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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 1999/2000:

• Output classes across four Votes (Commerce, Communications, Business Development, and Government Superannuation Fund (GSF)) totalling $49.931 million for services supplied by the Commerce Commission, Securities Commission, Accounting Standards Review Board, Te Mangai Paho, Broadcasting Commission (New Zealand On Air), Maori Broadcasting, Broadcasting Standards Authority, local and national delivery organisations for business development programmes, and administration of GSF Schemes.
• Benefits and other unrequited expenses in Vote GSF totalling $476.385 million for the Crown's share of benefit expenses payable to the Fund.
• Other expenses across four Votes (Commerce, Communications, Business Development and Energy) totalling $15.273 million for subscriptions to international agencies, Ministry of Energy residual liabilities and miscellaneous expenses.
• Capital investments in one Vote (Energy) for energy management loans $0.983 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 $263.598 million of Crown revenue in 1999/2000, 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 2000.

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.

²³The Supplementary Estimates adjustment provides for the transfer of funding for New Zealand on Air to the Ministry of Culture and Heritage as a result of the culture and heritage review.

²⁴The Supplementary Estimates adjustment provides for the transfer of funding for New Zealand on Air to the Ministry of Culture and Heritage as a result of the culture and heritage review.

²⁵Cabinet has greed in principle to an expense transfer from 1999/2000 of up to $10.898m reflecting the timing of expenses incurred in the establishment of a Maori television channel.

²⁶Expenses incurred pursuant to section 33 of the Superannuation Schemes Act 1989.

²⁷The Government Superannuation Fund (GSF) liabilities have been calculated by the Government Actuary as at 30 June 2000. 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.