Formats and related files
Vote Finance#
APPROPRIATION MINISTER(S): Minister for Climate Change (M12), Minister of Finance (M31), Minister for State Owned Enterprises (M65), Minister of Research, Science and Innovation (M84), Minister for Greater Christchurch Regeneration (M85), Minister Responsible for the Earthquake Commission (M86), Minister of Housing and Urban Development (M96)
APPROPRIATION ADMINISTRATOR: The Treasury
RESPONSIBLE MINISTER FOR THE TREASURY: Minister of Finance
Overview of the Vote#
The Minister of Finance is responsible for appropriations in Vote Finance for the 2018/19 financial year which cover the following:
- a total of nearly $31 million for the provision of financial operations services and operational advice which support the performance of the State sector
- a total of over $10 million for the administration of Crown borrowing, securities, derivative transactions, investments and guarantees
- a total of over $34 million for the provision of advice (including assessing and providing contributions to policy advice led by other agencies) to support decision making by Ministers
- a total of nearly $14 million for the provision of shared services to other entities and agencies
- a total of $25 million for Crown Infrastructure Partners Limited to invest in water and roading infrastructure to support the timely increase of housing supply
- a total of over $12 million for departmental capital expenditure
- a total of over $3,285 million for the payment of interest and other costs relating to the Crown's debt
- a total of under $1,608 million for superannuation costs, primarily as contributions to the Government Superannuation Fund and the NZ Superannuation Fund
- a total of over $27 million for the un-wind of interest expense on liabilities
- a total of over $5 million for inquiries and research into productivity-related matters by the Productivity Commission
- a total of nearly $6 million for unclaimed money, meeting costs associated with the Landcorp Protected Land Agreement, managing the Crown's residual liabilities, management of the Crown's agreement with Taitokerau Forests Ltd, review and reform of local infrastructure arrangements, and provisions for meeting liabilities associated with Geothermal Wells
- a total of nearly $2 million for the Tax Working Group
- a total of $40 million for the Crown's participation in Dividend Reinvestment Plans
- a total of over $141 million for a loan facility and $50 million for an equity injection for Tamaki Regeneration Company
- a total of nearly $196 million for refinancing of Housing New Zealand Corporation and Housing New Zealand Limited Debt, and
- a total of nearly $15 million for costs of administering New Zealand House, London.
The Minister of Finance is also responsible for Crown revenue and receipts which account for over $3,471 million in non-tax revenue for return on investments, including capital charge, dividends, and interest on securities and deposits.
The Minister of Finance is also responsible for a capital injection of over $6 million to the Treasury.
The Minister supporting Greater Christchurch Regeneration is responsible for annual and multi-year appropriations which total under $502 million in 2018/19 for the continuation of Anchor Projects Programme and divestment of Crown-owned land to Otakaro Limited, the transfer of Anchor Project Assets to Otakaro Limited, and the design and establishment of the Christchurch Regeneration Acceleration Facility.
The Minister of Housing and Urban Development is responsible for the appropriation in Vote Finance for the 2018/19 financial year which covers over $4 million for the Social Housing Reform Programme.
The Minister for State Owned Enterprise is responsible for the appropriation in Vote Finance for the 2018/19 financial year which covers nearly $5 million for Crown company monitoring, governance, and ownership advice.
The Minister of Research, Science and Innovation is responsible for the appropriation in Vote Finance for the 2018/19 financial year which covers over $200,000 for Crown Research Institutes governance and ownership advice.
The Minister for Climate Change is responsible for the appropriation in Vote Finance for the 2018/19 financial year which covers $4 million for the design and establishment of the Green Investment Fund.
Details of these appropriations are set out in Parts 2-4.
Details of Appropriations and Capital Injections#
Annual and Permanent Appropriations#
2017/18 | 2018/19 | ||
---|---|---|---|
Titles and Scopes of Appropriations by Appropriation Type | Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
Departmental Output Expenses |
|||
Administration of Crown Borrowing, Securities, Derivative Transactions and Investment PLA (M31) This appropriation is limited to expenses incurred in connection with administering borrowing, securities, derivative transactions and investment by the Crown, as authorised by section 65ZH of the Public Finance Act 1989. |
10,005 | 10,005 | 10,105 |
Administration of Guarantees and Indemnities Given by the Crown PLA (M31) This appropriation is limited to expenses incurred in connection with administering of guarantees and indemnities given by the Crown, as authorised by section 65ZG of the Public Finance Act 1989. |
110 | 110 | 110 |
Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers (M65) This appropriation is limited to the provision of ownership, performance monitoring and governance advice to the Minister for State Owned Enterprises and other responsible Ministers in respect of the Ministers' shareholding responsibilities or as responsible Ministers for the New Zealand Lotteries Commission and Public Trust. |
4,558 | 4,558 | 4,533 |
Crown Company Monitoring Advice to the Minister of Research, Science and Innovation and the Minister for Economic Development (M84) This appropriation is limited to the provision of ownership, performance monitoring, and governance advice to the Minister of Research, Science and Innovation and other responsible Ministers in respect of the Ministers' shareholding responsibilities. |
129 | 129 | 236 |
Design and Establishment of Christchurch Regeneration Acceleration Facility (M85) This appropriation is limited to the design and establishment of the Christchurch Regeneration Acceleration Facility. |
500 | 500 | 1,000 |
Design and Establishment of the Green Investment Fund (M12) This appropriation is limited to the design and establishment of the Green Investment Fund. |
1,000 | 200 | 4,000 |
Policy Advice - Finance (M31) This appropriation is limited to the provision of advice (including second opinion advice and contributions to policy advice led by other agencies) to support decision-making by Ministers on government policy matters relating to Finance. |
37,867 | 35,517 | 34,308 |
Provision of Financial Operations Services and Operational Advice (M31) This appropriation is limited to the provision of services which support the performance of the State sector, including fiscal reporting, forecasting and monitoring; provision of Export Credit; and the management, administration and monitoring of Crown Guarantee Schemes, Crown Lending, Crown Investments and Crown Bank Accounts. |
30,767 | 30,267 | 30,839 |
Shared Support Services (M31) This appropriation is limited to provision of support services to other agencies. |
14,069 | 12,569 | 13,871 |
Total Departmental Output Expenses |
99,005 | 93,855 | 99,002 |
Departmental Capital Expenditure |
|||
The Treasury - Capital Expenditure PLA (M31) This appropriation is limited to the purchase or development of assets by and for the use of the Treasury, as authorised by section 24(1) of the Public Finance Act 1989. |
8,048 | 8,048 | 12,485 |
Total Departmental Capital Expenditure |
8,048 | 8,048 | 12,485 |
Non-Departmental Output Expenses |
|||
Inquiries and Research into Productivity-Related Matters (M31) This appropriation is limited to the undertaking of inquiries into and research on, and promoting public understanding of, productivity-related matters by the New Zealand Productivity Commission in accordance with the New Zealand Productivity Commission Act 2010. |
- | - | 5,030 |
Management of Anchor Projects by Otakaro Limited (M85) This appropriation is limited to the Crown's contribution to Otakaro Limited's operating and financing expenses. |
26,409 | 21,419 | 23,300 |
Management of the Crown's Obligations for Geothermal Wells (M31) This appropriation is limited to the management and maintenance relating to geothermal wells and associated sites and structures for which the Crown accepts responsibility. |
449 | 82 | 180 |
Management of the New Zealand Superannuation Fund (M31) This appropriation is limited to managing the New Zealand Superannuation Fund on behalf of the Crown. |
859 | 686 | 728 |
Total Non-Departmental Output Expenses |
27,717 | 22,187 | 29,238 |
Non-Departmental Borrowing Expenses |
|||
Debt Servicing PLA (M31) This appropriation is limited to the payment of borrowing expenses for the Crown's New Zealand-dollar and foreign-currency debt, authorised by section 60(1)b of the Public Finance Act 1989. |
3,427,613 | 3,427,613 | 3,285,111 |
Total Non-Departmental Borrowing Expenses |
3,427,613 | 3,427,613 | 3,285,111 |
Non-Departmental Other Expenses |
|||
Crown Residual Liabilities (M31) Residual obligations arising from administration of the Crown's sale and purchase agreements with SOEs and Crown entities and from the sale of Crown investments, and for the settlement of claims against the Crown arising from exposure to asbestos. |
314 | 150 | 210 |
Geothermal Wells Fund (M31) This appropriation is limited to meeting the costs of one-off unforeseen events relating to those geothermal wells for which the Crown accepts responsibility. |
500 | 300 | 500 |
Government Superannuation Appeals Board (M31) This appropriation is limited to the expenses of the Government Superannuation Appeals Board in performing its functions under the Government Superannuation Fund Act 1956. |
50 | 5 | 50 |
Government Superannuation Fund Authority - Crown's Share of Expenses PLA (M31) This appropriation is limited to the Crown's share of the expenses of the Government Superannuation Fund Authority relating to the management and administration of the Government Superannuation Fund and the schemes, authorised by sections 15E and 95 of the Government Superannuation Fund Act 1956. |
38,000 | 38,000 | 38,000 |
Government Superannuation Fund Unfunded Liability PLA (M31) This appropriation is limited to the net increase (excluding actuarial gains and losses) in the Crown's liability to the Government Superannuation Fund and the specified superannuation contribution withholding tax on employer contributions by the Crown, authorised by section 95AA of the Government Superannuation Fund Act 1956. |
538,597 | 468,597 | 553,060 |
National Provident Fund Schemes - Liability Under Crown Guarantee PLA (M31) This appropriation is limited to the net increase (excluding actuarial gains and losses) in the Crown's liability for benefits payable to members of National Provident Fund schemes under the Crown guarantee in section 60 of the National Provident Fund Restructuring Act 1990. This appropriation is authorised by section 66 of the National Provident Fund Restructuring Act 1990. |
18,000 | 17,000 | 16,000 |
Review and Reform of Local Government Infrastructure Arrangements (M31) This appropriation is limited to the review and reform of disaster funding for local government infrastructure, including contributions to expenses of the Local Government Risk Agency. |
1,017 | 143 | 300 |
Unclaimed Money PLA (M31) This appropriation is limited to the repayment of money authorised by section 74(5) of the Public Finance Act 1989. |
250 | 100 | 250 |
Unclaimed Trust Money PLA (M31) This appropriation is limited to the repayment of money authorised by section 70(2) of the Public Finance Act 1989. |
250 | - | 250 |
Unwind of Discount Rate Used in the Present Value Calculation - Rehabilitation of Stockton Mine Acid Mine Drainage (M31) This appropriation is limited to the expense incurred in unwinding the discount rate used in the present value calculation of the Crown's liability under its Deed of Commitment relating to the rehabilitation of Stockton Acid Mine Drainage, as costs are incurred against the liability. |
3,000 | 2,820 | 3,000 |
