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The department leases premises on the third and fifth floors of the Reserve Bank Building, Wellington (see note 7).
The annual lease payments are subject to two-yearly and ten-yearly reviews. The amounts disclosed as future commitments are based on the current rental rates. Other operating commitments include contracts for photocopying services and garden maintenance services.
There are no restrictions placed on the department by any of the operating leasing arrangements.
| 30.6.07 | 30.6.08 | |
|---|---|---|
| Actual $000 |
Actual $000 |
|
| Operating commitments | ||
| 887 | Accommodation leases | 577 |
| 110 | Other operating commitments | 101 |
| 997 | Total commitments | 678 |
| Term classification for operating commitments | ||
| 473 | Less than one year | 307 |
| 524 | One to five years | 371 |
| 997 | Total commitments | 678 |
The accompanying notes form part of these financial statements