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(Figures are GST inclusive where applicable)

The Statement of Unappropriated Expenditure details the amount of expenditure incurred above appropriation.

Comparative Information

The comparative information presented in this Statement of Unappropriated Expenditure has been presented on a GST inclusive basis. This comparative information has not been restated to exclude GST, as approved appropriations for the 2005 financial year were made on a GST inclusive basis, and any restatement of the comparative information would not reflect these approved appropriations.

Vote: Economic, Industry and Regional Development

During the financial year, New Zealand Trade and Enterprise incurred unappropriated expenditure in Non-Departmental Output Expenses (Enabling Services - Promotion of New Zealand Business and Development of Investment Opportunities, Foundation Services - Business Information and Advice, Growth Services - Customised Information and Advice and Growth Services - Identifying and Leveraging New Business Opportunities) as noted above.

The unappropriated expenditure was a consequence of unforecast costs, including each appropriation's share of:

• foreign exchange losses on currencies for which effective hedging mechanisms are not available through the international financial markets;
• the cost of additional unforecast retirement leave that has been accrued for employment contract conditions for locally engaged staff offshore;
• higher than anticipated secondment costs due to transfer between New Zealand and overseas offices; and
• unanticipated redundancy costs.

These unappropriated expenditures have been certified and will be validated in the Financial Review Bill.

New Zealand's Participation At Expo 2005 Aichi, Japan

An in-principle transfer does not constitute the necessary authority to incur expenses under the imprest supply system. Accordingly, the expenditure is unlawful to the extent that it exceeds the amount or scope of an existing appropriation for the financial year in question. An in-principle transfer was not formally approved until 5 November 2005, and any amounts incurred prior to then relating to the transfer are technically unappropriated.

Large Budget Screen Production Fund

An in-principle transfer does not constitute the necessary authority to incur expenses under the imprest supply system. Accordingly, the expenditure is unlawful to the extent that it exceeds the amount or scope of an existing appropriation for the financial year in question. An in-principle transfer was not formally approved until 5 November 2005, and any amounts incurred prior to then relating to the transfer are technically unappropriated.

Vote: Energy

Energy and Resource Information Services - Management and Funding of IEA Oil Stocks

The previously approved timetable for achieving compliance with our IEA oil stockholding obligations determined that work on the tender process could not be delayed. Funding of up to $780,000 had been approved for 2005/06.

The technically unappropriated expenditure is a consequence of a decision taken subsequently by Cabinet not to recover the funding by way of a levy on petrol and diesel sales. The change in funding source was not able to be effected in time for the year ended 30 June 2006.

Development of Reserve Electricity Generation Capacity

An in-principle transfer does not constitute the necessary authority to incur expenses under the imprest supply system. Accordingly, the expenditure is unlawful to the extent that it exceeds the amount or scope of an existing appropriation for the financial year in question. An in-principle transfer was not formally approved until 5 November 2005, and any amounts incurred prior to then relating to the transfer are technically unappropriated.

This statement is to be read in conjunction with the Statement of Accounting Policies and Notes to the Financial Statements.