Unwind of Discount Rate Used in the Present Value Calculation of Payment for Shares in International Financial Institutions PLA (M31) This appropriation is limited to the expense incurred in unwinding the discount rate used in the present value calculation of the liability in respect of share subscriptions in International Financial Institutions as it nears settlement, as authorised by section 5(2) of the International Finance Agreements Act 1961. |
1,403 | 1,533 | 866 |
Unwind of Discount Rate Used in the Present Value Calculation of Payment Under Crown Deed of Support with Southern Response Earthquake Services Ltd (M31) This appropriation is limited to the expense incurred in unwinding the discount rate used in the present value calculation of the liability as the liability nears settlement. |
7,523 | 6,847 | 3,640 |
Ahu Whenua Trust Ex-gratia Payment (M31) This appropriation is limited to an ex-gratia payment to an Ahu Whenua Trust in settlement of its claims from 21 September 1992 onwards. |
9,000 | 9,000 | - |
Earthquake Commission - Clean-up of Edgecumbe Properties (M86) This appropriation is limited to reimbursing EQC for costs associated with implementing Ministerial requests in relation to property clean-up following the Edgecumbe severe flooding of April 2017. |
455 | 77 | - |
Fair Value Write-down on Initial Recognition of Sale of Fairway Resolution Ltd (M31) This appropriation is limited to the expense incurred in the write-down to fair value of the receipt of proceeds from the sale of Fairway Resolution Ltd. |
150 | 150 | - |
Impairment of Investment in Southern Response Earthquake Services Ltd (M31) This appropriation is limited to the impairment of equity investment in Southern Response Earthquake Services Ltd. |
137,000 | - | - |
Payment in Respect of Export Credit Office Guarantees and Indemnities PLA (M31) This appropriation is limited to payments by the Crown under export credit guarantees or indemnities given under Section 65ZD of the Public Finance Act 1989, as authorised by section 65ZG of that Act. |
1,710 | 1,312 | - |
Total Non-Departmental Other Expenses |
757,219 | 546,034 | 616,126 |
Non-Departmental Capital Expenditure |
|||
NZ Superannuation Fund - Contributions (M31) This appropriation is limited to capital contributions to the New Zealand Superannuation Fund, for the present and future cost of New Zealand Superannuation. |
500,000 | 500,000 | 1,000,000 |
Refinancing of Housing New Zealand Corporation and Housing New Zealand Limited Debt (M31) This appropriation is limited to refinancing existing Housing New Zealand Corporation and Housing New Zealand Limited Debt. |
337,045 | 337,045 | 195,909 |
Tamaki Regeneration Company Limited - Equity Injection (M31) This appropriation is limited to the provision of an equity injection to Tamaki Regeneration Company Limited. |
87,000 | 87,000 | 50,000 |
Canterbury Earthquake National Memorial (M31) This appropriation is limited to Crown Acquisition of the Canterbury Earthquake National Memorial from Otakaro Limited. |
8,500 | - | - |
Crown Asset Management Limited - Acquisition of Residual Assets (M31) This appropriation is limited to the acquisition of residual assets from Crown Asset Management Limited. |
1,000 | - | - |
Deferred Receipt of Proceeds from Sale of Fairway Resolution Limited (M31) This appropriation is limited to the recognition of the deferred receipt of sale proceeds from the sale of Fairway Resolution Ltd. |
1,000 | - | - |
International Financial Institutions PLA (M31) This appropriation is limited to capital expenditure for shares subscribed to by New Zealand as a member of International Financial Institutions, authorised by section 5 of the International Finance Agreements Act 1961. |
7,550 | 7,550 | - |
Southern Response Earthquake Services Ltd: Equity Investment (M31) This appropriation is limited to the investment in Southern Response Earthquake Services Ltd. |
137,000 | - | - |
Total Non-Departmental Capital Expenditure |
1,079,095 | 931,595 | 1,245,909 |
Multi-Category Expenses and Capital Expenditure |
|||
Greater Christchurch Anchor Projects MCA (M85) The single overarching purpose of this appropriation is to support the recovery of Christchurch by contributing operating and capital funding for anchor projects covered by the Christchurch Central Recovery Plan. |
233,884 | 123,590 | 250,000 |
Non-Departmental Other Expenses |
|||
Christchurch Bus Interchange and Associated Transport Infrastructure - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Bus Interchange and associated transport infrastructure. |
45,569 | 22,732 | 2,700 |
Christchurch Convention Centre - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Convention Centre. |
3,000 | 2,961 | 4,200 |
Christchurch Stadium - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Stadium. |
989 | - | 2,000 |
Financial Impact of Valuations This category is limited to expenses incurred as a result of the Crown's decisions affecting valuations. |
331 | - | 1,500 |
Leasing Anchor Project Land This category is limited to the financial impact of granting concessionary leases over anchor project land. |
1,000 | - | 2,000 |
Metro Sports Facility - Operating This category is limited to the Crown's contribution to the development, operations and divestment of Metro Sports Facility. |
21,409 | 17,474 | 10,000 |
Pre-Development Holding Costs - Operating This category is limited to the Crown's contribution to the maintenance, operation and ownership of anchor project land and assets prior to commencement of developments. |
7,678 | 1,535 | 2,000 |
Procurement of Land and Assets - Operating This category is limited to the Crown's contribution to the purchase, acquisition and clearance of land and assets for anchor project development. |
23,371 | 10,020 | 21,700 |
Public Space - Operating This category is limited to the Crown's contribution to the development, operations and divestment of the Crown owned public space. |
44,490 | 32,327 | 11,100 |
Sale of Land This category is limited to the financial impact from the divestment of land and transaction costs incurred in the preparation for sale and the sale of land. |
1,684 | - | 1,000 |
Christchurch Bus Interchange and Associated Transport Infrastructure - contributions from third parties This category is limited to the development, operations and divestment of the Christchurch Bus Interchange and associated transport infrastructure funded by contributions from parties other than the Crown. |
100 | - | - |
Christchurch Stadium - contributions from third parties This category is limited to the development, operations and divestment of the Christchurch Stadium funded by contributions from parties other than the Crown. |
100 | - | - |
Metro Sports Facility - contributions from third parties This category is limited to the development, operations and divestment of the Metro Sports Facility funded by contributions from parties other than the Crown. |
100 | - | - |
Public Space - contributions from third parties This category is limited to the development, operations and divestment of the Crown owned public space funded by contributions from parties other than the Crown. |
100 | - | - |
The Square - contributions from third parties This category is limited to the development, operations and divestment of the Square funded by contributions from parties other than the Crown. |
100 | - | - |
Non-Departmental Capital Expenditure |
|||
Christchurch Convention Centre - Capital This category is limited to the Crown's contribution to the capital development of the Christchurch Convention Centre and to providing equity or loan capital to Otakaro Limited for that purpose. |
63,300 | 29,031 | 181,800 |
Land and Asset Acquisition - Capital This category is limited to the Crown's contribution to the cost of land and assets to be acquired for anchor project development and to providing equity or loan capital to Otakaro Limited for that purpose. |
9,336 | - | 10,000 |
Christchurch Bus Interchange and Associated Transport Infrastructure - Capital This category is limited to the Crown's contribution to the capital development of the Christchurch Bus Interchange and associated transport infrastructure and to providing equity or loan capital to Otakaro Limited for that purpose. |
2,085 | - | - |
Earthquake Memorial - Capital This category is limited to the Crown's contribution to the capital development of the Canterbury Earthquake Memorial and to providing equity or loan capital to Otakaro Limited for that purpose. |
68 | - | - |
Metro Sports Facility - Capital This category is limited to the Crown's contribution to the capital development of Metro Sports Facility and to providing equity or loan capital to Otakaro Limited for that purpose. |
1,000 | - | - |
Public Space - Capital This category is limited to the capital development of the Crown owned public space and to providing equity or loan capital to Otakaro Limited for that purpose. |
8,074 | 7,510 | - |
Management of Landcorp Protected Land Agreement MCA (M31) The overarching purpose of this appropriation is meeting the Crown's responsibilities under the Landcorp Protected Land Agreement. |
9,044 | 2,000 | 4,000 |
Non-Departmental Other Expenses |
|||
Operating Costs This category is limited to providing operating costs incurred under the Landcorp Protected Land Agreement. |
5,293 | 2,000 | 2,500 |
Non-Departmental Capital Expenditure |
|||
Capital Investments This category is limited to providing for capital investments incurred under the Landcorp Protected Land Agreement. |
3,751 | - | 1,500 |
Management of New Zealand House, London MCA (M31) The overarching purpose of this appropriation is to ensure that New Zealand House, London is well managed. |
24,994 | 16,300 | 14,750 |
Non-Departmental Output Expenses |
|||
Property Management This category is limited to the property management services in respect of New Zealand House, London. |
2,500 | 1,000 | 1,000 |
Non-Departmental Other Expenses |
|||
Operational Costs This category is limited to the operational costs of New Zealand House, London. |
16,751 | 14,300 | 13,000 |
Renegotiation of Lease Arrangements This category is limited to activities to re-gear the lease on New Zealand House, London (including The Royal Opera Arcade and Her Majesty's Theatre). |
1,993 | 1,000 | - |
Non-Departmental Capital Expenditure |
|||
Capital Expenditure This category is limited to capital expenditure in relation to New Zealand House, London. |
3,750 | - | 750 |
Management of the Crown's Agreement with Taitokerau Forests Limited MCA (M31) The overarching purpose of this appropriation is meeting the Crown's responsibilities under its agreement with Taitokerau Forests Limited. |
4,745 | 400 | 200 |
Non-Departmental Other Expenses |
|||
Grants This category is limited to grants to Taitokerau Forests Limited for on-payment to forest owners, payable upon harvest of the forests. |
415 | 400 | 200 |
Impairment of Loans This category is limited to the expense incurred on the impairment and write-down of loans to Taitokerau Forests Limited. |
4,030 | - | - |
Non-Departmental Capital Expenditure |
|||
Loans This category is limited to the provision of loans to Taitokerau Forests Limited for forest management and development. |
300 | - | - |
Social Housing Reform MCA (M96) The overarching purpose of this appropriation is to improve the variety of social housing in New Zealand and grow the community housing sector, by making Housing New Zealand Corporation stock available to social housing providers. |
12,767 | 5,592 | 4,201 |
Departmental Output Expenses |
|||
Implementation of the Social Housing Reform Programme This category is limited to the policy, operational, and transactional work to implement the Government's reform of social housing. |
5,494 | 4,494 | 2,101 |
Non-Departmental Output Expenses |
|||
Direct Sale Costs for Implementing the Social Housing Reform Programme This category is limited to direct sales costs of implementing the Government's reform of social housing. |
7,273 | 1,098 | 2,100 |
Tax Working Group MCA (M31) The single overarching purpose of this appropriation is to enable the Tax Working Group to consider and recommend improvements in the structure, fairness and balance of the tax system. |
2,400 | 1,400 | 1,600 |
Departmental Output Expenses |
|||
Tax Working Group - Provision of Support and Advice This category is limited to providing support and advice to the Tax Working Group. |
