Supplementary estimates of appropriations

Vote Economic, Industry and Regional Development - Supplementary Estimates of Appropriations 2007/08

Note 14

From the Estimates of Appropriations 2008/09 in Budget 2008, Vote Economic, Industry and Regional Development was renamed to Vote Economic Development.

MINISTER(S) RESPONSIBLE FOR APPROPRIATIONS: Minister for Economic Development (M25)

ADMINISTERING DEPARTMENT: Ministry of Economic Development

MINISTER RESPONSIBLE FOR MINISTRY OF ECONOMIC DEVELOPMENT: Minister for Economic Development

Details of Appropriations#

Details of Annual and Permanent Appropriations

Details of Annual and Permanent Appropriations - Economic, Industry and Regional Development
2007/08
Titles and Scopes of Appropriations by Appropriation Type Estimates
Budget
$000
Supplementary
Estimates
Budget
$000
Total
Budget
$000

Departmental Output Expenses

Policy Advice - Economic Development MCOA (M25)

19,883 4,322 24,205
Policy Advice - Small Business
Policy advice on issues relating to lifting the capability and performance of Small to Medium Enterprises (SMEs), including development, coordination and implementation of policy advice concerning SMEs.
1,646 289 1,935
Policy Advice and Sector Leadership - Firm Capability, Sectoral and Regional Development
Policy advice encompassing the development, evaluation and overview of economic, industry and regional development policies and initiatives to promote sustainable economic development. This includes implementation of the Economic Transformation Agenda, factors influencing the capability and performance of firms, sectors and regions, and the monitoring of New Zealand Trade and Enterprise.
18,237 4,033 22,270

Total Departmental Output Expenses

19,883 4,322 24,205

Non-Departmental Output Expenses

Enabling Services - Facilitating the Development and Implementation of Sector and Regional Strategies (M25)

Services to support collaboration, linkages and the development of strategies between and among sectors, regions and clusters of businesses and government aimed at exploiting opportunities for growth and overcoming constraints to growth.
48,882 5,731 54,613

Enabling Services - Promotion of New Zealand Business and Development of Investment Opportunities (M25)

Promotion of New Zealand's products and services, a culture of entrepreneurship and business success, and the fostering of international trade and investment.
28,974 909 29,883

Foundation Services - Business Information and Advice (M25)

Provision of a range of business assistance services and oversight of a range of programmes that provide information and advice to business, with particular focus on small businesses, entrepreneurs, start-ups and new exporters.
10,322 1,222 11,544

Foundation Services - Training and Capability Building (M25)

Training to improve the management capabilities of small businesses, entrepreneurs, start-ups and new exporters.
12,078 - 12,078

Grant Administration and Management (M25)

Administration and monitoring of business assistance grants and provision of support to government policy development.
4,691 686 5,377

Growth Services - Customised Information and Advice (M25)

Provision of customised information and advice to enable New Zealand businesses which are committed to achieving medium to high growth, to identify and address opportunities and constraints in achieving their growth objectives.
13,085 1,014 14,099

Growth Services - Identifying and Leveraging New Business Opportunities (M25)

Support for New Zealand businesses with medium to high growth potential, to identify and pursue new international business opportunities.
30,161 2,193 32,354

Investment Fund Management (M25)

Operational costs of the Venture Investment and Seed Co-investment Funds.
1,890 - 1,890

New Zealand's Participation At Expo 2010 Shanghai, China (M25)

Funding for New Zealand's participation at Expo 2010 in Shanghai, China.
1,600 - 1,600

Total Non-Departmental Output Expenses

151,683 11,755 163,438

Other Expenses to be incurred by the Crown

Enterprise Development Fund (M25)

Assistance for entrepreneurs and businesses to undertake advanced training, engage a business mentor or specific management advice and/ or undertake international market development activities.
5,274 (2,200) 3,074

Enterprise, Culture and Skills Activities Fund (M25)

Support of enterprise education initiatives to encourage a culture of enterprise and entrepreneurship.
1,511 - 1,511

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.
750 - 750

GIF Industry Governed Bodies Fund (M25)

Operation of GIF industry governed bodies to oversee the implementation of their individual sector growth strategies within the ICT, biotechnology, design and screen sectors.
400 (400) -

GIF Sector Project Fund (M25)

Implementation of specific projects arising out of industry issues as requested by the established GIF industry governed bodies within the ICT, biotechnology, design and screen sectors.
683 (683) -

Growth Services Fund (M25)

