Financial Highlights
| | 2001/2002
Budget1 | 2001/2002
Estimated
Actual | 2002/2003
Budget |
|---|
| | $000 | $000 | $000 |
| Revenue: Crown | 42,553 | 42,329 | 41,848 |
| Revenue: Other | 52,571 | 52,093 | 48,614 |
| Output expenses | 90,707 | 90,064 | 88,641 |
| Net surplus | 5,141 | 5,082 | 2,408 |
| Taxpayers' Funds | 2,869 | 2,869 | 2,869 |
The following explains the most significant movements in the budget between 2001/2002 and 2002/2003.
Revenue Crown funding for departmental outputs has reduced by $0.705 million mainly due to:
- Government Superannuation Fund activities were transferred to the newly established Crown entity (GSF Authority) from 2 October 2001 and the administration of these activities shifted to Vote Finance (-$0.954 million);
- Vote Sport, Fitness and Leisure activities were transferred to be administered by the Ministry of Arts, Culture and Heritage (-$0.193 million) from 1 January 2002;
- e-commerce initiatives funding in Vote Commerce reducing from 2002/2003 (-$0.264 million); and
- funding associated with the Innovate conference held in 2001/2002 (-$0.500 million).
These changes are offset primarily by increases in funding in 2002/2003 as follows:
- increased funding in Vote Tourism in 2002/2003 relating to the promotion of New Zealand associated with the America's Cup and The Lord of the Rings; an expense transfer from 2001/2002 to 2002/2003 relating to the timing of the completion of the Tourism forecasting project and Tourism Satellite Account; and the full year impact relating to the implementation of the New Zealand Tourism Strategy and the transfer of responsibilities for two statistical series (International Visitor Arrivals and International Visitor Survey) from Tourism New Zealand to the Ministry of Tourism (+$0.994 million).
Other revenue funding for departmental outputs has reduced by $3.957 million and is mainly due to:
- one-off increases in 2000/2001 due to greater than expected activity in company registrations, motor vehicle security interests registered via the internet due to the expected impact of the Personal Property Securities Register implementation, late filing fees collected, and changes following a fees review of the Companies Office, the Insurance and Superannuation Unit, the Intellectual Property Office and the Plant Variety Rights Office (-$3.444 million);
- revenue associated with the Crown Minerals conference in 2001/2002 (-$0.200 million); and
- work undertaken on the approval of the exchange rules as required under the New Zealand Securities Commission Restructuring Bill (-$0.178 million).
Output expenses have reduced by $2.066 million due to:
- funding in 2001/2002 associated with the implementation of the Personal Property Securities Register (-$0.715 million); and
- the expense side of the other revenue related changes referred to above.
The forecast net surplus is expected to reduce by $2.733 million.
Taxpayers' Funds have not changed.
The following diagram represents the contribution each Vote makes to the Ministry's total departmental output class appropriation base (all GST inclusive).
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