1,920 | 920 | 1,280 |
Non-Departmental Output Expenses |
|||
Tax Working Group - Direct Costs This category is limited to the direct costs of the Tax Working Group. |
480 | 480 | 320 |
Inquiries and Research into Productivity-Related Matters MCA (M31) The overarching purpose of this appropriation is to provide for inquiries into, and research and promotion of, productivity-related matters. |
5,030 | 5,030 | - |
Non-Departmental Output Expenses |
|||
Inquiries into Productivity-Related Matters This category is limited to inquiries undertaken by the New Zealand Productivity Commission in accordance with the New Zealand Productivity Commission Act 2010. |
4,401 | 4,401 | - |
Research into and Promotion of Productivity-Related Matters This category is limited to the New Zealand Productivity Commission undertaking research into and promoting public understanding of productivity-related matters in accordance with the New Zealand Productivity Commission Act 2010. |
629 | 629 | - |
Total Multi-Category Expenses and Capital Expenditure |
292,864 | 154,312 | 274,751 |
Total Annual and Permanent Appropriations |
5,691,561 | 5,183,644 | 5,562,622 |
Multi-Year Appropriations#
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
Non-Departmental Capital Expenditure |
||
Crown Infrastructure Partners Limited - Equity Injection (M31) This appropriation is limited to investment in Crown Infrastructure Partners Limited.Commences: 09 April 2018 Expires: 30 June 2022 |
Original Appropriation | 600,000 |
Adjustments to 2016/17 | - | |
Adjustments for 2017/18 | - | |
Adjusted Appropriation | 600,000 | |
Actual to 2016/17 Year End | - | |
Estimated Actual for 2017/18 | 20,000 | |
Estimated Actual for 2018/19 | 25,000 | |
Estimated Appropriation Remaining | 555,000 | |
Loan Facility for Tamaki Redevelopment Company (M31) This appropriation is limited to provision of a loan to Tamaki Redevelopment Company Limited.Commences: 31 March 2015 Expires: 30 June 2019 |
Original Appropriation | 200,000 |
Adjustments to 2016/17 | - | |
Adjustments for 2017/18 | - | |
Adjusted Appropriation | 200,000 | |
Actual to 2016/17 Year End | 11,500 | |
Estimated Actual for 2017/18 | 47,000 | |
Estimated Actual for 2018/19 | 141,500 | |
Estimated Appropriation Remaining | - | |
Participation in Dividend Reinvestment Plans by the Mixed Ownership Model Companies (M31) This appropriation is limited to the Crown acquiring new shares in Air New Zealand Limited, Genesis Energy Limited, Mercury NZ Limited and Meridian Energy Limited as a result of the Crown's participation in any dividend reinvestment plans carried out by the companies.Commences: 14 February 2018 Expires: 30 June 2022 |
Original Appropriation | 80,000 |
Adjustments to 2016/17 | - | |
Adjustments for 2017/18 | - | |
Adjusted Appropriation | 80,000 | |
Actual to 2016/17 Year End | - | |
Estimated Actual for 2017/18 | 20,000 | |
Estimated Actual for 2018/19 | 40,000 | |
Estimated Appropriation Remaining | 20,000 | |
Transfer of Anchor Project Assets to Otakaro Limited (M85) This appropriation is limited to the transfer of Christchurch anchor project assets to Otakaro Limited.Commences: 01 April 2016 Expires: 30 June 2020 |
Original Appropriation | 500,000 |
Adjustments to 2016/17 | - | |
Adjustments for 2017/18 | - | |
Adjusted Appropriation | 500,000 | |
Actual to 2016/17 Year End | 239,560 | |
Estimated Actual for 2017/18 | 32,770 | |
Estimated Actual for 2018/19 | 227,670 | |
Estimated Appropriation Remaining | - |
Total Annual and Permanent Appropriations and Multi-Year Appropriation Forecasts#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Annual and Permanent Appropriations | 5,691,561 | 5,183,644 | 5,562,622 |
Total MYA Non-Departmental Capital Expenditure Forecasts | 119,770 | 119,770 | 434,170 |
Total Annual and Permanent Appropriations and Multi-Year Appropriation Forecasts |
5,811,331 | 5,303,414 | 5,996,792 |
Capital Injection Authorisations#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
The Treasury - Capital Injection (M31) | 3,000 | 3,000 | 6,388 |
Supporting Information#
Part 1 - Vote as a Whole#
1.1 - New Policy Initiatives
Policy Initiative | Appropriation | 2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Current Government |
||||||
Funding for Tamaki Regeneration Company for the construction of public and private houses in the Tamaki region |
Tamaki Regeneration Company Limited - Equity Injection Non-Departmental Capital Expenditure |
87,000 | 50,000 | - | 138,000 | 25,000 |
Design and Establishment of the Christchurch Acceleration Facility which will enable the Crown to contribute up to $298.5 million towards development initiatives for the Residential Red Zone and/or a Multi-Use Arena (stadium) |
Design and Establishment of the Christchurch Acceleration Facility Departmental Output Expense |
500 | 1,000 | - | - | - |
Design and establishment of the Green Investment Fund which will be funded with up to $100 million to invest in assets that reduce carbon emissions |
Design and Establishment of the Green Investment Fund Departmental Output Expense |
1,000 | 4,000 | - | - | - |
Re-establishment of contributions to the NZ Superannuation Fund |
NZ Superannuation Fund - Contributions Non-Departmental Capital Expenditure |
500,000 | 1,000,000 | 1,500,000 | 2,200,000 | 2,500,000 |
Dividend Reinvestment Plans |
Participation in Dividend Reinvestment Plans by Mixed Ownership Model Companies Non-Departmental Capital Expenditure (Multi-Year Appropriation) |
20,000 | 40,000 | 20,000 | - | - |
Provision of independent advice on NZ's tax systems by the Tax Working Group |
Tax Working Group Multi-Category Appropriation |
2,400 | 1,600 | - | - | - |
Funding for Crown Infrastructure Partners Limited to invest in water and roading infrastructure to support the timely increase of housing supply |
Crown Infrastructure Investments Limited - Equity Injection Non-Departmental Capital Expenditure |
20,000 | 25,000 | 88,000 | 187,000 | 280,000 |
Previous Government |
||||||
Creating Economic Opportunity: A Treasury Presence Offshore (Singapore) |
Policy Advice - Finance Departmental Output Expense |
854 | 854 | 854 | 854 | 854 |
The Stockton Acid Mine Drainage Rehabilitation Project |
Policy Advice - Finance Departmental Output Expense |
2,400 | 1,100 | 1,000 | 300 | - |
Deferred receipt of sales proceeds from the sale of Fairway Resolution Ltd |
Deferred Receipt of Proceeds from Sale of Fairway Resolution Limited Non-Departmental Capital Expenditure |
1,000 | - | - | - | - |
Provision of funding to EQC for the clean-up of properties in Edgecumbe following floods |
Earthquake Commission - Clean-up of Edgecumbe Properties Non-Departmental Other Expense |
455 | - | - | - | - |
Incremental Funding to Maintain the Governance of the Board of the Guardians of New Zealand Superannuation |
Management of the New Zealand Superannuation Fund Non-Departmental Output Expense |
200 | 200 | 200 | 200 | 200 |
Total Initiatives |
635,809 |
1,123,754 |
1,610,054 |
2,526,354 |
2,806,054 |
1.2 - Trends in the Vote#
Summary of Financial Activity#
2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Actual $000 |
Actual $000 |
Actual $000 |
Actual $000 |
Final Budgeted $000 |
Estimated Actual $000 |
Departmental Transactions Budget $000 |
Non- Departmental Transactions Budget $000 |
Total Budget $000 |
Estimated $000 |
Estimated $000 |
Estimated $000 |
|
Appropriations |
||||||||||||
Output Expenses | 98,101 | 87,672 | 95,490 | 112,298 | 126,722 | 116,042 | 99,002 | 29,238 | 128,240 | 122,206 | 99,869 | 99,569 |
Benefits or Related Expenses | - | - | - | - | - | - | N/A | - | - | - | - | - |
Borrowing Expenses | 3,549,500 | 3,619,582 | 3,409,180 | 3,410,543 | 3,427,613 | 3,427,613 | - | 3,285,111 | 3,285,111 | 3,187,077 | 3,323,088 | 3,063,728 |
Other Expenses | 794,050 | 1,220,709 | 951,850 | 968,041 | 757,219 | 546,034 | - | 616,126 | 616,126 | 625,975 | 625,621 | 625,621 |
Capital Expenditure | 273,886 | 373,715 | 2,554,386 | 634,279 | 1,206,913 | 1,039,433 | 12,485 | 1,680,079 | 1,692,564 | 1,865,231 | 2,672,443 | 3,028,372 |
Intelligence and Security Department Expenses and Capital Expenditure | - | - | - | - | - | - | - | N/A | - | - | - | - |
Multi-Category Expenses and Capital Expenditure (MCA) | ||||||||||||
Output Expenses | 5,231 | 6,945 | 17,676 | 16,369 | 22,697 | 13,022 | 3,381 | 3,420 | 6,801 | 4,600 | 1,000 | 1,000 |
Other Expenses | 13,071 | - | 49,615 | 132,060 | 178,503 | 104,749 | - | 73,900 | 73,900 | 26,500 | 19,500 | 19,500 |
Capital Expenditure | 2,822 | - | 19,182 | 34,109 | 91,664 | 36,541 | N/A | 194,050 | 194,050 | 56,050 | 2,250 | 2,250 |
Total Appropriations |
4,736,661 | 5,308,623 | 7,097,379 | 5,307,699 | 5,811,331 | 5,283,434 | 114,868 | 5,881,924 | 5,996,792 | 5,887,639 | 6,743,771 | 6,840,040 |
Crown Revenue and Capital Receipts |
||||||||||||
Tax Revenue | - | - | - | - | - | - | N/A | - | - | - | - | - |
Non-Tax Revenue | 3,174,365 | 3,069,945 | 3,673,883 | 3,305,607 | 3,140,673 | 3,140,673 | N/A | 3,360,718 | 3,360,718 | 3,228,985 | 3,398,168 | 3,335,814 |
Capital Receipts | 78,597 | 67,797 | 627,990 | 286,137 | 369,218 | 369,218 | N/A | 206,474 | 206,474 | 287,878 | 167,779 | 219,988 |
Total Crown Revenue and Capital Receipts |
3,252,962 | 3,137,742 | 4,301,873 | 3,591,744 | 3,509,891 | 3,509,891 | N/A | 3,567,192 | 3,567,192 | 3,516,863 | 3,565,947 | 3,555,802 |
Note - where restructuring of the vote has occurred then, to the extent practicable, prior years information has been restated as if the restructuring had occurred before the beginning of the period covered. In this instance Total Appropriations for the Budgeted and Estimated Actual year may not equal Total Appropriations in the Details of Appropriations and Capital Injections.
1.3 - Analysis of Significant Trends#
Total Vote: All Appropriations
The movements in appropriations in Vote Finance, as detailed in the Summary of Financial Activity table above, are largely due to movements in capital expenditure, debt servicing costs and other Non-Departmental expenses.
Significant movements within each appropriation category are shown below.
Departmental Output Expenses
Total Departmental output expenses will remain constant at $99 million in 2018/19. An increase in funding for the design and establishment of the Green Investment Fund of $3 million will be offset by reduction in other appropriations - primarily as a result of non-recurring expense transfers from 2016/17 to 2017/18.
Material changes in previous years included:
- Policy Advice - Finance increased by about $2 million in 2017/18 which was largely the result of new funding provided in Budget 2017 of $3 million for the two initiatives Creating Economic Opportunity: A Treasury Presence Offshore (Singapore) and the Stockton Acid Mine Drainage Rehabilitation Project, and
- Shared Support Services to the Department of the Prime Minister and Cabinet (DPMC) increased in 2016/17 following the transfer of Canterbury Earthquake Recovery Authority activities from March 2016 ($3 million), and had previously increased in 2015/16 following transfer of Emergency Management activities from the Department of Internal Affairs from April 2014 ($4 million).
Non-Departmental Output Expenses
No material changes are forecast in Non-Departmental output expenses in 2018/19. Material changes in previous years included:
- in 2015/16, a new appropriation, Management of Anchor Projects by Otakaro Limited, was established for the provision of operating costs to Otakaro Limited for managing the continuation of Anchor Projects and divestment of Crown-owned land in Christchurch. Funding of over $7 million was appropriated for 2015/16 and $23 million for 2016/17. Funding is forecast to continue at $23 million each year until 2020/21 when it expires, and
- Tamaki Regeneration appropriation was transferred into Vote Finance from Vote Building and Housing in 2015/16, with costs of just over $3 million being incurred in 2016/17.
Non-Departmental Borrowing Expenses
Debt servicing costs have fluctuated over the period and are expected to continue to do so in the future, as a result of movements in forecast interest rates and the amount of debt outstanding.
Non-Departmental Other Expenses
For 2018/19, Non-Departmental other expenses are forecast to decrease, mainly due to the non-recurrence of a $137 million impairment of the Crown's investment in Southern Response Earthquake Services Limited in 2017/18.