Medium to high growth potential firms to purchase external advice and expertise and marketing intelligence and development services.
9,427 (3,500) 5,927

Impairment of Loan to the Eden Park Redevelopment Board (M25)

This appropriation is limited to the impairment to the fair value of zero of the Crown's loan to the Eden Park Redevelopment Board for this redevelopment of Eden Park for the 2011 Rugby World Cup.
- 190,000 190,000

International Biotechnology Partnerships (M25)

Facilitation of joint ventures between Australia and New Zealand companies in biotechnology development, manufacturing and marketing.
4,000 - 4,000

Large Budget Screen Production Fund (M25)

Assistance to film and television productions that spend over $15 million in New Zealand, if that expenditure equals or exceeds 70% of the production's total budget.
35,556 - 35,556

Major Events Development Fund (M25)

Support for major events that provide economic, social, cultural and international profiling benefits to New Zealand.
3,522 1,604 5,126

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.
966 530 1,496

Market Development Assistance Fund (M25)

Encouragement for the integration of more New Zealand businesses into global markets by facilitating the creation, development and expansion of overseas markets for New Zealand goods, services, intellectual property and know-how.
51,351 2,500 53,851

Promotion of NZ Associated with the 33rd America's Cup (M25)

To meet costs associated with the proposed sponsorship of Team NZ in the 33rd America's Cup
- 10,000 10,000

Regional and Industry Development Fund (M25)

Support of industry and regional specific projects that are likely to have the ability to contribute to government economic objectives and to unlock high growth potential, including support of Buy Kiwi Made sectoral and regional initiatives.
3,774 (530) 3,244

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.
17,756 - 17,756

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.
5,218 (3,718) 1,500

Total Other Expenses to be incurred by the Crown

140,188 193,603 333,791

Capital Expenditure to be Incurred by the Department

Ministry of Economic Development - Capital Expenditure PLA (M25)

This appropriation is limited to the purchase or development of assets by and for the use of the Ministry of Economic Development, as authorised by section 24(1) of the Public Finance Act 1989
- 8,080 8,080

Total Capital Expenditure to be Incurred by the Department

- 8,080 8,080

Capital Expenditure to be Incurred by the Crown

Loan to the Eden Park Redevelopment Board (M25)

This appropriation is limited to a loan to the Eden Park Redevelopment Board for the redevelopment of Eden Park for the 2011 Rugby World Cup; the loan will be interest-free and will be written off upon completion of the redevelopment so long as certain contractually specified conditions are met by the Eden Park Redevelopment Board.
- 190,000 190,000

New Zealand Trade and Enterprise (M25)

To increase NZTE's in-market assistance for New Zealand firms in China, India and Japan.
1,420 - 1,420

Seed Co-investment Fund (M25)

Support the development of the market for early stage equity finance.
8,000 4,292 12,292

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.
20,000 7,550 27,550

Total Capital Expenditure to be Incurred by the Crown

29,420 201,842 231,262

Total Annual and Permanent Appropriations

341,174 419,602 760,776

Details of Multi-Year Appropriations#

Multi-Year Appropriations - Economic, Industry and Regional Development
Type, Title, Scope and Period of Appropriations Appropriation $000

Other Expenses to be incurred by the Crown

3D Digital Graphics Cluster MYA (M25)

To research and develop commercial projects that build on New Zealand's existing strength in 3D digital graphics technology.

Commences: 1 July 2007

Expires: 30 June 2010

Original Appropriation 7,000
Adjustments for 2006/07 -
Adjustments to 2007/08 -
Adjusted Appropriation 7,000
Actual to 2006/07 Year End -
Estimated Actual for 2007/08 3,000
Estimated Actual for 2008/09 2,000
Estimated Appropriation Remaining 2,000

Details of Projected Movements in Departmental
Net Assets#

Ministry of Economic Development

Ministry of Economic Development - Details of Projected Movements in Departmental Net Assets - Economic, Industry and Regional Development
Details of Net Asset Schedule 2007/08 Estimates Projections
$000
2007/08 Supplementary Estimates Projections
$000
Explanation of Projected Movements in 2007/08
Opening Balance 20,939 20,939 Supplementary Estimates opening balance reflects the audited results as at 30 June 2007.
Capital Injections 5,127 4,430 Deficits incurred on Departmental Output Expenses where memorandum accounts are in operation.
Capital Withdrawals - -
Surplus to be Retained (Deficit Incurred) (5,127) (4,430) Deficit for the year comprised of memorandum account deficits $4.430 million; departmental output expenses where surplus earned is $1.423 million, less provision for repayment of surplus $1.423 million.
Other Movements - -
Closing Balance 20,939 20,939

