 1989.
64,566 3,177 67,743

Total Departmental Capital Expenditure

64,566 3,177 67,743

Non-Departmental Output Expenses

     

International Business Growth Services (M25)

This appropriation is limited to helping firms export and internationalise by identifying and exploiting market and investment opportunities; overcoming internationalisation barriers; providing customised advice and support; and enabling access to international business networks.
99,885 4,745 104,630

Investment Fund Management (M25)

Operational costs of the Venture Investment and Seed Co-investment Funds.
2,330 - 2,330

Services to Develop Business Capability (M25)

This appropriation is limited to building and enhancing business and management capability through providing access to effective assessment, advice, training, mentoring and information.
13,905 (461) 13,444

Services to Support Sector Development and Special Events (M25)

This appropriation is limited to securing and capitalising on significant economic development opportunities for New Zealand, with a focus on sectors and special events.
30,196 1,671 31,867

Total Non-Departmental Output Expenses

146,316 5,955 152,271

Non-Departmental Other Expenses

     

Depreciation on Auckland's Queens Wharf (M25)

This appropriation is limited to depreciation expenses associated with Auckland's Queens Wharf.
2,000 - 2,000

Establishment and operation of the Food Innovation Network New Zealand (M25)

This appropriation is limited to the establishment and operation of the Food Innovation Network New Zealand.
780 726 1,506

Film New Zealand (M25)

Operation of an independent structure for Film NZ, development of a marketing plan for the film sector and coordination of regional film offices.
1,300 - 1,300

International Growth Fund (M25)

This appropriation is limited to support for high growth firms to undertake additional market development and business capability activities required for growth in new markets, that deliver benefits for both the firm and the wider New Zealand economy.
30,027 (14,300) 15,727

Large Budget Screen Production Fund (M25)

Assistance to film and television productions that spend over $15 million in New Zealand.
50,556 - 50,556

Major Events Development Fund (M25)

Support for major events that provide economic, social, cultural and international profiling benefits to New Zealand.
10,000 3,983 13,983

Management Development Fund (M25)

Assistance to address the management capability gap in New Zealand, through the commissioning of research, stimulation of business interest and supply of management development services.
756 - 756

Promotion of New Zealand Associated with the America's Cup (M25)

This appropriation is limited to meeting costs associated with the proposed sponsorship of Team New Zealand's participation in the next multi-challenger America's Cup.
- 5,000 5,000

Regional and Industry Development Fund (M25)

This appropriation is limited to the provision of funding to support industry and regional specific projects that are intended to contribute to economic growth.
800 500 1,300

Regional Partnerships and Facilitation (M25)

Provision of advice and grants to support the development of business incubators and regional clusters, and to support regional partnerships to develop and implement sustainable economic growth strategies.
4,556 - 4,556

Sector Strategies and Facilitation (M25)

Assistance with the facilitation of specific sector initiatives, particularly in the areas of major events, pre-feasibility and feasibility studies and guarantees for significant projects to access funding through other government programmes and cash grants.
1,204 - 1,204

Square Kilometre Array (M25)

This appropriation is limited to supporting New Zealand's engagement on the Square Kilometre Array project in collaboration with Australia.
830 522 1,352

Total Non-Departmental Other Expenses

102,809 (3,569) 99,240

Non-Departmental Capital Expenditure

     

New Zealand Trade and Enterprise (M25)

To increase NZTE's in-market assistance for New Zealand firms in China, India and Japan.
172 (172) -

Seed Co-investment Fund (M25)

Support the development of the market for early stage equity finance.
768 6,482 7,250

Venture Investment Fund (M25)

Capital Investment to accelerate the development of the New Zealand Venture Capital Market. Public funds will be co-invested with the private sector to increase the rate of formation of new businesses based on high added value goods and services.
12,820 2,180 15,000

Total Non-Departmental Capital Expenditure

13,760 8,490 22,250

Total Annual and Permanent Appropriations

357,978 22,778 380,756

Details of Projected Movements in Departmental Net Assets#

Ministry of Business, Innovation and Employment

Details of Net Asset Schedule 2013/14
Main Estimates Projections
$000
2013/14
Supplementary Estimates Projections
$000
Explanation of Projected Movements in 2013/14
Opening Balance 119,993 144,459 Supplementary Estimates opening balance reflects the audited results as at 30 June 2013.
Capital Injections 42,348 45,416 Two capital transfers from 2012/13, one for the Immigration Global Management System ($2.500 million) and one for the Petroleum Action Plan Capital (RAPID) ($1 million) plus an injection for business registers to support the Financial Markets Conduct Act. This is offset by a capital transfer to 2014/15 for the Immigration Global Management System ($2 million).
Capital Withdrawals (6,600) (6,923) Repayment of a capital injection for the Skilled Migrant Category and Immigration Health Screening ($323,000).
Surplus to be Retained (Deficit Incurred) 1,162 (5,064) The deficit of $5.064 million consists of forecast losses of $8.652 million, off-set by forecast surpluses of $3.588 million, contributed by memorandum accounts.
Other Movements 5,473 13,716 The amount consists of the forecast deficit of $5.064 million and forecast losses contributed by memorandum accounts of $8.652 million.

