Memorandum Accounts for the Year Ended 30 June 2002
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.
| Memorandum Account | Opening
Balance
1 July 2001 | Movement
During
2001/2002 | Closing
Balance
30 June 2002 |
|---|
| | $000 | $000 | $000 |
| Registration and Provision of Statutory Information | 22,876 | 1,528 | 24,404 |
| Management and Enforcement of Radiocommunications Act | 6,658 | 647 | 7,305 |
| Administration of Gas and Electricity Regulations - Operations of Electrical Workers Registration Board | 249 | 181 | 430 |
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 has been 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.
Annual reviews will be undertaken to ensure this strategy is successful.
Management and Enforcement of the Radiocommunications Act
The current baseline surplus for 2002/2003 is expected to decline as a result of a revised fees formula subject to Cabinet approval. The account is expected to reduce further in subsequent years as a consequence of the new fees formula that will be introduced concurrently as part of the regulatory change.
Operations of Electrical Workers Registration Board (EWRB)
EWRB has recently undergone a review and has implemented a new IT system. It is planned after six months to conduct a fees review which will incorporate addressing any issues with the memorandum account.
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