Information Supporting the Supplementary Estimates Vote Economic, Industry and Regional Development #

MINISTER(S) RESPONSIBLE FOR APPROPRIATIONS: Minister for Economic Development (M25)

ADMINISTERING DEPARTMENT: Ministry of Economic Development

MINISTER RESPONSIBLE FOR MINISTRY OF ECONOMIC DEVELOPMENT: Minister for Economic Development

Part 1 - Summary of the Vote#

Part 1.3 - Trends in the Vote

Summary of Financial Activity

Summary of Financial Activity - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary Estimates Total
$000
Departmental
Transactions
$000
Non-Departmental
Transactions
$000
Total
Transactions
$000

Appropriations

Output Expenses 171,566 4,322 11,755 16,077 187,643
Benefits and Other Unrequited Expenses - N/A - - -
Borrowing Expenses - - - - -
Other Expenses 143,188 - 193,603 193,603 336,791
Capital Expenditure 29,420 8,080 201,842 209,922 239,342
Intelligence and Security Department Expenses and Capital Expenditure - - N/A - -

Total Appropriations

344,174 12,402 407,200 419,602 763,776

Crown Revenue and Receipts

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

Total Crown Revenue and Receipts

- N/A N/A - -

Part 2 - Details and Expected Performance for Output Expenses#

Part 2.1 - Departmental Output Expenses#

Policy Advice - Economic Development MCOA (M25)

Scope of Appropriation

Policy Advice and Sector Leadership - Firm Capability, Sectoral and Regional Development Policy advice encompassing the development, evaluation and overview of economic, industry and regional development policies and initiatives to promote sustainable economic development. This includes implementation of the Economic Transformation Agenda, factors influencing the capability and performance of firms, sectors and regions, and the monitoring of New Zealand Trade and Enterprise. Policy Advice - Small Business Policy advice on issues relating to lifting the capability and performance of Small to Medium Enterprises (SMEs), including development, coordination and implementation of policy advice concerning SMEs.

Explanation for Use of Multi-Class Output Expense Appropriation

Both output classes are directed at the same set of defined outcomes.

Expenses and Revenue

Expenses and Revenue - Policy Advice Economic Development MCOA (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary Estimates
$000
Total
$000
Total Appropriation 19,883 4,322 24,205
Revenue from the Crown 19,749 4,303 24,052
Revenue from Others 134 19 153

Reasons for Change in Appropriation

Cabinet Policy decisions, fiscally neutral adjustments and expense transfers were sought for funding around the Buy Kiwi Made Media campaign, Economic Transformation Initiatives, delays in the Engagement with Stakeholders on the Economic Transformation Agenda, delays in the Alignment of Industry Policy and a transfer from Vote Research, Science and Technology as part of the distribution of the cross-department 2008 Research Fund. Funding was transferred from this appropriation to Vote Commerce to assist with mitigating immediate risks in that Vote.

Part 2.2 - Non-Departmental Output Expenses#

Enabling Services - Facilitating the Development and Implementation of Sector and Regional Strategies (M25)#

Scope of Appropriation

Services to support collaboration, linkages and the development of strategies between and among sectors, regions and clusters of businesses and government aimed at exploiting opportunities for growth and overcoming constraints to growth.

Expenses

Expenses - Enabling Services Facilitating the Development and Implementation of Sector and Regional Strategies (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 48,882 5,731 54,613

Reasons for Change in Appropriation

Cabinet Policy decisions were made for funding to assist with the Food and Beverage Sector - support expanded in-market assistance, realign funding streams so that Growth and Innovation Framework (GIF) related funding is delivered from a single GIF-related fund and Economic Transformation changes.

Enabling Services - Promotion of New Zealand Business and Development of Investment Opportunities (M25)#

Scope of Appropriation#

Promotion of New Zealand's products and services, a culture of entrepreneurship and business success, and the fostering of international trade and investment.

Expenses#

Expenses - Enabling Services Promotion of New Zealand Business and Development of Investment Opportunities (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 28,974 909 29,883

Reasons for Change in Appropriation#

Cabinet Policy decision was made for funding around Economic Transformation changes, which was partially offset by a foreign exchange adjustment for offshore locations.

