Financial Performance - Annual Report 2008/09
Last updated on
12/08/2010 10:32 a.m.
Statement of Objectives - Financial Performance
for the year ended 30 June 2009
|
Actual 2007/08
|
|
Unit / %
|
Actual 2008/09
|
Main
Estimates 2008/09
|
Supp.
Estimates 2008/09
|
|
|
Operating results
|
|
|
|
|
|
14,794
|
Other revenue
|
$000
|
2,465
|
12,766
|
2,502
|
|
102,539
|
Output expenses
|
$000
|
57,579
|
101,290
|
61,016
|
|
4,425
|
Operating surplus before capital charge
|
$000
|
486
|
780
|
513
|
|
3,659
|
Net surplus
|
$000
|
-
|
-
|
-
|
|
|
Working capital
|
|
|
|
|
|
3,748
|
Net current assests
|
$000
|
(47)
|
2,420
|
(994)
|
|
147
|
Current ratio
|
%
|
99
|
162
|
78
|
|
|
Resource Utilisation
|
|
|
|
|
|
7,337
|
Property plant and equipment & intangibles at year end
|
$000
|
4,053
|
9,683
|
5,074
|
|
31
|
Additions as a % of property, plant and equipment and intangible assets at year end
|
%
|
30
|
31
|
32
|
|
38
|
Property, plant and equipment and intangibles as a % of total assets at year end
|
%
|
56
|
60
|
59
|
|
9,974
|
Taxpayers’ funds at year end
|
$000
|
2,984
|
11,513
|
2,984
|
|
|
Net Cash Flows
|
|
|
|
|
|
6,126
|
Surplus/(deficit) from operating activities
|
$000
|
(508)
|
2,860
|
3,076
|
|
(2,246)
|
Surplus/(deficit) from investing activities
|
$000
|
2,354
|
(3,000)
|
1,370
|
|
(3,791)
|
(Deficit) from financing activities
|
$000
|
(10,649)
|
–
|
(10,402)
|
|
89
|
Net increase/(decrease) in cash held
|
$000
|
(8,803)
|
(140)
|
(5,956)
|
The notes form an integral part of, and should be read in conjunction with, these financial statements.
Statement of Financial Performance
for the year ended 30 June 2009
|
Actual
2007/08
$000
|
|
Notes
|
Actual 2008/09
$000
|
Main
Estimates
2008/09
$000
|
Supp.
Estimates
2008/09
$000
|
|
|
Income
|
|
|
|
|
|
35,228
|
Revenue Crown
|
2
|
31,937
|
33,760
|
35,337
|
|
56,176
|
Revenue from the National Land Transport Fund
|
3
|
4,181
|
54,764
|
4,181
|
|
-
|
Revenue from fees
|
4
|
18,996
|
-
|
18,996
|
|
14,794
|
Other revenue
|
5
|
2,465
|
12,766
|
2,502
|
|
106,198
|
Total Operating Income
|
|
57,579
|
101,290
|
61,016
|
|
|
Expenditure
|
|
|
|
|
|
16,787
|
Personnel expenses
|
6
|
18,409
|
17,450
|
18,165
|
|
766
|
Capital charge
|
7
|
486
|
780
|
513
|
|
15,609
|
Other operating expenses
|
8
|
11,736
|
13,359
|
15,579
|
|
66,624
|
Contractual payments to Crown entities
|
9
|
26,058
|
66,841
|
25,848
|
|
522
|
Depreciation of property, plant and equipment
|
14
|
543
|
560
|
525
|
|
2,231
|
Amortisation of intangible assets
|
15
|
347
|
2,300
|
386
|
|
102,539
|
Total expenditure
|
|
57,579
|
101,290
|
61,016
|
|
3,659
|
Net surplus
|
|
-
|
-
|
-
|
Explanation of significant variances against budget are detailed in Note 26.
Statement of Movement in Taxpayers' Funds
for the year ended 30 June 2009
|
Actual
2007/08
$000
|
|
Notes
|
Actual 2008/09
$000
|
Main
Estimates
2008/09
$000
|
Supp.