Material changes in previous years included:
- the Crown's impairment of its investment in Southern Response Earthquake Services Limited being $308 million in 2016/17, compared to the forecast expense of $137 million in 2017/18
- a one-off write-off in 2015/16 of the Crown's historical investment in Solid Energy New Zealand Limited of nearly $61 million and the impairment of its investment in Southern Response Earthquake Services Limited of $222 million, and
- one-off costs of nearly $108 million being incurred in 2014/15 in respect of the indemnity provided to Solid Energy New Zealand Limited for the reimbursement of the rehabilitation costs associated with mining operations. There was also $684 million incurred for the Crown's unfunded liability under the Government Superannuation Scheme and $333 million for the impairment of the investment in Southern Response Earthquake Services Limited.
Departmental Capital Expenditure
The Departmental capital expenditure appropriation is forecast to increase by $4 million in 2018/19 as a result of the planned refurbishment of the Treasury's new premises from 2019, 1-3 The Terrace.
Non-Departmental Capital Expenditure
This appropriation category comprises purchases of debt and equity by the Crown in various Crown entities, and capital additions to the Crown's physical assets.
Forecast changes in Non-Departmental capital expenditure in 2018/19 are principally owing to:
- an increase in contributions to the NZ Superannuation Fund of $500 million
- an increase in the loan advanced to Tamaki Regeneration Company Ltd of $94.500 million
- a reduction in the refinancing of loans to Housing New Zealand Corporation of $210 million
- an increase in the forecast transfer of assets to Otakaro Limited of $195 million, and
- a reduction in the equity investment in Tamaki Regeneration Company Limited of $37 million.
Material movements in previous years included:
- transfer of Housing New Zealand Corporation stock to the Tamaki Redevelopment Company in 2015/16 as part of the Social Housing Reform Programme - valued at $1,631 million
- additional investment in Southern Response Earthquake Services Limited of $222 million in 2015/16 for Christchurch earthquake claims settlement
- $142 million of refinancing associated with Housing New Zealand Corporation and Housing New Zealand Limited debt in 2015/16
- non-recurring investments to Financial Institutions of $198.900 million to the International Monetary Fund, and $135.8 million to the Asian Infrastructure Bank in 2015/16, and
- $333 million provided to Support Southern Response Earthquake Services Limited in 2014/15.
Multi-Category Expenses and Capital Expenditure
Changes in the Multi-Category expenses and capital expenditure in 2018/19 are mainly due to:
- an increase in the Greater Christchurch Anchor Projects MCA of $17 million, a reduction in the Management of New Zealand House MCA of $10 million, a reduction in the Management of Landcorp Protected Land of $5 million, a reduction in the Management of the Crown's agreement with Taitokerau Forests Ltd of $4 million - all due to the timing of forecast expenditure
- an $8 million reduction in the Social Housing Reform Programme MCA due to the winding-down of this programme, and
- the transfer of the Productivity Commission funding of $5 million from an MCA to a new annual appropriation.
Material movements in previous years included:
- the transfer of funding from Vote Canterbury Earthquake Recovery for the operating and capital expenditure in respect of Anchor Projects programme and divestment of Crown-owned land of over $65 million in 2015/16, nearly $253 million in 2016/17, and over $254 million in 2017/18.
Crown Revenue
Non-tax Crown Revenue largely comprises capital charge, interest from securities and deposits, and dividends from State-Owned Enterprises, Crown Entities, and partly owned listed companies.
Crown Capital Receipts
Variances in Crown Capital Receipts are largely due to International Monetary Fund capital returns, repayment of loans, and capital withdrawals from Crown companies. In 2018/19, capital receipts are forecast to be lower due to a reduction in the repayment of loans from Housing New Zealand Corporation of $210 million due to the timing of the maturity of its loans. In 2015/16, capital receipts were higher as a result of a $445 million repayment of advances from the International Monetary Fund.
Part 2 - Details of Departmental Appropriations#
2.1 - Departmental Output Expenses#
Administration of Crown Borrowing, Securities, Derivative Transactions and Investment PLA (M31)
Scope of Appropriation
Expenses and Revenue
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 10,005 | 10,005 | 10,105 |
Revenue from the Crown | 10,000 | 10,000 | 10,100 |
Revenue from Others | 5 | 5 | 5 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the administration of the Crown's financing requirements so as to raise sufficient funds to finance the Crown's cash deficit while minimising the cost to the Crown of such borrowing.
How Performance will be Assessed and End of Year Reporting Requirements
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Crown liquidity and funding risk and NZDMO market and credit risk are well managed within the Crown's risk appetite: As evidenced by compliance with the following NZDMO policies: Market Risk Policy, Credit Risk Policy, Liquidity Risk Policy and Funding Risk Policy. |
No more than four breaches | One breach | No more than four breaches |
NZDMO operational risk is well managed within the Crown's risk appetite: As evidenced by the number of settlement errors and financial loss arising from settlement errors. |
No more than six errors or $10,000 cost | No more than six errors or $10,000 cost | No more than six errors or $10,000 cost |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Previous Government |
||||||
Business Information Hub operating costs | 2015/16 | 330 | 330 | 330 | 330 | 330 |
Conditions on Use of Appropriation
Reference | Conditions |
---|---|
Section 65ZH of the PFA | Any expenses incurred in connection with any of the following matters may be incurred without further appropriation, and must be paid without further authority, than this section: (a) negotiating the borrowing of money by the Crown (b) undertaking, managing, servicing, converting, or repaying borrowing described in paragraph (a) (c) issuing a public security in respect of the Crown (d) executing, redeeming, or varying a public security described in paragraph (c) (e) negotiating a derivative transaction of the Crown (f) managing, servicing, or making payments under a derivative transaction described in paragraph (e) (g) negotiating an investment referred to in section 65I, and (h) placing, managing, servicing, or converting an investment referred to in section 65I. |
Administration of Guarantees and Indemnities Given by the Crown PLA (M31)#
Scope of Appropriation#
Expenses and Revenue#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 110 | 110 | 110 |
Revenue from the Crown | 109 | 109 | 109 |
Revenue from Others | 1 | 1 | 1 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve efficient and effective administration of the Crown's Guarantees and Indemnities, including the Wholesale and Retail Deposit Guarantee Schemes.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
The agreed arrangements implemented to minimise the Crown's residual liability beyond the amount held in ESCROW are carried out. |
New Measure in 2018/19 | Achieved | Achieved |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
Conditions on Use of Appropriation#
Reference | Conditions |
---|---|
Section 65ZG of the Public Finance Act | Any money paid by the Crown under a guarantee or indemnity given under Section 65ZD and any expenses incurred by the Crown in relation to the guarantee or indemnity may be incurred without further appropriation, and must be paid without further authority than this section. |
Crown Company Monitoring Advice to the Minister for State Owned Enterprises and Other Responsible Ministers (M65)#
Scope of Appropriation#
Expenses and Revenue#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 4,558 | 4,558 | 4,533 |
Revenue from the Crown | 4,556 | 4,556 | 4,531 |
Revenue from Others | 2 | 2 | 2 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to ensure appropriate financial and social returns, and long-term value is achieved from the State Owned Enterprises (SOEs), Crown entity companies (CECs) and Crown entities monitored under this appropriation.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Appointments completed for Directors of SOEs. |
30-40 | 35-40 | 30-40 |
Appointments completed for Board members for CECs and Crown Entities that are monitored under this appropriation. |
35-45 | 35-45 | 35-45 |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
Crown Company Monitoring Advice to the Minister of Research, Science and Innovation and the Minister for Economic Development (M84)#
Scope of Appropriation#
Expenses and Revenue#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 129 | 129 | 236 |
Revenue from the Crown | 128 | 128 | 235 |
Revenue from Others | 1 | 1 | 1 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to ensure appropriate financial and social returns, and long-term value is achieved from Crown research institutes and Crown entities monitored under this appropriation.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Appointments completed for Directors of Crown Research Institutes and other entities. |
20-30 | 20-45 | 20-30 |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
Reasons for Change in Appropriation#
The increase in this appropriation for 2018/19 is due to a fiscally neutral adjustment of $100,000 which was required to align appropriations with the reallocation of resources and corresponding overhead costs required to support the Government's highest priorities.
Design and Establishment of Christchurch Regeneration Acceleration Facility (M85)#
Scope of Appropriation#
Expenses and Revenue#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 500 | 500 | 1,000 |
Revenue from the Crown | 500 | 500 | 1,000 |
Revenue from Others | - | - | - |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to enable the establishment and operation of the Christchurch Regeneration Acceleration Facility, including the design and management of decision-making processes and associated arrangements for investments.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
The Christchurch Regeneration Acceleration Facility is established in a timely manner. |
N/A | New measure in 2018/19 | Achieved |
Payments made in respect of the Christchurch Regeneration Acceleration Facility are made in accordance with the terms and conditions of the relevant agreements. |
N/A | New measure in 2018/19 | Achieved |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
Current and Past Policy Initiatives#
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Current Government |
||||||
Design and Establishment of the Christchurch Regeneration Acceleration Facility | 2017/18 | 500 | 1,000 | - | - | - |
Reasons for Change in Appropriation#
The increase in this appropriation for 2018/19 is due to further work on the design and establishment of the Christchurch Regeneration Acceleration Facility following its commencement in 2017/18.
Design and Establishment of the Green Investment Fund (M12)#
Scope of Appropriation#
Expenses and Revenue#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 1,000 | 200 | 4,000 |
Revenue from the Crown | 1,000 | 200 | 4,000 |
Revenue from Others | - | - | - |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the design and establishment of the Green Investment Fund.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
The Green Investment Fund is established in a timely manner. |
New measure in 2018/19 | N/A | Achieved |
The Green Investment Fund's initial investment mandate is specified. |
New measure in 2018/19 | N/A | Achieved |
Green Investment Fund board appointments are completed. |
New measure in 2018/19 | N/A | Achieved |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
Current and Past Policy Initiatives#
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Current Government |
||||||
Design and establishment of the Green Investment Fund which will be funded with up to $100 million to invest in assets that reduce carbon emissions. | 2017/18 | 1,000 | 4,000 | - | - | - |
Reasons for Change in Appropriation#
The increase in this appropriation for 2018/19 is due to further work on the design and establishment of the Green Investment Fund being undertaken following its commencement in 2017/18.
Policy Advice - Finance (M31)#
Scope of Appropriation#
Expenses and Revenue#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 37,867 | 35,517 | 34,308 |
Revenue from the Crown | 37,819 | 35,469 | 34,260 |
Revenue from Others | 48 | 48 | 48 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to enable and facilitate Ministerial decision-making that achieves for New Zealand improved economic performance, a high-performing State sector, and a stable and sustainable macroeconomic environment.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Assessment of the technical quality of policy advice papers through a review process that has a methodological robustness of at least 80% (see Note 1). |
75% | 58% | 75% |
The satisfaction of the Minister of Finance with the policy advice service, as per the common satisfaction survey. |
75% | 75% | 75% |
The total cost per hour of producing outputs. |
$203 | $200 | $203 |
Budget decisions are in line with short-term fiscal intentions in the Budget Policy Statement (BPS). |
Achieved | Achieved | Achieved |
Staff in agencies proposing new regulations surveyed rate their level of satisfaction as "satisfied" or better with Treasury's guidance about how to fulfil Regulatory Impact Analysis Requirements. |
N/A | New measure in 2018/19 | 80% |
Technical quality of advice regarding procurement of the Stockton acid mine drainage solution as assessed through the general Treasury policy advice quality assessment process. |
75% | 75% | 75% |
Major fiscal models are externally quality assured (periodically) and, where appropriate, assumptions are tested with suitably qualified external experts. |
N/A | New measure in 2018/19 | Achieved |
Note 1 - The higher the robustness score, the stronger the methodological quality of the completed assessment. This is calculated using a standardised formula common to agencies and departments that participate in the policy measurement exercise.
