Financial Highlights
| | 2002/2003
Budget5 | 2002/2003
Estimated
Actual | 2003/2004
Forecast | Change between
2002/2003 Budget
and 2003/2004 |
|---|
| | $000 | $000 | $000 | $000 | % |
| Revenue: Crown | 44,544 | 44,483 | 51,478 | 6,934 | 15.6 |
| Revenue: Other | 52,429 | 50,689 | 46,070 | (6,359) | (12.1) |
| Output expenses | 93,229 | 93,007 | 97,029 | 3,800 | 4.1 |
| Net surplus | 3,744 | 2,165 | 519 | (3,225) | (86.1) |
| Taxpayers' Funds | 3,457 | 3,457 | 4,414 | 957 | 27.7 |
The most significant movements in budgets between 2002/2003 and 2003/2004 are explained below.
Revenue Crown (+$6.934 Million)
The main drivers of the change are as follows:
Vote Economic, Industry and Regional Development (+$3.479 Million)
- increased policy advice and co-ordination of the Growth and Innovation Framework;
- support for the portfolio of the Minister of Small Business; and
- undertake an Infrastructure stock-take in order to assess whether existing policy settings are maximising the contribution of infrastructure to sustainable development.
Vote Commerce (+$1.562 Million)
- full year impact of building policy functions within the Ministry of Economic Development;
- establishment and ongoing policy advice relating to the proposed Charities Commission;
- support for WTO negotiations and bilateral Closer Economic Partnership/Free Trade Agreements;
- developing New Zealand's strategy for adopting International Financial Reporting Standards; and
- additional funding for Regulatory Impact Statements / Business Compliance Cost Statements reviews.
Vote Communications (+$0.500 Million)
- mainly related to additional funding to meet costs associated with the sale of radio spectrum.
Vote Consumer Affairs (+$0.264 Million)
- the implementation of the Consumer Credit Bill; and
- funding associated with gaining full membership of the Organisation Internationale de Metrologie Legale (OIML).
Vote Energy (+$1.563 Million)
- energy policy and forecasting work to support delivery of advice on issues associated with gas and electricity market developments;
- additional work on modelling of electricity supply risks and publication of security forecasts; and
- development and implementation of the national unit register under the Climate Change Response Act (part of the Climate Change Package).
Vote Tourism (-$0.434 Million)
- one-off funding in 2002/2003 for co-ordination of the Amerigo Vespucci visit and for an economic impact study of the America's Cup event;
- management responsibilities for the Wairakei Park forest being transferred to Vote Agriculture and Forestry from 2003/2004; and
- a one-off transfer of research funding between 2001/2002 and 2002/2003.
Offset by increases for:
- tourism data, research and dissemination programme; and
- tourism policy capability expansion.
Other Revenue (-$6.359 Million)
The main drivers of the change are as follows:
Vote Commerce (-$7.135 Million)
This was due to one-off increases in 2002/2003, mainly due to an increase in volumes of trade mark applications, late filing fees, company registrations and increased usage of the Personal Property Security Register.
Vote Communications (+$0.629 Million)
- one-off forecast reduction in radio spectrum resource fees in 2002/2003.
Vote Consumer Affairs (-$0.238 Million)
- funding associated with gaining full membership of the Organisation Internationale de Metrologie Legale (OIML); offset by
- the completion in 2003/2004 of the Powerswitch project where set-up and maintenance costs and associated revenue reduce.
Vote Energy (+$0.427 Million)
- public information campaign associated with lower diesel sulphur levels; and
- revenue associated with the Crown Minerals Petroleum Conference.
Output Expenses (+$3.800 Million)
The main drivers of the changes are:
- the expense side of the other revenue related changes referred to above; offset by
- one-off costs associated with the Radio Spectrum Management Group restructure in 2002/2003.
Forecast Net Surplus (-$3.225 Million)
This mainly reflects the forecast impact of a long term strategy to reduce the Registration and Provision of Statutory Information memorandum account; and cost savings resulting from the Radio Spectrum Management group restructure referred to above.
Further information on how the Ministry is working towards reducing surpluses further are outlined in the Forecast of Memorandum Accounts Balances statement which forms part of the forecast financial statements.
Taxpayers' Funds (+$0.957 Million)
The change reflects additional equity for the Ministry to develop a national unit register under the Climate Change Response Act 2002 ($0.500 million), and for the upgrade of the Companies Office Electronic Register (REGIS) to a web browser based system ($0.457 million).
The following diagram represents the contribution each Vote makes to the Ministry's total departmental output class appropriation base (all GST inclusive).
Back to Top