Closing Balance

162,376 191,604  

Supporting Information#

Part 1 - Vote as a Whole#

1.2 - Trends in the Vote

Summary of Financial Activity

  2013/14
    Supplementary Estimates  
  Estimates
$000
Departmental
Transactions
$000
Non-Departmental
Transactions
$000
Total
Transactions
$000
Total
$000

Appropriations

         
Output Expenses 176,843 8,725 5,955 14,680 191,523
Benefits and Other Unrequited Expenses - N/A - - -
Borrowing Expenses - - - - -
Other Expenses 102,809 - (3,569) (3,569) 99,240
Capital Expenditure 78,326 3,177 8,490 11,667 89,993
Intelligence and Security Department Expenses and Capital Expenditure - - N/A - -
Multi-Category Expenses and Capital Expenditure (MCA)          
Output Expenses
- - - - -
Other Expenses
- - - - -
Capital Expenditure
- N/A - - -

Total Appropriations

357,978 11,902 10,876 22,778 380,756

Crown Revenue and Capital Receipts

         
Tax Revenue - N/A - - -
Non-Tax Revenue - N/A - - -
Capital Receipts - N/A - - -

Total Crown Revenue and Capital Receipts

- N/A - - -

Mapping the Layout of the 2013/14 Supplementary Estimates to the Layout of the 2013/14 Estimates

Supplementary Estimates Structure 2013/14 Estimates Structure 2013/14
Part # Part Name Part # Part Name
2.1 Departmental Output Expenses 2.1 Departmental Output Expenses
2.2 Departmental Other Expenses 5.1 Departmental Other Expenses
2.3 Departmental Capital Expenditure and Capital Injections 6.1 Departmental Capital Expenditure
3.1 Non-Departmental Output Expenses 2.2 Non-Departmental Output Expenses
3.2 Non-Departmental Benefits and Other Unrequited Expenses 3.2 Non-Departmental Benefits and Other Unrequited Expenses
3.3 Non-Departmental Borrowing Expenses 4.2 Non-Departmental Borrowing Expenses
3.4 Non-Departmental Other Expenses 5.2 Non-Departmental Other Expenses
3.5 Non-Departmental Capital Expenditure 6.2 Non-Departmental Capital Expenditure
4 Multi-Category Expenses and Capital Expenditure N/A Did not exist in the Estimates

Part 2 - Details of Departmental Appropriations#

2.1 - Departmental Output Expenses

Policy Advice - Sectoral Leadership and Development, Firm Capability, and Regional Development (M25)

Scope of Appropriation

This appropriation is limited to the provision of advice (including second opinion advice and contributions to policy advice led by other agencies) to support decision-making by Ministers on government policy matters relating to policy areas of development, evaluation and overview of economic, industry and regional development policies and initiatives to achieve short and long term economic growth and stability, and improving and leading the public sector procurement policy.

Expenses and Revenue

  2013/14
  Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 10,796 7,650 18,446
Revenue from the Crown 10,796 1,541 12,337
Revenue from Others - 6,109 6,109

Reasons for Change in Appropriation

This appropriation increased by $7.650 million to $18.446 million for 2013/14. The increase relates to:

  • $5.900 million transfer from departmental output expense: Sectoral Leadership, Firm Capability, and Regional Development Operational Policy, Ministerial Servicing and Crown Entity Monitoring, to correct the appropriation reflected in the Government Procurement Functional Leadership cabinet paper (Cab Min (12) 35/4D refers)
  • $4.587 million adjustments to the Better Public Services (BPS) Seed Funding for "Result 9 - Better Public Services for Business" and "All-of-Government Banking Services Category" initiatives to assist in speeding up the development of these BPS cross-agencies initiatives
  • $236,000 expense transfer from 2012/13 to 2013/14 to reflect the timing of the establishment of the Procurement Functional Leadership
  • $140,000 fiscally neutral adjustment to reflect contributions from other organisations for the Food and Beverage and the Emerging Growth Opportunities projects, with this change recognising the revenue received from the expenditure incurred
  • $132,000 expense transfer from 2012/13 to reflect the timing of activity relating to the Better Services for Less Development Pipeline Project from 2012/13
  • $86,000 expense transfer from 2012/13 to reflect the delay in the completion of the East Coast Regional Economic Potential study project from 2012/13, and
  • $69,000 fiscally neutral adjustment for the cost of overseas travel relating to Government Procurement meetings and seminars.