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
Current and Past Policy Initiatives#
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Previous Government | ||||||
Creating Economic Opportunity: A Treasury Presence Offshore (Singapore) | 2017/18 | 854 | 854 | 854 | 854 | 854 |
The Stockton Acid Mine Drainage (AMD) Rehabilitation | 2017/18 | 2,400 | 1,100 | 1,000 | 300 | - |
Transfer of Work and Income External Monitoring Costs from Vote Social Development | 2015/16 | 750 | 750 | 750 | 750 | 750 |
Reasons for Change in Appropriation#
The decrease in this appropriation for 2018/19 is mainly due to:
- a reduction in funding for the Stockton Acid Mine Drainage Rehabilitation project of $1.300 million
- a one-off expense transfer of $507,000 of unspent funding from 2016/17 to 2017/18, and
- a one-off transfer of funding from the Social Housing Reform Programme MCA of $1.241 million in 2017/18.
Provision of Financial Operations Services and Operational Advice (M31)#
Scope of Appropriation#
Expenses and Revenue#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 30,767 | 30,267 | 30,839 |
Revenue from the Crown | 27,142 | 26,642 | 27,214 |
Revenue from Others | 3,625 | 3,625 | 3,625 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to improve economic performance and financial stewardship across the State Sector and export and financial markets, through provision of relevant and timely operational support, services and advice.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
All submitted Budget initiatives were accompanied by a cost benefit analysis (see Note 1), where required. |
Achieved | Achieved | Achieved |
Audit opinion issued by the Controller and Auditor-General on the Financial Statements of Government. |
Unqualified | Unqualified | Unqualified |
Required Economic and Fiscal Updates efficiently produced with key judgements and uncertainties clearly articulated and key assumptions have been appropriately tested. |
Achieved | Achieved | Achieved |
Monthly Financial Statements of Government produced in accordance with the PFA requirements and free from material errors. |
Achieved | Achieved | Achieved |
Management of residual liabilities and investigation of mechanisms to discharge the Crown's obligations in a timely manner ensuring any costs from the materialisation of liabilities are contained (see Note 1). |
Achieved | Achieved | Achieved |
Compliance with risk management policies and parameters for management of Crown lending and Crown bank accounts. |
No breaches | No breaches | No breaches |
Investment Management and Asset Performance# |
|||
All investment-intensive agencies lift their investment performance over the Investor Confidence Rating (ICR) cycle. |
5-10% increase in ICR score | 5-10% increase in ICR score | 5-10% increase in ICR score |
Investment Ministers rate their level of satisfaction with investment advice as "satisfied" or better. |
100% | 75% | 75% |
Senior Responsible Owners of major projects rate their level of satisfaction with investment advice as "satisfied" or better. |
85% | 85% | 85% |
New Zealand Export Credit Office# |
|||
Value of export transactions supported. |
$250-$320 million | $215 million | $250-$320 million |
Value of new exposure of export credit policies. |
$100-$120 million | $110 million | $100-$120 million |
Number of exporters supported. |
30-40 | 36 | 30-40 |
Number of education seminars delivered. |
30 | 30 | 30 |
Compliance with International Guidelines (OECD and WTO) and Delegated Mandate. |
100% | 100% | 100% |
Five-year Expense Ratio (Operating Expenses / Premium Earned). |
Lower than 60% | 110% | Lower than 60% |
Five-year Loss Ratio (Claims Paid and Reserved / Premium Earned). |
40% | 90% | Lower than 40% |
Note 1 - This cost benefit analysis should cover: problem definition, intervention logic, options analysis, evaluation of the initiative's contribution to the agency's / sector's outcomes and result areas, how the new initiative will be implemented and evaluated, and options for scaling the initiative.
Note 2 - This output class covers the management and resolution of contingent or actual liabilities associated with various Crown commitments and assets - for instance, gas and geothermal reserves, Treaty settlements and New Zealand House. In some cases, the Treasury is a provider of second-opinion advice rather than a lead agency on these matters.
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
Current and Past Policy Initiatives#
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Previous Government |
||||||
Share of costs for Budget 2015 whole-of-government initiatives | 2015/16 | (391) | (304) | (314) | (314) | (314) |
Transfer to Vote Foreign Affairs for a Contribution to Global Infrastructure Hub | 2014/15 | (125) | (125) | (125) | (125) | (125) |
Improving Investment Management System Performance and Capital Asset Management | 2014/15 | 300 | 300 | 300 | 300 | 300 |
Shared Support Services (M31)#
Scope of Appropriation#
Expenses and Revenue#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 14,069 | 12,569 | 13,871 |
Revenue from the Crown | - | - | - |
Revenue from Others | 14,069 | 12,569 | 13,871 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve quality, efficient support services for other agencies.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Services meet the standards and timeframes agreed with other agencies. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
2.3 - Departmental Capital Expenditure and Capital Injections#
The Treasury - Capital Expenditure PLA (M31)#
Scope of Appropriation
Capital Expenditure
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Forests/Agricultural | - | - | - |
Land | - | - | - |
Property, Plant and Equipment | 3,930 | 3,930 | 8,930 |
Intangibles | 4,118 | 4,118 | 3,555 |
Other | - | - | - |
Total Appropriation |
8,048 | 8,048 | 12,485 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the renewal and replacement of life-expired assets in support of the delivery of Treasury services.
How Performance will be Assessed and End of Year Reporting Requirements
Expenditure is in accordance with the Treasury capital asset management plan.
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in its 2018/19 Annual Report.
Reasons for Change in Appropriation
The increase in this appropriation for 2018/19 is due to refurbishment of the Treasury's new premises from 2019, 1-3 The Terrace.
Capital Injections and Movements in Departmental Net Assets
The Treasury
Details of Net Asset Schedule | 2017/18 Estimated Actual $000 |
2018/19 Projected $000 |
Explanation of Projected Movements in 2018/19 |
---|---|---|---|
Opening Balance | 19,417 | 22,417 | |
Capital Injections | 3,000 | 6,388 | Capital Injection for the refurbishment of the Treasury's new premises from 2019, 1-3 The Terrace. |
Capital Withdrawals | - | - | |
Surplus to be Retained (Deficit Incurred) | - | - | |
Other Movements | - | - | |
Closing Balance |
22,417 | 28,805 |
Part 3 - Details of Non-Departmental Appropriations#
3.1 - Non-Departmental Output Expenses#
Inquiries and Research into Productivity-Related Matters (M31)
Scope of Appropriation
Expenses
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | - | - | 5,030 |
Comparators for Restructured Appropriation
2017/18 | 2018/19 | ||
---|---|---|---|
Vote, Type and Title of Appropriation | Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
Inquiries and Research into Productivity-Related Matters MCA |
|||
Non-Departmental Output Expenses |
|||
Inquiries into Productivity-Related Matters | 4,401 | 4,401 | - |
Research into and Promotion of Productivity-Related Matters | 629 | 629 | - |
Total |
5,030 |
5,030 |
- |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve inquiries and research in accordance with the New Zealand Productivity Commission Act 2010.
How Performance will be Assessed and End of Year Reporting Requirements
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Inquiry participants' feedback (via survey) on whether the inquiry helped set or lift the standard in New Zealand for high quality analysis and advice on the topic. |
New measure in 2018/19 | N/A | Maintained or Improved |
Inquiry participants' feedback (via survey) on whether the inquiry has increased their understanding of the topic. |
New measure in 2018/19 | N/A | Maintained or Improved |
Productivity Hub participants' feedback (via survey) on whether the Commission's facilitation of the Hub was a positive contribution toward improved levels of coordination and collaboration in productivity research. |
New measure in 2018/19 | N/A | Maintained or Improved |
Productivity Hub participants feedback (via survey) on whether research outputs promote understanding of productivity-related matters. |
New measure in 2018/19 | N/A | Maintained or Improved |
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Productivity Commission in its 2018/19 Annual Report.
Service Providers
Services will be delivered by New Zealand Productivity Commission.
Reasons for Change in Appropriation
The appropriation replaces the Inquiries and Research into Productivity-Related Matters MCA with the amount unchanged.
Management of Anchor Projects by Otakaro Limited (M85)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 26,409 | 21,419 | 23,300 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve continuation of Christchurch earthquake recovery of the Anchor Projects Programme and divestment of Crown-owned land in Christchurch.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Otakaro Limited will manage and administer the Anchor Projects Programme and divestment of Crown-owned land in Christchurch in accordance with the company's purpose as set out in its Constitution and its Statement of Intent. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by Otakaro Limited in its 2018/19 Annual Report.
Current and Past Policy Initiatives#
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Previous Government |
||||||
Establishment of Otakaro Limited | 2015/16 | 26,409 | 23,300 | 21,600 | - | - |
Management of the Crown's Obligations for Geothermal Wells (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 449 | 82 | 180 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve management and maintenance relating to geothermal wells and associated sites and structures for which the Crown accepts responsibility.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(iii) of the PFA as the amount of this annual appropriation for Non-Departmental output expense is less than $5 million.
Service Providers#
Services will be provided by Aurecon Limited, MB Century and other providers if and when required.
Reasons for Change in Appropriation#
The decrease in this appropriation for 2018/19 is due to a one-off expense transfer of unused funding from 2016/17 to 2017/18 for remedial work on redundant geothermal wells.
Management of the New Zealand Superannuation Fund (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 859 | 686 | 728 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the management and administration of the Guardians of New Zealand Superannuation Fund.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(iii) of the PFA as the amount of this annual appropriation for Non-Departmental output expense is less than $5 million.
Service Providers#
Services will be provided by Guardians of New Zealand Superannuation Fund.
Reasons for Change in Appropriation#
The decrease in this appropriation for 2018/19 is due to a one-off expense transfer of unused funding from 2016/17 to 2017/18 to fulfil the Board's revised strategy.
3.3 - Non-Departmental Borrowing Expenses#
Debt Servicing PLA (M31)#
Scope of Appropriation
Expenses
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 3,427,613 | 3,427,613 | 3,285,111 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the payment of borrowing expenses for the Crown's New Zealand-dollar and foreign-currency debt, authorised by section 60(1)(b) of the PFA.
End of Year Performance Reporting
This borrowing expense appropriation is exempt from end of year performance reporting under section 15A(4)(b) of the PFA.
Reasons for Change in Appropriation
The decrease in this appropriation for 2018/19 is due to movements in forecast interest rates and the amount of debt outstanding.
3.4 - Non-Departmental Other Expenses#
Crown Residual Liabilities (M31)#
Scope of Appropriation
Expenses
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 314 | 150 | 210 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the administration of residual obligations arising from the Crown's sale and purchase agreements with SOEs and Crown entities and from the sale of Crown investments, and for the settlement of claims against the Crown arising from exposure to asbestos.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(iii) of the PFA as the amount of this annual appropriation for Non-Departmental other expense is less than $5 million.
Geothermal Wells Fund (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 500 | 300 | 500 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve meeting the costs of one-off unforeseen events relating to those geothermal wells for which the Crown accepts responsibility.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(iii) of the PFA as the amount of this annual appropriation for Non-Departmental other expense is less than $5 million.
Government Superannuation Appeals Board (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 50 | 5 | 50 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the on-going operations of the Government Superannuation Appeals Board.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for payments of board fees, disbursements and allowances. Performance information relating to the administration of the payment is provided under the Provision of Financial Operations Services and Operational Advice appropriation.
Government Superannuation Fund Authority - Crown's Share of Expenses PLA (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 38,000 | 38,000 | 38,000 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the management and administration of the Government Superannuation Fund and the schemes, authorised by s15E and s95 of the Government Superannuation Act 1956, through payment of the Crown's share of the expenses of the Government Superannuation Fund Authority.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative as this appropriation is solely for payments of the Crown's share of expenses relating to the management and administration of the Government Superannuation Fund and the schemes authorised by s15E and s95 of the Government Superannuation Fund Act 1956.
