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| 30.06.07 | 30.06.07 | |||
|---|---|---|---|---|
Note |
Budget Forecast $000 |
Supplementary Estimates Changes $000 |
Final Budget Total $000 |
|
| Revenue | ||||
| Crown | 2 | 14,417 | 500 | 14,917 |
| Other | 3 | 58 | - | 58 |
| Total revenue | 14,475 | 500 | 14,975 | |
| Expenditure | ||||
| Personnel | 10,562 | 2 | 10,564 | |
| Operating | 5 | 3,482 | 518 | 4,000 |
| Depreciation | 6 | 340 | (20) | 320 |
| Capital charge | 7 | 63 | - | 63 |
| Total expenses | 14,447 | 500 | 14,947 | |
| Net surplus | 28 | - | 28 | |
This is revenue earned for the supply of outputs to the Crown.
| 30.06.06 | 30.06.07 | 30.06.07 | ||
|---|---|---|---|---|
Actual $000 |
Actual $000 |
Main Estimates $000 |
Supplementary Estimates $000 |
|
| 63 | Rental income | 49 | 58 | 58 |
| 2 | Gain on sale of fixed assets | 16 | - | - |
| 65 | Total other revenue | 65 | 58 | 58 |
| 2005/06 | 2006/07 | |
|---|---|---|
| Number of Staff |
Remuneration Band1 |
Number of Staff |
| 3 | $100,001 - $110,000 | 3 |
| 1 | $110,001 - $120,000 | 2 |
| 3 | $120,001 - $130,000 | 1 |
| 2 | $130,001 - $140,000 | 5 |
| 4 | $140,001 - $150,000 | 2 |
| 2 | $150,001 - $160,000 | 1 |
| 1 | $160,001 - $170,000 | 3 |
| 1 | $170,001 - $180,000 | 2 |
| 1 | $180,001-$190,000 | 1 |
| 2 | $190,001 and above | 2 |
1The Chief Executive’s remuneration is excluded as it is reported by the State Services Commissioner.
| 30.06.06 | 30.06.07 | 30.06.07 | ||
|---|---|---|---|---|
Actual $000 |
Actual $000 |
Main Estimates $000 |
Supplementary Estimates $000 |
|
| 42 | Audit fees for audit of financial statements | 42 | 46 | 46 |
| 400 | Premises rental1 | 400 | 400 | 400 |
| 69 | Contract for photocopying services | 113 | 100 | 80 |
1The premises rental expenses do not include accommodation costs for personnel
located on two floors of the Beehive (estimated annual rental for the furnished
accommodation of $350,000) which are provided by The Parliamentary Service.
| 30.06.06 | 30.06.07 | 30.06.07 | ||
|---|---|---|---|---|
Actual $000 |
Actual $000 |
Main Estimates $000 |
Supplementary Estimates $000 |
|
| 15 | Fixtures & fittings | 94 | 115 | 82 |
| 87 | Furniture | 21 | 20 | 20 |
| 13 | Office equipment | 17 | 15 | 20 |
| 14 | Motor vehicles | 10 | 13 | 15 |
| 42 | Plant & equipment | 39 | 30 | 35 |
| 120 | IT equipment | 102 | 137 | 138 |
| 8 | Kitchen equipment | 9 | 10 | 10 |
| 299 | Total depreciation | 292 | 340 | 320 |
The department pays a capital charge on its taxpayers’ funds at 30 June and 31 December each year.
The capital charge rate for the year ended 30 June 2007 was 7.5 per cent (2005/06: 8).
