Memorandum Accounts for the Year Ended 30 June 2003
Memorandum accounts are notional accounts to record the accumulated balance of surpluses and deficits incurred for outputs operating on a full cost recovery basis. They are intended to provide a long-run perspective to the pricing of outputs.
| Opening | Movement | Closing |
| Balance | During | Balance |
| 1 July 2002 | 2002/2003 | 30 June 2003 |
| $000 | $000 | $000 |
| Memorandum Account | | | |
| Registration and Provision of Statutory Information | 24,404 | 235 | 24,639 |
| Management and Enforcement of Radiocommunications Act | 7,305 | 1,137 | 8,442 |
| Administration of Gas and Electricity Regulations | | | |
| -- Operations of Electrical Workers Registration Board | 430 | 100 | 530 |
This statement is to be read in conjunction with the Statement of Accounting Policies and Notes to the Financial Statements.
Action Taken to Address Surpluses
Registration and Provision of Statutory Information
A fee setting strategy aimed at reducing the memorandum account to a nil balance within a ten year period was implemented with a new schedule of Companies Office fees effective from 1 January 2002 and the new Personal Property Security Register fees taking effect from 1 May 2002.
A review has been completed and revised fees are scheduled for implementation in February 2004, pending Cabinet approval.
Management and Enforcement of the Radiocommunications Act
A review was undertaken within the Radio Spectrum Management Group in November 2002 that has seen a shift in strategic direction and business process and to accurately assess the cost structure of the group. As a result Cabinet has agreed to a revised fees framework. The memorandum account is expected to reduce further in subsequent years as a consequence of the new fees framework that has been introduced concurrently with the regulatory change.
Operations of Electrical Workers Registration Board (EWRB)
EWRB has recently undergone an operational review. It is planned after 6 months to conduct a fees review, which will incorporate addressing any issues with the memorandum account.
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