Government Superannuation Fund Unfunded Liability PLA (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 538,597 | 468,597 | 553,060 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to recognise the Crown's liability to the Government Superannuation Fund and the specified superannuation contribution withholding tax on employer contributions by the Crown as authorised by s95AA of the Government Superannuation Fund Act 1956 in accordance with generally accepted accounting practice.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for technical accounting treatment of the Crown's liability.
Reasons for Change in Appropriation#
The increase in this appropriation for 2018/19 is due to an actuarial revaluation of the outstanding liability as at 30 September 2017.
National Provident Fund Schemes - Liability Under Crown Guarantee PLA (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 18,000 | 17,000 | 16,000 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the recognition of the net increase (excluding actuarial gains and losses) in the Crown's liability for benefits payable to members of National Provident Fund schemes under the Crown guarantee in s60 of the National Provident Fund Restructuring Act 1990. This appropriation is authorised by s66 of the National Provident Fund Restructuring Act 1990.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for costs payable to the National Provident Fund Scheme. Further information about the performance of the Scheme can be found in the National Provident Fund's Annual Report.
Reasons for Change in Appropriation#
The decrease in this appropriation for 2018/19 reflects a revised forecast for the expected interest cost movements in relation to the National Provident Fund liability.
Review and Reform of Local Government Infrastructure Arrangements (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 1,017 | 143 | 300 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve a review of, and develop reform options for the Crown's natural disaster funding arrangements for, local government infrastructure. This appropriation will also contribute to assessing the financial viability of the Local Government Risk Agency.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15(2)(b)(iii) of the PFA as the amount of this annual appropriation for Non-Departmental other expense is less than $5 million.
Service Providers#
Services will be provided by the Local Government Risk Agency.
Reasons for Change in Appropriation#
The decrease in this appropriation is due to the winding-down of this activity.
Unclaimed Money PLA (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 250 | 100 | 250 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the repayment of unclaimed money authorised by s74(5) of the PFA.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for the repayment of unclaimed money to claimants and repayments are made in accordance with s74(5) of the PFA.
Unclaimed Trust Money PLA (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 250 | - | 250 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the repayment of money authorised by s70(2) of the PFA.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for the repayment of unclaimed money to claimants and repayments are made in accordance with s70(2) of the PFA.
Unwind of Discount Rate Used in the Present Value Calculation - Rehabilitation of Stockton Mine Acid Mine Drainage (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 3,000 | 2,820 | 3,000 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to cover the unwind of discount rate used in the present value calculation of rehabilitation of Stockton Acid Mine Drainage.
End of Year Performance Reporting#
An exemption was granted under s15(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative as this appropriation is solely for a non-cash technical accounting transaction.
Unwind of Discount Rate Used in the Present Value Calculation of Payment for Shares in International Financial Institutions PLA (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 1,403 | 1,533 | 866 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the recognition of interest unwind for Crown's liability to International Financial Institutions.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for the interest unwind in respect of Crown's liability with International Financial Institutions.
Reasons for Change in Appropriation#
The decrease in this appropriation for 2018/19 is due to changes in forecast interest rates and cash flows in relation to the Crown's investments in International Financial Institutions.
Unwind of Discount Rate Used in the Present Value Calculation of Payment Under Crown Deed of Support with Southern Response Earthquake Services Ltd (M31)#
Scope of Appropriation#
Expenses#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 7,523 | 6,847 | 3,640 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the recognition of the expense incurred in unwinding the discount rate used in the present value calculation of the liability as the liability nears settlement.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for technical accounting treatment under the Crown Deed of Support with Southern Response Earthquake Services Limited.
Reasons for Change in Appropriation#
The decrease in this appropriation for 2018/19 is due to a revised forecast for the expected unwind of the discount rate in relation to the Crown Support Deed and the Uncalled Capital facility as the liability nears settlement.
3.5 - Non-Departmental Capital Expenditure#
Crown Infrastructure Partners Limited - Equity Injection (M31)#
Scope of Appropriation and Expenses
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
Crown Infrastructure Partners Limited - Equity Injection (M31) This appropriation is limited to investment in Crown Infrastructure Partners Limited.Commences: 09 April 2018 Expires: 30 June 2022 |
Original Appropriation | 600,000 |
Adjustments to 2016/17 | - | |
Adjustments for 2017/18 | - | |
Adjusted Appropriation | 600,000 | |
Actual to 2016/17 Year End | - | |
Estimated Actual for 2017/18 | 20,000 | |
Estimated Actual for 2018/19 | 25,000 | |
Estimated Appropriation Remaining | 555,000 |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to enable Crown Infrastructure Partners Limited to invest in water and roading infrastructure to support the timely increase of housing supply.
How Performance will be Assessed and End of Year Reporting Requirements
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative because this appropriation is solely for an investment in in Crown Infrastructure Partners Limited.
Current and Past Policy Initiatives
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Investment in Crown Infrastructure Partners Limited to enable it to invest in water and roading infrastructure to support the timely increase of housing supply. | 2017/18 | 20,000 | 25,000 | 88,000 | 187,000 | 280,000 |
Loan Facility for Tamaki Redevelopment Company (M31)#
Scope of Appropriation and Expenses#
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
Loan Facility for Tamaki Redevelopment Company (M31) This appropriation is limited to provision of a loan to Tamaki Redevelopment Company Limited.Commences: 31 March 2015 Expires: 30 June 2019 |
Original Appropriation | 200,000 |
Adjustments to 2016/17 | - | |
Adjustments for 2017/18 | - | |
Adjusted Appropriation | 200,000 | |
Actual to 2016/17 Year End | 11,500 | |
Estimated Actual for 2017/18 | 47,000 | |
Estimated Actual for 2018/19 | 141,500 | |
Estimated Appropriation Remaining | - |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to enable Tamaki Redevelopment Company Limited to accelerate regeneration action.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Payments are made consistent with the terms and conditions of the loan facility. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by Tamaki Redevelopment Company Limited in its 2018/19 Annual Report.
NZ Superannuation Fund - Contributions (M31)#
Scope of Appropriation#
Capital Expenditure#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 500,000 | 500,000 | 1,000,000 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to provide capital contributions to the New Zealand Superannuation Fund.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Payments are made in accordance with decisions taken by the Minister of Finance. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by New Zealand Superannuation Fund in its 2018/19 Annual Report.
Current and Past Policy Initiatives#
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Current Government |
||||||
New funding approved in 2017/18 | 2017/18 | 500,000 | 1,000,000 | 1,500,000 | 2,200,000 | 2,500,000 |
Reasons for Change in Appropriation#
The increase in this appropriation for 2018/19 is due to the Government increasing its contributions to the New Zealand Superannuation Fund over time.
Participation in Dividend Reinvestment Plans by the Mixed Ownership Model Companies (M31)#
Scope of Appropriation and Expenses#
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
Participation in Dividend Reinvestment Plans by the Mixed Ownership Model Companies (M31) This appropriation is limited to the Crown acquiring new shares in Air New Zealand Limited, Genesis Energy Limited, Mercury NZ Limited and Meridian Energy Limited as a result of the Crown's participation in any dividend reinvestment plans carried out by the companies.Commences: 14 February 2018 Expires: 30 June 2022 |
Original Appropriation | 80,000 |
Adjustments to 2016/17 | - | |
Adjustments for 2017/18 | - | |
Adjusted Appropriation | 80,000 | |
Actual to 2016/17 Year End | - | |
Estimated Actual for 2017/18 | 20,000 | |
Estimated Actual for 2018/19 | 40,000 | |
Estimated Appropriation Remaining | 20,000 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve participation in any Dividend Reinvestment Plans by the four mixed ownership companies, Genesis Energy Limited, Mercury NZ Limited, Meridian Energy Limited, and Air New Zealand Limited.
End of Year Performance Reporting#
An exemption was granted under s15(2)(b)(ii) of the PFA as additional performance information is unlikely to be informative because this appropriation is solely for the issuing of new shares to the Crown by either Air New Zealand Limited, Genesis Energy Limited, Mercury NZ Limited, or Meridian Energy Limited as a result of the Crown's participation in any dividend reinvestment plans carried out by the company.
Current and Past Policy Initiatives#
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Current Government |
||||||
Funding for Crown's participation in Dividend Reinvestment Plan | 2017/18 | 20,000 | 40,000 | 20,000 | - | - |
Reasons for Change in Appropriation#
This was a new appropriation for 2017/18.
Refinancing of Housing New Zealand Corporation and Housing New Zealand Limited Debt (M31)#
Scope of Appropriation#
Capital Expenditure#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 337,045 | 337,045 | 195,909 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to enable Housing New Zealand Corporation and Housing New Zealand Limited to refinance their loans.
How Performance will be Assessed and End of Year Reporting Requirements#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Refinancing will be undertaken in accordance with the agreed appropriation limits. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Minister of Finance in a report appended to the Treasury's Annual Report for 2018/19.
Current and Past Policy Initiatives#
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Previous Government |
||||||
Refinancing of Housing New Zealand Corporation and Housing New Zealand Limited Debt. | 2015/16 | 337,045 | 126,909 | 251,246 | 141,458 | 217,387 |
Reasons for Change in Appropriation#
The decrease in this appropriation for 2018/19 is due to the alignment of the amount of the appropriation with Housing New Zealand Corporation and Housing New Zealand Limited debt refinancing requirements.
Tamaki Regeneration Company Limited - Equity Injection (M31)#
Scope of Appropriation#
Capital Expenditure#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation | 87,000 | 87,000 | 50,000 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to support the Tamaki regeneration programme and deliver new fit for purpose social housing and new open market housing.
End of Year Performance Reporting#
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for an equity injection. Further information will be available in Tamaki Regeneration Company Limited's 2018/19 Annual Report.
Current and Past Policy Initiatives#
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Current Government |
||||||
Equity injection to Tamaki Regeneration Company Limited | 2017/18 | 87,000 | 50,000 | - | 138,000 | 25,000 |
Reasons for Change in Appropriation#
The decrease in this appropriation is due to the forecast cash flow requirements of the company in relation to its housing construction programme.
Transfer of Anchor Project Assets to Otakaro Limited (M85)#
Scope of Appropriation and Expenses#
Type, Title, Scope and Period of Appropriations | Appropriations, Adjustments and Use | $000 |
---|---|---|
Transfer of Anchor Project Assets to Otakaro Limited (M85) This appropriation is limited to the transfer of Christchurch anchor project assets to Otakaro Limited.Commences: 01 April 2016 Expires: 30 June 2020 |
Original Appropriation | 500,000 |
Adjustments to 2016/17 | - | |
Adjustments for 2017/18 | - | |
Adjusted Appropriation | 500,000 | |
Actual to 2016/17 Year End | 239,560 | |
Estimated Actual for 2017/18 | 32,770 | |
Estimated Actual for 2018/19 | 227,670 | |
Estimated Appropriation Remaining | - |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve a transfer of Christchurch anchor project assets to Otakaro Limited.
How Performance will be Assessed and End of Year Reporting Requirements#
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely to give effect to the technical transfer of Christchurch anchor project assets to Otakaro Limited.
Part 4 - Details of Multi-Category Expenses and Capital Expenditure#
Multi-Category Expenses and Capital Expenditure#
Greater Christchurch Anchor Projects (M85)
Overarching Purpose Statement
Scope of Appropriation
Non-Departmental Other Expenses
Christchurch Bus Interchange and Associated Transport Infrastructure - contributions from third partiesThis category is limited to the development, operations and divestment of the Christchurch Bus Interchange and associated transport infrastructure funded by contributions from parties other than the Crown.
Christchurch Bus Interchange and Associated Transport Infrastructure - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Bus Interchange and associated transport infrastructure.
Christchurch Convention Centre - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Convention Centre.