| 30.06.06 | 30.06.07 | |
|---|---|---|
| Actual $000 |
Actual $000 |
|
| 106 | Current year net surplus/(deficit) | 46 |
| 106 | Total provision for repayment of surplus | 46 |
| 30.06.06 | 30.06.07 | |
|---|---|---|
| Actual $000 |
Actual $000 |
|
| 16 | Sundry receivable | 38 |
| 13 | Prepayments | 12 |
| 29 | Total debtors and prepayments | 50 |
| 30.06.06 | 30.06.07 | |
|---|---|---|
| Actual $000 |
Actual $000 |
|
| Fixtures & fittings | ||
| 886 | At cost | 880 |
| 400 | Accumulated depreciation | 488 |
| 486 | Fixtures & fittings - Net book value | 392 |
| Furniture | ||
| 263 | At cost | 303 |
| 212 | Accumulated depreciation | 231 |
| 51 | Furniture - Net book value | 72 |
| Office equipment | ||
| 450 | At cost | 316 |
| 383 | Accumulated depreciation | 259 |
| 67 | Office equipment - Net book value | 57 |
| Motor vehicles | ||
| 139 | At cost | 96 |
| 134 | Accumulated depreciation | 59 |
| 5 | Motor vehicles - Net book value | 37 |
| Plant & equipment | ||
| 623 | At cost | 610 |
| 503 | Accumulated depreciation | 520 |
| 120 | Plant & equipment - Net book value | 90 |
| IT equipment | ||
| 2,462 | At cost | 2,224 |
| 2,310 | Accumulated depreciation | 2,078 |
| 152 | IT equipment - Net book value | 146 |
| Kitchen equipment | ||
| 122 | At cost | 135 |
| 110 | Accumulated depreciation | 112 |
| 12 | Kitchen equipment - Net book value | 23 |
| Ground improvements | ||
| 20 | At cost | 33 |
| 20 | Accumulated depreciation | 22 |
| - | Ground improvements - Net book value | 11 |
| Total fixed assets | ||
| 4,965 | At cost | 4,597 |
| 4,072 | Accumulated depreciation | 3,769 |
| 893 | Total fixed assets - Net book value | 828 |
| 30.06.06 | 30.06.07 | |
|---|---|---|
| Actual $000 |
Actual $000 |
|
| 446 | Trade creditors | 730 |
| 40 | Fixed assets creditors | 38 |
| 620 | Accrued liabilities and provisions | 643 |
| 1,106 | Total creditors and payables | 1,411 |
| 30.06.06 | 30.06.07 | |
|---|---|---|
| Actual $000 |
Actual $000 |
|
| Non-current liabilities | ||
| 410 | Retirement leave | 399 |
| 70 | Long-service leave | 68 |
| 480 | TOTAL NON-CURRENT LIABILITIES | 467 |
| Current liabilities | ||
| 387 | Annual leave | 381 |
| 49 | Long service leave | 47 |
| 49 | Retirement leave | 71 |
| 485 | TOTAL CURRENT LIABILITIES | 499 |
| 965 | Total employee entitlements | 966 |
The department is a party to financial arrangements as part of its everyday operations. These include instruments such as bank balance, investments, sundry receivables, and trade creditors.
Credit risk is the risk that a third party will default on its obligations to the department, causing the department to incur a loss. In the normal course of its operations, the department incurs credit risk from sundry debtors and transactions with financial institutions and the New Zealand Debt Management Office (NZDMO).
The department does not require any collateral or security to support financial instruments with financial institutions it deals with, or with NZDMO, as these entities have high credit ratings. For other financial instruments, the department does not have significant concentrations of credit risk.
The fair value of all financial instruments is equivalent to the carrying amount disclosed in the Statement of Financial Position. The department is not involved in any off-balance-sheet transactions.
Currency risk is the risk that debtors and creditors due in foreign currency will fluctuate because of changes in foreign exchange rates.
Interest rate risk is the risk that the department’s return on the funds it has invested will fluctuate because of changes in market interest rates.
The department has no significant exposure to currency risk or interest rate risk on its financial instruments.
The department is a wholly owned entity of the Crown. The government significantly influences the roles of the department as well as its source of revenue.
The department undertakes transactions with other departments, Crown entities and state-owned enterprises. These transactions are carried out at an arm’s length basis and are not considered to be related-party transactions.
Apart from those transactions described above, the department has not entered into any related-party transactions.
D1-Policy Advice and Secretariat and Co-ordination Services
The appropriation for this output class increased by $353,000 in supplementary estimates for unexpected costs relating to professional services, personnel and IT costs.
D2 – Support services to the Governor-General and maintenance of the two Government Houses
The appropriation for this output class increased by $76,000 in supplementary estimates for additional costs relating to changeover of Governors-General.
D3 – Intelligence assessments on developments overseas
The appropriation for this output class increased by $71,000 in supplementary estimates for unexpected costs relating to personnel and IT costs.
The variance between actual and budgeted personnel costs was due to management of staff vacancies in anticipation of higher operating expenses.
The variance between actual and budgeted operating costs was due to costs for legal services and IT implementation.
At 30 June 2007, expenditure under permanent legislative authority (the Civil List Act 1979) exceeded the forecast appropriation.
During the year there was a changeover of Governors-General (a five-yearly event) which necessitated additional expenses for the salary and allowance for both Governors-General and, with additional overseas travel undertaken, the appropriation was overspent by $20,000.
Full adoption of New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) by departments will occur in the 2007/08 financial year. Therefore these financial statements are prepared under current New Zealand GAAP (Generally Accepted Accounting Practice).
Treasury is managing the adoption of NZ IFRS for the consolidated financial statements of the government reporting entity. Currently DPMC has undertaken a review of NZ IFRS accounting policies for the financial statements and the implementation guidelines developed by Treasury. The potential area of impact from adoption of NZ IFRS is minimal. At this time it is expected that the recognition requirements and classification and measurement choices in the financial instrument standard NZ IAS 39 are likely to have the greatest impact on reported results compared with current accounting policies.