Foundation Services - Business Information and Advice (M25)#

Scope of Appropriation#

Provision of a range of business assistance services and oversight of a range of programmes that provide information and advice to business, with particular focus on small businesses, entrepreneurs, start-ups and new exporters.

Expenses#

Expenses - Foundation Services Business Information and Advice (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 10,322 1,222 11,544

Reasons for Change in Appropriation#

A technical adjustment was actioned in the October Baseline Update for the Biz Portal ? International Financial Reporting Standards adoption impact.

Grant Administration and Management (M25)#

Scope of Appropriation#

Administration and monitoring of business assistance grants and provision of support to government policy development.

Expenses#

Expenses - Grant Administration and Management (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 4,691 686 5,377

Reasons for Change in Appropriation#

Transfer of funds from the Ministry of Foreign Affairs and Trade, to assist with negotiation and implementation of World Telecommunications Organisation and bilateral trade agreements.

Growth Services - Customised Information and Advice (M25)#

Scope of Appropriation#

Provision of customised information and advice to enable New Zealand businesses which are committed to achieving medium to high growth, to identify and address opportunities and constraints in achieving their growth objectives.

Expenses#

Expenses - Growth Services Customised Information and Advice (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 13,085 1,014 14,099

Reasons for Change in Appropriation#

Funding transferred from the Growth Services Fund under Other Expenses to be Incurred by the Crown to assist with offshore pressures.

Growth Services - Identifying and Leveraging New Business Opportunities (M25)#

Scope of Appropriation#

Support for New Zealand businesses with medium to high growth potential, to identify and pursue new international business opportunities.

Expenses#

Expenses - Growth Services Identifying and Leveraging New Business Opportunities (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 30,161 2,193 32,354

Reasons for Change in Appropriation#

Funding transferred from the Growth Services Fund under Other Expenses to be Incurred by the Crown, to assist with offshore pressures and funds from the Ministry of Foreign Affairs and Trade for leveraging Aichi Expo Year Four.

Part 5 - Details and Expected Results for Other Expenses#

Part 5.2 - Non-Departmental Other Expenses#

Enterprise Development Fund (M25)

Scope of Appropriation

Assistance for entrepreneurs and businesses to undertake advanced training, engage a business mentor or specific management advice and/ or undertake international market development activities.

Expenses

Expenses - Enterprise Development Fund (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 5,274 (2,200) 3,074

Reasons for Change in Appropriation

A Cabinet Policy decision was made to transfer funding out from this appropriation to assist with New Zealand Trade and Enterprises (NZTE's) Better by Design Programme, NZTE's Rugby World Cup 2007 business leveraging and NZTE website development. Additionally, savings have been transferred within the Vote. This has been partially offset by an expense transfer sought from 2006/07 to 2007/08 financial year to accommodate delays in the work around the Enterprise Development Fund.

GIF Industry Governed Bodies Fund (M25)#

Scope of Appropriation#

Operation of GIF industry governed bodies to oversee the implementation of their individual sector growth strategies within the ICT, biotechnology, design and screen sectors.

Expenses#

Expenses - GIF Industry Governed Bodies Fund (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 400 (400) -

Reasons for Change in Appropriation#

Appropriation disestablished at the start of the 2007/08 financial year.

GIF Sector Project Fund (M25)#

Scope of Appropriation#

Implementation of specific projects arising out of industry issues as requested by the established GIF industry governed bodies within the ICT, biotechnology, design and screen sectors.

Expenses#

Expenses - GIF Sector Project Fund (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 683 (683) -

Reasons for Change in Appropriation#

Appropriation disestablished at the start of the 2007/08 financial year.

Growth Services Fund (M25)#

Scope of Appropriation#

Medium to high growth potential firms to purchase external advice and expertise and marketing intelligence and development services.

Expenses#

Expenses - Growth Services Fund (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 9,427 (3,500) 5,927

Reasons for Change in Appropriation#

A fiscally neutral adjustment was actioned in the March Baseline Update to transfer funds from this appropriation to Non-Departmental Output Expenses Growth Services Fund to assist with offshore pressures. Additionally, savings have been transferred within the Vote.

Impairment of Loan to the Eden Park Redevelopment Board (M25)#

Scope of Appropriation#

This appropriation is limited to the impairment to the fair value of zero of the Crown's loan to the Eden Park Redevelopment Board for this redevelopment of Eden Park for the 2011 Rugby World Cup.