Christchurch Stadium - contributions from third parties
This category is limited to the development, operations and divestment of the Christchurch Stadium funded by contributions from parties other than the Crown.
Christchurch Stadium - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Christchurch Stadium.
Financial Impact of Valuations
This category is limited to expenses incurred as a result of the Crown's decisions affecting valuations.
Leasing Anchor Project Land
This category is limited to the financial impact of granting concessionary leases over anchor project land.
Metro Sports Facility - contributions from third parties
This category is limited to the development, operations and divestment of the Metro Sports Facility funded by contributions from parties other than the Crown.
Metro Sports Facility - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of Metro Sports Facility.
Pre-Development Holding Costs - Operating
This category is limited to the Crown's contribution to the maintenance, operation and ownership of anchor project land and assets prior to commencement of developments.
Procurement of Land and Assets - Operating
This category is limited to the Crown's contribution to the purchase, acquisition and clearance of land and assets for anchor project development.
Public Space - contributions from third parties
This category is limited to the development, operations and divestment of the Crown owned public space funded by contributions from parties other than the Crown.
Public Space - Operating
This category is limited to the Crown's contribution to the development, operations and divestment of the Crown owned public space.
Sale of Land
This category is limited to the financial impact from the divestment of land and transaction costs incurred in the preparation for sale and the sale of land.
The Square - contributions from third parties
This category is limited to the development, operations and divestment of the Square funded by contributions from parties other than the Crown.
Non-Departmental Capital Expenditure
Christchurch Bus Interchange and Associated Transport Infrastructure - CapitalThis category is limited to the Crown's contribution to the capital development of the Christchurch Bus Interchange and associated transport infrastructure and to providing equity or loan capital to Otakaro Limited for that purpose.
Christchurch Convention Centre - Capital
This category is limited to the Crown's contribution to the capital development of the Christchurch Convention Centre and to providing equity or loan capital to Otakaro Limited for that purpose.
Earthquake Memorial - Capital
This category is limited to the Crown's contribution to the capital development of the Canterbury Earthquake Memorial and to providing equity or loan capital to Otakaro Limited for that purpose.
Land and Asset Acquisition - Capital
This category is limited to the Crown's contribution to the cost of land and assets to be acquired for anchor project development and to providing equity or loan capital to Otakaro Limited for that purpose.
Metro Sports Facility - Capital
This category is limited to the Crown's contribution to the capital development of Metro Sports Facility and to providing equity or loan capital to Otakaro Limited for that purpose.
Public Space - Capital
This category is limited to the capital development of the Crown owned public space and to providing equity or loan capital to Otakaro Limited for that purpose.
Expenses, Revenue and Capital Expenditure
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation |
233,884 | 123,590 | 250,000 |
Non-Departmental Other Expenses |
|||
Christchurch Bus Interchange and Associated Transport Infrastructure - contributions from third parties | 100 | - | - |
Christchurch Bus Interchange and Associated Transport Infrastructure - Operating | 45,569 | 22,732 | 2,700 |
Christchurch Convention Centre - Operating | 3,000 | 2,961 | 4,200 |
Christchurch Stadium - contributions from third parties | 100 | - | - |
Christchurch Stadium - Operating | 989 | - | 2,000 |
Financial Impact of Valuations | 331 | - | 1,500 |
Leasing Anchor Project Land | 1,000 | - | 2,000 |
Metro Sports Facility - contributions from third parties | 100 | - | - |
Metro Sports Facility - Operating | 21,409 | 17,474 | 10,000 |
Pre-Development Holding Costs - Operating | 7,678 | 1,535 | 2,000 |
Procurement of Land and Assets - Operating | 23,371 | 10,020 | 21,700 |
Public Space - contributions from third parties | 100 | - | - |
Public Space - Operating | 44,490 | 32,327 | 11,100 |
Sale of Land | 1,684 | - | 1,000 |
The Square - contributions from third parties | 100 | - | - |
Non-Departmental Capital Expenditure |
|||
Christchurch Bus Interchange and Associated Transport Infrastructure - Capital | 2,085 | - | - |
Christchurch Convention Centre - Capital | 63,300 | 29,031 | 181,800 |
Earthquake Memorial - Capital | 68 | - | - |
Land and Asset Acquisition - Capital | 9,336 | - | 10,000 |
Metro Sports Facility - Capital | 1,000 | - | - |
Public Space - Capital | 8,074 | 7,510 | - |
What is Intended to be Achieved with this Appropriation
This appropriation is intended to achieve the management of Anchor Projects and divestment of Crown owned land in Christchurch.
How Performance will be Assessed for this Appropriation
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Payments made in respect of Greater Christchurch Anchor Projects are made in accordance with the terms and conditions of the relevant funding agreements and agreed timelines. |
Achieved | Achieved | Achieved |
What is Intended to be Achieved with each Category and How Performance will be Assessed
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Non-Departmental Other Expenses |
|||
Christchurch Bus Interchange and Associated Transport Infrastructure - contributions from third parties |
|||
This category is intended to support the development, operations and divestment of the Christchurch Bus Interchange. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative as this appropriation is solely for the payments funded by contributions from third parties. |
Exempt | Exempt | Exempt |
Christchurch Bus Interchange and Associated Transport Infrastructure - Operating |
|||
This category is intended to ensure the ongoing operation and eventual divestment of the Christchurch Bus Interchange. |
|||
Payments are made in line with the terms and conditions of the funding agreement. |
Achieved | Achieved | Achieved |
Christchurch Convention Centre - Operating |
|||
This category is intended to advance the Convention Centre project in line with Government decisions. |
|||
The project will be progressed in line with Government decisions and agreed project timelines. |
Achieved | Achieved | Achieved |
Christchurch Stadium - contributions from third parties |
|||
This category is intended to support the development, operations and divestment of the Christchurch Stadium. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative as this appropriation is solely for the payments funded by contributions from third parties. |
Exempt | Exempt | Exempt |
Christchurch Stadium - Operating |
|||
This category is intended to take forward the Crown's position on the Stadium project. |
|||
The project will be progressed in line with Government decisions and agreed project timelines. |
Achieved | Achieved | Achieved |
Financial Impact of Valuations |
|||
This category is intended to record expenses resulting from valuation movements. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for technical accounting treatment to record expenses resulting from valuation movements. |
Exempt | Exempt | Exempt |
Leasing Anchor Project Land |
|||
This category is intended to record expenses resulting from the granting of concessionary leases. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for technical accounting treatment to record expenses resulting from the granting of concessionary leases. |
Exempt | Exempt | Exempt |
Metro Sports Facility - contributions from third parties |
|||
This category is intended to support the construction of Metro Sports Facility. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative as this appropriation is solely for the payments funded by contributions from third parties. |
Exempt | Exempt | Exempt |
Metro Sports Facility - Operating |
|||
This category is intended to support the construction and divestment of Metro Sports Facility. |
|||
The project will be progressed in line with the agreed project timelines. |
Achieved | Achieved | Achieved |
Pre-Development Holding Costs - Operating |
|||
This category is intended to achieve the efficient management of Anchor project land prior to construction. |
|||
Land is managed in accordance with Crown's commercial and regeneration interests. |
Achieved | Achieved | Achieved |
Procurement of Land and Assets - Operating |
|||
This category is intended to support the acquisition and clearance of land for the Anchor projects. |
|||
Land and assets are acquired and made ready in accordance with project outcomes and timelines. |
Achieved | Achieved | Achieved |
Public Space - contributions from third parties |
|||
This category is intended to support the development, operations and divestment of the Crown owned public space. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative as this appropriation is solely for the payments funded by contributions from third parties. |
Exempt | Exempt | Exempt |
Public Space - Operating |
|||
This category is intended to support the construction and divestment of Crown-owned public space in Christchurch. |
|||
Projects are progressed in line with the agreed project timelines. |
Achieved | Achieved | Achieved |
Sale of Land |
|||
This category is intended to record the financial impact of land sales. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional information is unlikely to be informative because this appropriation is solely for recording the financial impact of land sales. |
Exempt | Exempt | Exempt |
The Square - contributions from third parties |
|||
This category is intended to support the development, operations and divestment of the Square. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA, as additional performance information is unlikely to be informative as this appropriation is solely for the payments funded by contributions from third parties. |
Exempt | Exempt | Exempt |
Non-Departmental Capital Expenditure |
|||
Christchurch Bus Interchange and Associated Transport Infrastructure - Capital |
|||
This category is intended to ensure the ongoing operation and eventual divestment of the Christchurch Bus Interchange. |
|||
Expenditure is in line with the agreed project timelines. |
Achieved | Achieved | Achieved |
Christchurch Convention Centre - Capital |
|||
This category is intended to advance the Convention Centre project in line with Government decisions. |
|||
Payments to Otakaro for capital expenditure are made in line with the terms and conditions of the funding agreement. |
Achieved | Achieved | Achieved |
Earthquake Memorial - Capital |
|||
This category is intended to support the construction and divestment of the Canterbury Earthquake Memorial. |
|||
Expenditure is in line with the agreed project timelines. |
Achieved | Achieved | Achieved |
Land and Asset Acquisition - Capital |
|||
This category is intended to support the acquisition of land for the Anchor projects. |
|||
Payments to Otakaro for capital expenditure are made in line with the terms and conditions of the funding agreement. |
Achieved | Achieved | Achieved |
Metro Sports Facility - Capital |
|||
This category is intended to support the construction of Metro Sports Facility. |
|||
Payments to Otakaro for capital expenditure are made in line with the terms and conditions of the funding agreement. |
Achieved | Achieved | Achieved |
Public Space - Capital |
|||
This category is intended to support the construction and divestment of Crown-owned public space in Christchurch. |
|||
Expenditure is in line with the agreed project timelines. |
Achieved | Achieved | Achieved |
Service Providers for the Multi-Category Appropriation
Delivery of Greater Christchurch Anchor Projects will be undertaken by Otakaro Limited.
End of Year Performance Reporting
Performance information for this appropriation will be reported by the Treasury in a report appended to its 2018/19 Annual Report.
Current and Past Policy Initiatives
Estimated expenditure for 2018/19 to 2020/21 is withheld as publication is likely to unreasonably prejudice the commercial position of the Crown.
Reasons for Change in Appropriation
The increase in this appropriation for 2018/19 is due to the forecast timing of expenditure in relation to the construction of Anchor Projects.
Management of Landcorp Protected Land Agreement (M31)#
Overarching Purpose Statement#
Scope of Appropriation#
Non-Departmental Other Expenses
Operating CostsThis category is limited to providing operating costs incurred under the Landcorp Protected Land Agreement.
Non-Departmental Capital Expenditure
Capital InvestmentsThis category is limited to providing for capital investments incurred under the Landcorp Protected Land Agreement.
Expenses, Revenue and Capital Expenditure#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation |
9,044 | 2,000 | 4,000 |
Non-Departmental Other Expenses |
|||
Operating Costs | 5,293 | 2,000 | 2,500 |
Non-Departmental Capital Expenditure |
|||
Capital Investments | 3,751 | - | 1,500 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the Crown's responsibilities under the Landcorp Protected Land Agreement.
How Performance will be Assessed for this Appropriation#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Management of Protected Land Agreement# |
|||
Land and infrastructure is managed to the standards as set out in the terms and conditions of the Protected Land Agreement. |
Achieved | Achieved | Achieved |
What is Intended to be Achieved with each Category and How Performance will be Assessed#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Non-Departmental Other Expenses |
|||
Operating Costs |
|||
This category is intended to achieve the provision for operating costs incurred under the Landcorp Protected Land Agreement. |
|||
An exemption was granted under s15D(2)(b)(iii) of the PFA as annual expenditure under this category for Non-Departmental other expenses is less than $5 million. |
Exempt | Exempt | Exempt |
Non-Departmental Capital Expenditure |
|||
Capital Investments |
|||
This category is intended to achieve the provision of capital investments incurred under the Landcorp Protected Land Agreement. |
|||
An exemption was granted under s15D(2)(b)(iii) of the PFA as annual expenditure under this category for Non-Departmental capital expenditure is less than $15 million. |
Exempt | Exempt | Exempt |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in a report appended to its 2018/19 Annual Report.
