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• 1999/2000

• Explanation for Variance between Actual and Budgeted Benefits and Other Unrequited Expenses in Vote: GSF

The Ministry of Economic Development administered the following non-departmental appropriations during 2000/2001:

• Output classes across seven Votes (Commerce, Communications, Energy, Industry and Regional Development, Tourism, Sport, Fitness and Leisure and Government Superannuation Fund (GSF)) totalling $101.639 million for services supplied by the Commerce Commission, Securities Commission, Accounting Standards Review Board, Takeovers Panel, Broadcasting Standards Authority, Industry NZ, local and national delivery organisations for industry and regional development programmes, New Zealand Sports Drug Agency, Hillary Commission, New Zealand Tourism Board and administration of GSF Schemes.
• Benefits and other unrequited expenses in Vote GSF totalling $853.434 million for the Crown's share of benefit expenses payable to the Fund and Vote: Sport, Fitness and Leisure totalling $1 million for Sport Education Scholarships.
• Other expenses across six Votes (Commerce, Communications, Energy, Industry and Regional Development, Tourism, and Sport, Fitness and Leisure) totalling $6.616 million for subscriptions to international agencies, Ministry of Energy residual liabilities, Regional Development Programme initiatives and grants and other expenses.
• Capital investments in one Vote (Industry and Regional Development) for the establishment of Industry NZ $4.500 million.

While the Ministry is responsible for making payments for services supplied under non-departmental output classes and, on behalf of the relevant Vote Minister, for monitoring the performance of non-departmental providers, these providers are directly accountable to Ministers for their performance in supplying non-departmental output classes.

The Ministry also collected $431.229 million of Crown revenue in 2000/2001, with the major portion coming from employer superannuation contributions and energy resource levies and royalties.

The following information is provided to give readers a better understanding of the nature and scope of the Crown activities undertaken by the Ministry of Economic Development. For a full understanding of the Crown's financial position and the results of its operations for the period, reference should be made to the consolidated audited Crown Financial Statements for the year ended 30 June 2001.

Explanation for Variance between Actual and Budgeted Benefits and Other Unrequited Expenses in Vote: GSF

The variances from budget result from changes to the sum of pension payments under the various schemes after the budgets were last revised. Such changes cannot be budgeted with complete accuracy and variances are usual and expected. While the size of the variance seems high this is due to the scale of the payments made.

²²Expenses incurred pursuant to section 33 of the Superannuation Schemes Act 1989.

²³The Government Superannuation Fund (GSF) liabilities have been calculated by the Government Actuary as at 30 June 2001. These liabilities arise from closed schemes for past and present public sector employees (set out in the GSF Act 1956). A Projected Aggregate Funding Method, based on balance date membership data, is used for the valuation. This method requires the benefits payable from the GSF in respect of past service to be estimated and then discounted back to the valuation date.

²⁴This was part of the Department of Internal Affairs in 1999/2000.

²⁵This was part of the Department of Internal Affairs in 1999/2000.