Overview of the government's finances including financial reporting for the government as a whole, the government's revenue and expenditure, its assets and liabilities and its fiscal strategy.
Advice to Government
Advising the government on its finances is a core role of the Treasury. The Treasury is responsible for establishing and maintaining controls to ensure that all government financial transactions are within statutory authority, and that use of public money is properly recorded. The Treasury also prepares forecasts, including economic and fiscal updates as part of the Budget process.
Financial statements and forecasts
Government finances take into account all of the issues any business does, including revenue and expenditure, and assets and liabilities. And like any business, the government must also prepare financial statements at regular intervals (see month end and year end financial statements). These statements are prepared by the Treasury and cover all government entities, including Ministers of the Crown, Offices of Parliament, departments, crown entities, state-owned enterprises (including mixed ownership model companies) and the Reserve Bank of New Zealand. A full list of government reporting entities can be found in the Forecast Financial Statements chapter in the Budget and Economic and Fiscal Update 2017 in the section titled Government Reporting Entity as at 3 May 2017. Statements are prepared in accordance with the Public Sector PBE Accounting Standards.
- Month end statements
- Year end statements
- Budget Economic and Fiscal Update 2018
- Public Sector PBE Accounting Standards
The Treasury's Role
The Treasury is responsible for establishing and maintaining controls to ensure that all government financial transactions are within statutory authority, and that all use of public money is properly recorded.
The Treasury's role in managing the government's finances can be broken into three broad areas:
- Preparing the Financial Statements of the Government in accordance with the Public Sector Finance Act 1989;
- Preparing guidance for departments on Financial Management and Reporting by State sector entities; and
- Preparing forecasts (Economic and Fiscal Updates) as part of the annual Budget process.