Estimates
2008/09
$000
|
|
9,974
|
Balance at 1 July
|
|
9,974
|
11,513
|
9,974
|
|
3,659
|
Surplus for the year
|
|
-
|
-
|
-
|
|
3,659
|
Total recognised income and expenses
|
|
-
|
-
|
-
|
|
(3,659)
|
Repayment of surplus to the Crown
|
10
|
-
|
-
|
-
|
|
-
|
Capital withdrawal
|
11
|
(6,990)
|
-
|
(6,990)
|
|
(3,659)
|
Total adjustments for flows to and from the Crown
|
|
(6,990)
|
-
|
(6,990)
|
|
9,974
|
Balance at 30 June
|
|
2,984
|
11,513
|
2,984
|
The notes form an integral part of, and should be read in conjunction with, these financial statements.
Statement of Financial Position
as at 30 June 2009
|
Actual
2007/08
$000
|
|
Notes
|
Actual 2008/09
$000
|
Main
Estimates
2008/09
$000
|
Supp.
Estimates
2008/09
$000
|
|
|
Taxpayers' funds
|
|
|
|
|
|
9,371
|
General funds
|
|
2,381
|
10,910
|
2,381
|
|
603
|
Revaluation reserve - aerodrome
|
|
603
|
603
|
603
|
|
9,974
|
Total taxpayers’ funds
|
|
2,984
|
11,513
|
2,984
|
|
|
Represented by:
Current Assets
|
|
|
|
|
|
9,148
|
Cash and cash equivalents
|
|
345
|
4,988
|
3,192
|
|
6
|
Prepayments
|
|
-
|
-
|
6
|
|
2,614
|
Debtors and other receivables
|
12
|
2,830
|
1,323
|
374
|
|
18
|
Non-current asset held for sale
|
13
|
-
|
-
|
-
|
|
11,786
|
Total current assets
|
|
3,175
|
6,311
|
3,572
|
|
|
Non-current Assets
|
|
|
|
|
|
3,431
|
Property, plant and equipment
|
14
|
3,349
|
4,135
|
4,006
|
|
3,347
|
Intangible assets
|
15
|
704
|
5,548
|
1,068
|
|
559
|
Work in progress
|
|
-
|
-
|
-
|
|
7,337
|
Total non-current assets
|
|
4,053
|
9,683
|
5,074
|
|
19,123
|
Total assets
|
|
7,228
|
15,994
|
8,646
|
|
|
Current liabilities
|
|
|
|
|
|
3,366
|
Creditors and other payables
|
16
|
2,269
|
3,178
|
3,702
|
|
154
|
Creditor for capital expenditure
|
17
|
-
|
-
|
-
|
|
3,659
|
Repayment of surplus to the Crown
|
10
|
-
|
-
|
-
|
|
859
|
Employee entitlements
|
18
|
953
|
713
|
864
|
|
8,038
|
Total current liabilities
|
|
3,222
|
3,891
|
4,566
|
|
|
Non-current liabilities
|
|
|
|
|
|
559
|
Employee entitlements
|
18
|
470
|
590
|
544
|
|
552
|
Provision for lease make-good
|
19
|
552
|
-
|
552
|
|
1,111
|
Total non-current liabilities
|
|
1,022
|
590
|
1,096
|
|
9,149
|
Total liabilities
|
|
4,244
|
4,481
|
5,662
|
|
9,974
|
Net assets
|
|
2,984
|
11,513
|
2,984
|
The notes form an integral part of, and should be read in conjunction with, these financial statements.
Statement of Cash Flows
for the year ended 30 June 2009
|
Actual
2007/08
$000
|
|
Notes
|
Actual 2008/09
$000
|
Main
Estimates
2008/09
$000
|
Supp.