Reasons for Change in Appropriation#
The decrease in this appropriation for 2018/19 is due to a non-recurring expense transfer from 2016/17 to 2017/18 of unused funding relating to the costs of managing protected land.
Management of New Zealand House, London (M31)#
Overarching Purpose Statement#
Scope of Appropriation#
Non-Departmental Output Expenses
Property ManagementThis category is limited to the property management services in respect of New Zealand House, London.
Non-Departmental Other Expenses
Operational CostsThis category is limited to the operational costs of New Zealand House, London.
Renegotiation of Lease Arrangements
This category is limited to activities to re-gear the lease on New Zealand House, London (including The Royal Opera Arcade and Her Majesty's Theatre).
Non-Departmental Capital Expenditure
Capital ExpenditureThis category is limited to capital expenditure in relation to New Zealand House, London.
Expenses, Revenue and Capital Expenditure#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation |
24,994 | 16,300 | 14,750 |
Non-Departmental Output Expenses |
|||
Property Management | 2,500 | 1,000 | 1,000 |
Non-Departmental Other Expenses |
|||
Operational Costs | 16,751 | 14,300 | 13,000 |
Renegotiation of Lease Arrangements | 1,993 | 1,000 | - |
Non-Departmental Capital Expenditure |
|||
Capital Expenditure | 3,750 | - | 750 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to ensure that New Zealand House, London is well managed.
How Performance will be Assessed for this Appropriation#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Management of New Zealand House, London# |
|||
New Zealand House, London is well managed. |
Achieved | Achieved | Achieved |
What is Intended to be Achieved with each Category and How Performance will be Assessed#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Non-Departmental Output Expenses |
|||
Property Management |
|||
This category is intended to achieve the provision of management of New Zealand House property in London. |
|||
An exemption was granted under s15D(2)(b)(iii) of the PFA as the annual expenditure under this category for Non-Departmental output expenses is less than $5 million. |
Exempt | Exempt | Exempt |
Non-Departmental Other Expenses |
|||
Operational Costs |
|||
This category is intended to achieve the provision of operational costs of New Zealand House in London. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA as this category is solely for costs payable to the New Zealand Government Property Corporation to fund the operations of New Zealand House in London. |
Exempt | Exempt | Exempt |
Renegotiation of Lease Arrangements |
|||
This category is intended to achieve the renegotiation of the lease arrangements for New Zealand House, London. |
|||
An exemption was granted under s15D(2)(b)(iii) of the PFA as the annual expenditure under this category for Non-Departmental other expenses is less than $5 million. |
Exempt | Exempt | Exempt |
Non-Departmental Capital Expenditure |
|||
Capital Expenditure |
|||
This category is intended to achieve the provision of capital expenditure on New Zealand House property in London. |
|||
An exemption was granted under s15D(2)(b)(iii) of the PFA as the annual expenditure under this category for Non-Departmental capital expenditure is less than $15 million. |
Exempt | Exempt | Exempt |
Service Providers#
Services are provided through Jones Lang LaSalle International Property Consultants, London.
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in a report appended to its 2018/19 Annual Report.
Reasons for Change in Appropriation#
The decrease in this appropriation for 2018/19 is due to a one-off expense transfer from 2016/17 to 2017/18 to provide for reactive maintenance on the property.
Management of the Crown's Agreement with Taitokerau Forests Limited (M31)#
Overarching Purpose Statement#
Scope of Appropriation#
Non-Departmental Other Expenses
GrantsThis category is limited to grants to Taitokerau Forests Limited for on-payment to forest owners, payable upon harvest of the forests.
Impairment of Loans
This category is limited to the expense incurred on the impairment and write-down of loans to Taitokerau Forests Limited.
Non-Departmental Capital Expenditure
LoansThis category is limited to the provision of loans to Taitokerau Forests Limited for forest management and development.
Expenses, Revenue and Capital Expenditure#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation |
4,745 | 400 | 200 |
Non-Departmental Other Expenses |
|||
Grants | 415 | 400 | 200 |
Impairment of Loans | 4,030 | - | - |
Non-Departmental Capital Expenditure |
|||
Loans | 300 | - | - |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve meeting the Crown's responsibilities under its agreement with Taitokerau Forest Limited.
How Performance will be Assessed for this Appropriation#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Management of the Crown's Agreement with Taitokerau Forests Limited# |
|||
The agreement with Taitokerau Forests Limited will be managed ensuring delivery of the Crown's responsibilities. |
Exempt | Exempt | Exempt |
What is Intended to be Achieved with each Category and How Performance will be Assessed#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Non-Departmental Other Expenses |
|||
Grants |
|||
This category is intended to achieve the provision of a grant to Taitokerau Forests Limited for on-payment to forest owners, payable upon harvest of the forests. |
|||
An exemption was granted under s15D(2)(b)(iii) of the PFA as the amount of annual expenditure under this category for Non-Departmental other expenses is less than $5 million. |
Exempt | Exempt | Exempt |
Impairment of Loans |
|||
This category is intended to achieve the provision for expenses incurred on the impairment and write-down of loans to Taitokerau Forests Limited. |
|||
An exemption was granted under s15D(2)(b)(ii) of the PFA as performance information is unlikely to be informative as this category is solely for the technical accounting treatment under the loan agreement with Taitokerau Forests Limited. |
Exempt | Exempt | Exempt |
Non-Departmental Capital Expenditure |
|||
Loans |
|||
This category is intended to achieve provision of loans to Taitokerau Forests Limited for forest management and development. |
|||
An exemption was granted under s15D(2)(b)(iii) of the PFA as the amount of annual expenditure under this category for Non-Departmental capital expenditure is less than $15 million. |
Exempt | Exempt | Exempt |
Reasons for Change in Appropriation#
The decrease in this appropriation is due to the alignment of funding with the expected timing of future costs.
Social Housing Reform (M96)#
Overarching Purpose Statement#
Scope of Appropriation#
Departmental Output Expenses
Implementation of the Social Housing Reform ProgrammeThis category is limited to the policy, operational, and transactional work to implement the Government's reform of social housing.
Non-Departmental Output Expenses
Direct Sale Costs for Implementing the Social Housing Reform ProgrammeThis category is limited to direct sales costs of implementing the Government's reform of social housing.
Expenses, Revenue and Capital Expenditure#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation |
12,767 | 5,592 | 4,201 |
Departmental Output Expenses |
|||
Implementation of the Social Housing Reform Programme | 5,494 | 4,494 | 2,101 |
Non-Departmental Output Expenses |
|||
Direct Sale Costs for Implementing the Social Housing Reform Programme | 7,273 | 1,098 | 2,100 |
Funding for Departmental Output Expenses |
|||
Revenue from the Crown |
5,493 | 4,493 | 2,100 |
Implementation of the Social Housing Reform Programme | 5,493 | 4,493 | 2,100 |
Revenue from Others |
1 | 1 | 1 |
Implementation of the Social Housing Reform Programme | 1 | 1 | 1 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve the development of a variety of social housing in New Zealand and grow the community housing sector by making the Housing New Zealand Corporation stock available to social providers.
How Performance will be Assessed for this Appropriation#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Social Housing Reform# |
|||
Social housing regeneration projects are progressed as per Government direction. |
Achieved | Achieved | Achieved |
What is Intended to be Achieved with each Category and How Performance will be Assessed#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Departmental Output Expenses |
|||
Implementation of the Social Housing Reform Programme |
|||
This category is intended to achieve policy development and operational support for the Government's reform of social housing. |
|||
Development of business case for regeneration projects that include potential partnership arrangements with iwi and/or community housing providers. |
New measure in 2018/19 | N/A | Achieved |
Development of policies, commercial structures and standard form contractual documentation to support potential partnership arrangements with iwi and/or community housing providers. |
New measure in 2018/19 | N/A | Achieved |
Non-Departmental Output Expenses |
|||
Direct Sale Costs for Implementing the Social Housing Reform Programme |
|||
This category is intended to achieve the Cabinet-mandated transactions under the Government's reform of social housing. |
|||
An exemption was granted under s15D(2)(b)(iii) of the PFA as the annual expenditure under this category is less than $5 million. |
Achieved | Achieved | Achieved |
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in a report appended to its 2018/19 Annual Report.
Reasons for Change in Appropriation#
The decrease in this appropriation for 2018/19 is due to this programme winding down.
Tax Working Group (M31)#
Overarching Purpose Statement#
Scope of Appropriation#
Departmental Output Expenses
Tax Working Group - Provision of Support and AdviceThis category is limited to providing support and advice to the Tax Working Group.
Non-Departmental Output Expenses
Tax Working Group - Direct CostsThis category is limited to the direct costs of the Tax Working Group.
Expenses, Revenue and Capital Expenditure#
2017/18 | 2018/19 | ||
---|---|---|---|
Final Budgeted $000 |
Estimated Actual $000 |
Budget $000 |
|
Total Appropriation |
2,400 | 1,400 | 1,600 |
Departmental Output Expenses |
|||
Tax Working Group - Provision of Support and Advice | 1,920 | 920 | 1,280 |
Non-Departmental Output Expenses |
|||
Tax Working Group - Direct Costs | 480 | 480 | 320 |
Funding for Departmental Output Expenses |
|||
Revenue from the Crown |
1,920 | 920 | 1,280 |
Tax Working Group - Provision of Support and Advice | 1,920 | 920 | 1,280 |
What is Intended to be Achieved with this Appropriation#
This appropriation is intended to achieve policy development and support in order for the Tax Working Group to develop recommendations on improvements to the structure and balance of the tax system.
How Performance will be Assessed for this Appropriation#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Tax Working Group# |
|||
Goals of the Tax Working Group are progressed in alignment with their Terms of Reference. |
Achieved | Achieved | Achieved |
What is Intended to be Achieved with each Category and How Performance will be Assessed#
2017/18 | 2018/19 | ||
---|---|---|---|
Assessment of Performance | Final Budgeted Standard |
Estimated Actual |
Budget Standard |
Departmental Output Expenses |
|||
Tax Working Group - Provision of Support and Advice |
|||
This category is intended to achieve policy development and operational support for the Tax Working Group. |
|||
The Tax Working Group's satisfaction with the policy advice service rated as 'satisfied' or better. |
75% | 75% | 75% |
Non-Departmental Output Expenses |
|||
Tax Working Group - Direct Costs |
|||
This category is intended to achieve the Tax Working Group's development of recommendations on improvements to the structure and balance of the tax system. |
|||
Ministerial satisfaction with the Tax Working Group's provision of its recommendations as per the Group's Terms of Reference. |
New measure in 2018/19 | N/A | 75% |
Service Providers for the Multi-Category Appropriation#
Services will be delivered by the Tax Working Group.
End of Year Performance Reporting#
Performance information for this appropriation will be reported by the Treasury in a report appended to its 2018/19 Annual Report.
Current and Past Policy Initiatives#
Policy Initiative | Year of First Impact |
2017/18 Final Budgeted $000 |
2018/19 Budget $000 |
2019/20 Estimated $000 |
2020/21 Estimated $000 |
2021/22 Estimated $000 |
---|---|---|---|---|---|---|
Current Government |
||||||
Establishment of the Tax Working Group | 2017/18 | 2,400 | 1,600 | - | - | - |
Reasons for Change in Appropriation#
This appropriation was established in 2017/18 to enable the Tax Working Group to consider and recommend improvements in the structure, fairness and balance of the tax system.