These increases were offset by a $3.500 million decrease in 2013/14 as a result of fiscally neutral adjustments across votes and appropriations administered by MBIE to reflect the introduction of one cost allocation methodology following the establishment of MBIE and implementation of the organisation's management structure.

Policy Advice - Small Business (M62)

Scope of Appropriation

This appropriation is limited to the provision of advice (including second opinion advice and contributions to policy advice led by other agencies) to support decision-making by Ministers on government policy matters relating to areas of development, coordination and implementation of policies and programmes that affect Small to Medium Enterprises.

Expenses and Revenue

  2013/14
  Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 1,285 140 1,425
Revenue from the Crown 1,285 140 1,425
Revenue from Others - - -

Reasons for Change in Appropriation

This appropriation increased by $140,000 to $1.425 million for 2013/14. The increase relates to $160,000 in 2013/14 as a result of a fiscally neutral adjustment to reflect the introduction of one cost allocation methodology following the establishment of MBIE and implementation of the organisation's management structure. This increase is offset by a $20,000 fiscally neutral adjustment to Vote Foreign Affairs and Trade (MFAT) to lead Free Trade Agreement (FTA) negotiations where MBIE has policy leadership.

Sectoral Leadership, Firm Capability, and Regional Development Operational Policy, Ministerial Servicing and Crown Entity Monitoring (M25)

Scope of Appropriation

This appropriation is limited to development of operational policies to achieve short and long term economic growth and stability, services to support the Minister, monitoring the performance and compliance of Crown Entities, administering grants programmes, providing support for statutory bodies and improving and leading the public sector procurement practises.

Expenses and Revenue

  2013/14
  Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 18,225 935 19,160
Revenue from the Crown 5,425 5,185 10,610
Revenue from Others 12,800 (4,250) 8,550

Reasons for Change in Appropriation

This appropriation increased by $935,000 to $19.160 million for 2013/14. The increase relates to:

  • $4.500 million in 2013/14 as a result of a fiscally neutral adjustment to reflect the introduction of one cost allocation methodology following the establishment of MBIE and implementation of the organisation's management structure
  • $1 million expense transfer from 2012/13 to reflect the timing of the establishment of the Procurement Functional Leadership
  • $650,000 for the Peer Review Team for the NZ International Convention Centre
  • $485,000 expense transfer from 2012/13 to reflect the timing of the NZ International Convention Centre negotiations being delayed as a result of the nine month investigation of this negotiation process by the Auditor-General, and
  • $200,000 expense transfer from 2012/13 to reflect the timing in completion of the Volunteer Net project.

The increase is offset by a $5.900 million transfer to departmental output expense: Policy Advice - Sectoral Leadership and Development, Firm Capability, and Regional Development, to correct the appropriation reflected in the Government Procurement Functional Leadership cabinet paper (Cab Min (12) 35/4D refers).

Memorandum Account

  2013/14
  Estimates
$000
Supplementary
Estimates
$000
Total
$000

Government Procurement Reform Agenda

     
Opening Balance at 1 July (6,888) (6,888) (6,629)
Revenue 6,900 6,006 12,800
Expenses (8,050) (5,747) (12,800)
Transfers and Adjustments - - -
Closing Balance at 30 June (8,038) (6,629) (6,629)

2.3 - Departmental Capital Expenditure and Capital Injections

Ministry of Business, Innovation and Employment - Capital Expenditure PLA (M25)

Scope of Appropriation

This appropriation is limited to the purchase or development of assets by and for the use of the Ministry of Business, Innovation and Employment, as authorised by section 24(1) of the Public Finance Act 1989.

Capital Expenditure

  2013/14
  Estimates
$000
Supplementary
Estimates
$000
Total
$000
Forests/Agricultural - - -
Land - - -
Property, Plant and Equipment 17,829 - 17,829
Intangibles 46,737 3,177 49,914
Other - - -

Total Appropriation

64,566 3,177 67,743

Reasons for Change in Appropriation

The appropriation increased by $3.177 million to $67,743 million in 2013/14. The increase relates to:

  • $2.500 million transfer from 2012/13 to reflect timing in the work relating to the Immigration Global Management System, and
  • $1 million transfer from 2012/13 to reflect timing in the work relating to the RAPID project in the Crown Minerals business group.