Expenses#

Expenses - Impairment of Loan to the Eden Park Redevelopment Board (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation - 190,000 190,000

Reasons for Change in Appropriation#

A Cabinet Policy decision was made during the 2007/08 year only to introduce the above initiative.

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#

Expenses - Major Events Development Fund (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 3,522 1,604 5,126

Reasons for Change in Appropriation#

An expense transfer of 2006/07 unspent appropriation to the 2007/08 financial year was actioned in the October Baseline Update. This was partially offset by funding transferred out of this appropriation to MED operating expenses to cover the increased cost of administering the fund in 2007/08.

Management Development Fund (M25)#

Scope of Appropriation#

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.

Expenses#

Expenses - Management Development Fund (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 966 530 1,496

Reasons for Change in Appropriation#

An expense transfer of 2006/07 unspent appropriation to the 2007/08 financial year was actioned in the October Baseline Update.

Market Development Assistance Fund (M25)#

Scope of Appropriation#

Encouragement for the integration of more New Zealand businesses into global markets by facilitating the creation, development and expansion of overseas markets for New Zealand goods, services, intellectual property and know-how.

Expenses#

Expenses - Market Development Assistance Fund (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 51,351 2,500 57,851

Reasons for Change in Appropriation#

An expense transfer of 2006/07 unspent appropriation to the 2007/08 financial year was actioned in the October Baseline Update. Additionally, savings have been transferred within the Vote.

Promotion of NZ Associated with the 33rd America's Cup (M25)#

Scope of Appropriation#

To meet costs associated with the proposed sponsorship of Team NZ in the 33rd America's Cup

Expenses#

Expenses - Promotion of NZ Associated with the 33rd America's Cup (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation - 10,000 10,000

Reasons for Change in Appropriation#

A Cabinet Policy decision was made to appropriate funding of $36 million. $26 million of this funding has been expense transferred to 2008/09 reflecting the delay in sponsorship costs as a result of external legal proceedings.

Regional and Industry Development Fund (M25)#

Scope of Appropriation#

Support of industry and regional specific projects that are likely to have the ability to contribute to government economic objectives and to unlock high growth potential, including support of Buy Kiwi Made sectoral and regional initiatives.

Expenses#

Expenses - Regional and Industry Development Fund (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 3,774 (530) 3,244

Reasons for Change in Appropriation#

A Cabinet Policy decision was made to transfer funding out of this appropriation as part of the Economic Transformation changes; this was partially offset by an expense transfer of funding from 2006/07 to the 2007/08 financial year as a result of delays in the Buy Kiwi Made Grant Programme to support Sector and Regional Initiatives.

Sector Strategies and Facilitation (M25)#

Scope of Appropriation#

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.

Expenses#

Expenses - Sector Strategies and Facilitation (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 5,218 (3,718) 1,500

Reasons for Change in Appropriation#

A Cabinet Policy decision was made to transfer funding out of this appropriation to departmental output expense policy advice and sector leadership to assist with the transformational initiatives. Additionally, savings have been transferred within the Vote.

Part 6 - Details and Expected Results for Capital Expenditure#

Part 6.2 - Non-Departmental Capital Expenditure#

Loan to the Eden Park Redevelopment Board (M25)

Scope of Appropriation

This appropriation is limited to a loan to the Eden Park Redevelopment Board for the redevelopment of Eden Park for the 2011 Rugby World Cup; the loan will be interest-free and will be written off upon completion of the redevelopment so long as certain contractually specified conditions are met by the Eden Park Redevelopment Board.

Capital Expenditure

Capital Expenditure - Loan to the Eden Park Redevelopment Board (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation - 190,000 190,000

Reasons for Change in Appropriation

A Cabinet Policy decision was made during the 2007/08 year to introduce the above initiative.

Seed Co-investment Fund (M25)#

Scope of Appropriation#

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

Capital Expenditure#

Capital Expenditure - Seed Coinvestment Fund (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 8,000 4,292 12,292

Reasons for Change in Appropriation#

An expense transfer of 2006/07 unspent appropriation to 2007/08 financial year was actioned in the October Baseline Update.

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#

Capital Expenditure - Venture Investment Fund (M25) - Economic, Industry and Regional Development
2007/08
Estimates
$000
Supplementary
Estimates
$000
Total
$000
Total Appropriation 20,000 7,550 27,550

Reasons for Change in Appropriation#

An expense transfer of 2006/07 unspent appropriation to 2007/08 financial year was actioned in the October Baseline Update.