Financial Highlights for the Year Ended 30 June 2003
| 2003 | 2002 |
| Actual | Actual |
| $000 | $000 |
| | |
| Revenue Crown | 43,624 | 41,099 |
| Revenue Other | 50,620 | 52,506 |
| Output expenses | 91,470 | 89,493 |
| Net surplus | 2,774 | 4,249 |
| Taxpayers’ Funds | 3,457 | 2,871 |
The following explains the most significant movements in actual results between 2002/2003 and 2001/2002 for departmental activities:
Revenue
Revenue Crown earned for departmental outputs has increased by $2.525 million, mainly due to:
- a transfer of responsibility for building industry policy from Internal Affairs;
- the implementation of the New Zealand Tourism Strategy 2010;
- the transfer in funding from 2001/2002 for various Tourism Research Projects;
- costs associated with energy policy and electricity market development work;
- costs associated with the establishment of the Electricity Governance Board;
- increased funding to meet costs associated with the Amerigo Vespucci visit and an economic impact study of the America’s Cup event; and
- • the establishment of the Small Business portfolio in Vote: Economic, Industry and Regional Development.
These changes are partly offset by the following decreased activity between 2002/2003 and 2001/2002 resulting from:
- the Industry and Regional Development Innovate Roadshows in 2001/2002;
- the transfer of the Government Superannuation Fund to Vote: Finance from 1 July 2002; and
- the transfer of activities for Vote: Sport, Fitness and Leisure to the Ministry of Culture and Heritage in 2001/2002.
Revenue Other earned for departmental outputs has decreased by $1.886 million mainly due to:
- a net reduction from lower fees being charged in Registration and Provision of Statutory Information (Vote: Commerce) as a result of the fees being reviewed during 2001/2002;
- a reduction in petroleum permit and mineral licensing fees as a result of less mining activity compared with 2001/2002;
- a reduction in practising licences through the Electrical Workers Licensing Group; and
- sponsorship revenue from the Petroleum Conference held in February 2002.
These changes are partly offset mainly due to the following increased activity between 2002/2003 and 2001/2002 in:
- Trademark applications and renewals;
- RTRW VHF television fees; and
- Petroleum Fuels Monitoring Levies due to increased gasoline and diesel sales in 2002/2003.
Output Expenses
Output expenses have increased by $1.977 million, mainly due to the corresponding expenses associated with the changes referred to above.
Equity
Taxpayers’ Funds have increased by $0.586 million, reflecting an additional capital contribution in 2002/2003 for the development of REGIS, an internet based companies registration system.
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