These increases are off-set by a technical adjustment of $323,000 decrease to the Skilled Migrant and Immigration Health Screening project that is no longer required.

Capital Injections and Movements in Departmental Net Assets

Ministry of Business, Innovation and Employment

Details of Net Asset Schedule 2013/14
Main Estimates Projections
$000
2013/14
Supplementary Estimates Projections
$000
Explanation of Projected Movements in 2013/14
Opening Balance 119,993 144,459 Supplementary Estimates opening balance reflects the audited results as at 30 June 2013.
Capital Injections 42,348 45,416 Two capital transfers from 2012/13, one for the Immigration Global Management System ($2.500 million) and one for the Petroleum Action Plan Capital (RAPID) ($1 million) plus an injection for business registers to support the Financial Markets Conduct Act. This is offset by a capital transfer to 2014/15 for the Immigration Global Management System ($2 million).
Capital Withdrawals (6,600) (6,923) Repayment of a capital injection for the Skilled Migrant Category and Immigration Health Screening ($323,000).
Surplus to be Retained (Deficit Incurred) 1,162 (5,064) The deficit of $5.064 million consists of forecast losses of $8.652 million, off-set by forecast surpluses of $3.588 million, contributed by memorandum accounts.
Other Movements 5,473 13,716 The amount consists of the forecast deficit of $5.064 million and forecast losses contributed by memorandum accounts of $8.652 million.

Closing Balance

162,376 191,604  

Part 3 - Details of Non-Departmental Appropriations#

3.1 - Non-Departmental Output Expenses

International Business Growth Services (M25)

Scope of Appropriation

This appropriation is limited to helping firms export and internationalise by identifying and exploiting market and investment opportunities; overcoming internationalisation barriers; providing customised advice and support; and enabling access to international business networks.

Expenses

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 99,885 4,745 104,630

Reasons for Change in Appropriation

This appropriation increased by $4.745 million to $104.630 million for 2013/14. The increase relates to:

  • $3.050 million adjustments to funding for the Saudi Agrihub project as part of the Saudi Arabia Food Security Partnership agreement that New Zealand Trade and Enterprise (NZTE) will administer
  • $1.500 million fiscally neutral adjustment from International Growth Fund to address the operational shortfall caused by the Whey Protein Concentrate response, and
  • $195,000 adjustment to recognise fluctuations in the foreign exchange forecasts.

Services to Develop Business Capability (M25)

Scope of Appropriation

This appropriation is limited to building and enhancing business and management capability through providing access to effective assessment, advice, training, mentoring and information.

Expenses

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 13,905 (461) 13,444

Reasons for Change in Appropriation

This appropriation decreased by $461,000 to $13.444 million for 2013/14. The decrease relates to:

  • $253,000 transfer to non-departmental output expense: Services to Support Sector Development and Special Events appropriation to support the Pacific Peoples Trade Training project, and
  • $208,000 fiscally neutral adjustment to reflect the transfer of the "0800 BIZ Service" to Vote Commerce as a result of NZTE and MBIE agreeing to consolidate service provision within MBIE.

Services to Support Sector Development and Special Events (M25)

Scope of Appropriation

This appropriation is limited to securing and capitalising on significant economic development opportunities for New Zealand, with a focus on sectors and special events.

Expenses

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 30,196 1,671 31,867

Reasons for Change in Appropriation

This appropriation increased by $1.671 million to $31.867 million for 2013/14. The increase relates to:

  • $600,000 expense transfer from 2012/13 to reflect the delay in the delivery date of the "Telling the Story" project due to the timing in appointing a creative partner to design the marketing tool kit
  • $420,000 expense transfer from 2012/13 to ensure that there was funding in place to cover additional leveraging events planned for the America's Cup in the early part of 2013/14
  • $253,000 transfer from non-departmental output expense: Services to Develop Business Capability appropriation to support the Pacific Peoples Trade Training project
  • $250,000 expense transfer from 2012/13 to reflect the delay in the planned outcomes of the "High Value Food High Impact" programme due to the re-phasing of the Bioactives, Infant Formula and the Korea Food Innovation activities
  • $100,000 expense transfer from 2012/13 to reflect the delay in the planned outcomes of the "Marine High Impact" programme due to external customers not working together within the original timeframe relating to an initial research project on Global Workboat value chains, and
  • $48,000 adjustment to recognise fluctuations in foreign exchange forecasts.

