Year end financial statements

Summary Financial Statements of the Government of New Zealand for the Year Ended 30 June 2010

Fiscal Summary#

for the year ended 30 June 2010

Fiscal Summary
Fiscal Summary.

Summary Statement of Financial Performance#

for the year ended 30 June 2010

Summary Statement of Financial Performance
Forecast   Actual
Original
Budget
$billion
Estimated
Actuals
$billion
  30 June
2010
$billion
30 June
2009
$billion
    Revenue    
51.1 50.2 Taxation revenue 50.3 54.1
4.9 4.7 Other sovereign revenue 4.7 4.1
55.9 54.9 Total revenue levied through the Crown's sovereign power 55.0 58.3
16.0 14.3 Sales of goods and services 14.3 15.4
3.2 3.3 Interest revenue and dividends 2.3 3.0
2.8 3.2 Other revenue 3.1 2.9
22.0 20.8 Total revenue earned through operations 19.7 21.2
77.9 75.7 Total revenue (excluding gains) 74.7 79.5
    Expenses    
25.1 24.4 Social security and welfare 24.2 23.3
12.8 12.7 Health 12.7 12.0
12.1 12.6 Education 12.4 12.5
8.9 8.0 Transport and communications 8.0 9.0
23.5 21.8 Other functional expenses 20.9 23.5
3.3 3.6 Finance costs 2.8 3.1
(0.5) Forecasting adjustments
85.7 82.6 Total expenses (excluding losses) 81.0 83.4
(7.7) (6.9) Operating balance before gains and losses (OBEGAL) (6.3) (3.9)
1.4 3.9 Net gains/(losses) on financial instruments 2.5 (2.6)
0.2 (0.2) Net gains/(losses) on non-financial instruments (1.0) (4.2)
1.6 3.7 Total gains/(losses) 1.6 (6.8)
0.4 Net surplus/(deficit) from associates and joint ventures 0.2 0.2
(5.7) (3.2) Operating balance (including minority interest) (4.5) (10.5)
Operating balance attributable to minority interest in Air NZ
(5.7) (3.2) Operating Balance (4.5) (10.5)
0.2 Total income/(expense) recognised directly in Net Worth 4.5
(5.7) (3.0) Total recognised income and expense (4.5) (6.0)

 

Summary Statement of Cash Flows#

for the year ended 30 June 2010

Summary Statement of Cash Flows
Forecast   Actual
Original
Budget
$billion
Estimated
Actuals
$billion
  30 June
2010
$billion
30 June
2009
$billion
    Cash Flows From Operations    
    Cash was provided from    
50.3 50.3 Taxation receipts 50.1 51.1
26.2 24.9 Other operating receipts 24.0 25.3
    Cash was disbursed to    
(21.2) (21.5) Social assistance and official development assistance (21.3) (19.7)
(54.1) (51.0) Personnel and operating payments (50.8) (50.3)
(3.0) (3.0) Interest payments (2.4) (2.9)
(1.8) (0.3) Net cash flows from operations (0.4) 3.5
    Cash Flows From Investing Activities    
    Cash was provided from    
27.1 42.6 Sale of shares and other securities 42.2 38.6
3.2 4.2 Other capital receipts 4.1 4.5
    Cash was disbursed to    
(8.0) (7.0) Purchase of physical assets (6.3) (6.2)
(23.2) (44.4) Purchase of shares and other securities (40.2) (40.3)
(3.6) (4.1) Issue of advances (3.8) (4.8)
(0.3) (0.3) Purchase of other assets (0.6) (1.5)
0.1 Forecast adjustments
(4.8) (8.9) Net cash flows from investing activities (4.7) (9.7)
(6.6) (9.2) Net cash flows from operating and investing activities (5.0) (6.3)
    Cash Flows From Financing Activities    
    Cash was provided from    
0.2 Issues of circulating currency 0.5
9.0 13.5 Issue of  Government stock and treasury bills 13.9 6.1
6.8 6.2 Issue other borrowing 8.5 13.2
    Cash was disbursed to    
(5.1) (5.7) Repayment of Government stock and treasury bills (6.7) (3.8)
(4.6) (4.8) Repayment of other borrowing (9.0) (7.3)
6.3 9.2 Net cash flows from financing activities 6.7 8.7
(0.3) Net movement in cash 1.7 2.5
5.4 6.3 Opening Cash Balance 6.3 3.8
(0.1) Foreign exchange movements (0.2)
5.0 6.1 Closing Cash Balance 7.8 6.3

 

Summary Statement of Financial Position#

as at 30 June 2010

Summary Statement of Financial Position
Forecast   Actual
Original
Budget
$billion
Estimated
Actuals
$billion
  30 June
2010
$billion
30 June
2009
$billion
    Assets    
5.0 6.1 Cash and cash equivalents 7.8 6.3
14.1 13.8 Receivables 13.9 14.6
49.7 45.5 Marketable securities, deposits and derivatives in gain 43.7 45.7
11.9 15.7 Share investments 12.2 11.2
17.3 18.0 Advances 18.4 15.6
110.3 113.6 Property, plant & equipment 113.3 110.1
14.2 13.9 Other assets 14.1 13.7
(0.3) (0.1) Forecast adjustments
222.2 226.5 Total assets 223.4 217.2
    Liabilities    
4.2 4.1 Issued currency 4.0 4.0
10.3 9.0 Payables 9.9 9.1
1.2 1.3 Deferred revenue 1.6 1.4
76.4 73.6 Borrowings 69.7 62.0
25.3 27.3 Insurance liabilities 27.1 26.6
10.3 9.2 Retirement plan liabilities 9.9 9.0
4.5 5.5 Provisions 6.0 5.6
132.3 130.0 Total liabilities 128.4 117.6
89.9 96.5 Total assets less total liabilities 95.0 99.5
    Net Worth    
95.6 99.5 Net worth at start of year 99.5 105.5
(5.7) (3.2) Operating balance excluding minority interest (4.5) (10.5)
0.2 Net revaluations and other movements 4.5
89.9 96.5 Total net worth 95.0 99.5

Note:  Totals may not add due to rounding

These summary financial statements comply with generally accepted accounting practice as it relates to summary financial statements.

The information in these summary statements is drawn from and is consistent with information presented in the full financial statements of the Government for the year ended 30 June 2010.  These were authorised for issue on 30 September 2010.

The Government is a public benefit entity and the full financial statements of the Government have been prepared in accordance with generally accepted accounting practice as it applies to such entities.  The full financial statements received an unqualified audit opinion.

These summary financial statements cannot be expected to provide as complete an understanding as provided by the full financial statements, which can be obtained from www.treasury.govt.nz/government/financialstatements/.