3.4 - Non-Departmental Other Expenses

Establishment and operation of the Food Innovation Network New Zealand (M25)

Scope of Appropriation

This appropriation is limited to the establishment and operation of the Food Innovation Network New Zealand.

Expenses

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 780 726 1,506

Reasons for Change in Appropriation

This appropriation increased by $726,000 to $1.506 million for 2013/14. This increase relates to an automatic transfer of 2012/13 unspent funds.

International Growth Fund (M25)

Scope of Appropriation

This appropriation is limited to support for high growth firms to undertake additional market development and business capability activities required for growth in new markets, that deliver benefits for both the firm and the wider New Zealand economy.

Expenses

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 30,027 (14,300) 15,727

Reasons for Change in Appropriation

This appropriation decreased by $14.300 million to $15.727 million for 2013/14. This decrease relates to:

  • a significant initiative of $12.800 million for NZTE that covers calibration of the international footprint to meet rising costs and customer demand (especially China & Middle East) to increase the number of companies serviced from 500 to 700, deliver the Government to Government commercialisation initiative (up to $1.800M) and maintenance of multi-company high impact programmes, and
  • $1.500 million transfer to the International Business Growth Fund appropriation to address the operational shortfall caused by the Whey Protein Concentrate response.

Major Events Development Fund (M25)

Scope of Appropriation

Support for major events that provide economic, social, cultural and international profiling benefits to New Zealand.

Expenses

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 10,000 3,983 13,983

Reasons for Change in Appropriation

This appropriation increased by $3.983 million to $13.983 million for 2013/14. The increase relates to an expense transfer of 2012/13 unspent funds of $8.983 million. This increase is offset by a payment of $5 million to Sports NZ to support the 2015 ICC Cricket World Cup.

Promotion of New Zealand Associated with the America's Cup (M25)

Scope of Appropriation

This appropriation is limited to meeting costs associated with the proposed sponsorship of Team New Zealand's participation in the next multi-challenger America's Cup.

Expenses

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation - 5,000 5,000

Reasons for Change in Appropriation

This appropriation increased by $5 million which relates to an interim investment in Team New Zealand's potential 35th America's Cup challenge.

Regional and Industry Development Fund (M25)

Scope of Appropriation

This appropriation is limited to the provision of funding to support industry and regional specific projects that are intended to contribute to economic growth.

Expenses

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 800 500 1,300

Reasons for Change in Appropriation

This appropriation increased by $500,000 to $1.300 million for 2013/14. The increase is for Development West Coast to fund the higher than anticipated construction costs for three cycle trails in the region.

Square Kilometre Array (M25)

Scope of Appropriation

This appropriation is limited to supporting New Zealand's engagement on the Square Kilometre Array project in collaboration with Australia.

Expenses

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 830 522 1,352

Reasons for Change in Appropriation

The appropriation increased by $931,000 due to delays in the international pre-construction process. This was offset by a transfer of $409,000 to Vote Science and Innovation in 2013/14.

3.5 - Non-Departmental Capital Expenditure

New Zealand Trade and Enterprise (M25)

Scope of Appropriation

To increase NZTE's in-market assistance for New Zealand firms in China, India and Japan.

Capital Expenditure

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 172 (172) -

Reasons for Change in Appropriation

The full appropriation of $172,000 was removed and returned to the Crown as a result of advice from NZTE whom no longer require this funding. In-market assistance for New Zealand firms in China, India and Japan has been completed.

Seed Co-investment Fund (M25)

Scope of Appropriation

Support the development of the market for early stage equity finance.

Capital Expenditure

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 768 6,482 7,250

Reasons for Change in Appropriation

This appropriation increased by $6.482 million to $7.250 million for 2013/14. The increase relates to:

  • $11.732 million transfer of 2012/13 unspent funds to 2013/14, and
  • $1 million expense transfer from 2014/15 as a result of reprioritisation of the fund.

This increase is offset by a forecast change of $6.250 million to 2014/15.

Venture Investment Fund (M25)

Scope of Appropriation

Capital Investment to accelerate the development of the New Zealand Venture Capital Market. Public funds will be co-invested with the private sector to increase the rate of formation of new businesses based on high added value goods and services.

Capital Expenditure

  2013/14
  Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 12,820 2,180 15,000

Reasons for Change in Appropriation

This appropriation increased by $2.180 million to $15 million for 2013/14. The increase relates to:

  • $29.255 million expense transfer of 2012/13 unspent funds to 2013/14, and
  • $4.481 million transfer of funds from 2016/17 and 2017/18 as a result of reprioritisation of the fund.

The increase is offset by a $31.556 million forecast change in 2013/14 as a result of a review of the appropriation.