Estimates
2008/09
$000
|
|
|
Cash Flows from Operating Activities
|
|
|
|
|
|
35,288
|
Crown
|
|
48,366
|
33,760
|
54,333
|
|
505
|
Departments
|
|
477
|
270
|
465
|
|
12,899
|
Crown entities
|
|
4,062
|
12,296
|
4,042
|
|
56,176
|
National Land Transport Fund
|
|
4,181
|
54,764
|
4,181
|
|
93
|
Other
|
|
167
|
200
|
160
|
|
(16,592)
|
Personnel costs
|
|
(18,410)
|
(17,395)
|
(18,092)
|
|
(14,186)
|
Operating expenses
|
|
(12,672)
|
(13,414)
|
(15,579)
|
|
(66,624)
|
Contractual payments to Crown entities
|
|
(26,058)
|
(66,841)
|
(25,921)
|
|
(607)
|
Net GST paid
|
|
(135)
|
-
|
-
|
|
(766)
|
Capital charge
|
|
(486)
|
(780)
|
(513)
|
|
6,126
|
Net cash flows from operating activities
|
20
|
(508)
|
2,860
|
3,076
|
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
1
|
Receipts from the sale of property, plant and equipment
|
|
17
|
-
|
18
|
|
-
|
Receipts from the sale of intangible assets
|
|
3,019
|
-
|
3,019
|
|
(517)
|
Purchase of property, plant and equipment
|
|
(480)
|
(500)
|
(1,100)
|
|
(1,730)
|
Purchase of intangible assets
|
|
(202)
|
(2,500)
|
(567)
|
|
(2,246)
|
Net cash flows from investing activities
|
|
2,354
|
(3,000)
|
1,370
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
-
|
Capital withdrawal by the Crown
|
|
(6,990)
|
-
|
(6,990)
|
|
(3,791)
|
Repayment of surplus to the Crown
|
|
(3,659)
|
-
|
(3,412)
|
|
(3,791)
|
Net cash flows from financing activities
|
|
(10,649)
|
-
|
(10,402)
|
|
89
|
Net increase/(decrease) in cash held
|
|
(8,803)
|
(140)
|
(5,956)
|
|
9,059
|
Cash at beginning of year
|
|
9,148
|
5,128
|
9,148
|
|
9,148
|
Total cash at end of year
|
|
345
|
4,988
|
3,192
|
The net GST paid component of operating activities reflects the net GST paid and received from the Inland Revenue Department. This component has been presented on a net basis, as the gross amounts do not provide meaningful information for financial statement purposes.
The notes form an integral part of, and should be read in conjunction with, these financial statements.
Statement of Commitments
as at 30 June 2009
Non-cancellable operating lease commitments
The Ministry leases property in the normal course of business. The majority of these leases are for premises which have non-cancellable leasing periods ranging from one to six years.
|
Actual 2007/08
$000
|
|
Actual 2008/09
$000
|
|
|
Non-cancellable operating lease commitments
|
|
|
1,309
|
Not later than one year
|
1,309
|
|
5,047
|
Later than one year and not later than five years
|
4,992
|
|
5,418
|
Later than five years
|
4,200
|
|
11,774
|
Total non cancellable lease commitments
|
10,501
|
The Ministry’s non-cancellable operating leases have varying terms, escalation clauses and renewal rights. There are no restrictions placed on the Ministry by any of its leasing arrangements. Some accommodation leases are cancellable, subject to penalty. The amount disclosed is based on the current rental rates. The total operating lease cost is expensed on a straight line basis over the life of the lease.
The notes form an integral part of, and should be read in conjunction with, these financial statements.
Statement of Contingent Liabilities and Contingent Assets
The Ministry has a claim for a personnel-related matter that has an estimated maximum liability of $30,000. The Ministry does not expect to settle for this amount (2007/08: $nil).
The notes form an integral part of, and should be read in conjunction with, these financial statements.
Statement of Departmental Expenditure against Appropriations
for the year ended 30 June 2009
|
Actual
Expenditure
2007/08
$000
|
|
Actual
Expenditure
2008/09
$000
|
Voted
Appropriation
2008/09
$000
|
|
|
VOTE: TRANSPORT
Appropriations for classes of outputs
|
|
|
|
30,473
|
Policy Advice
|
28,078
|
31,080
|
|
66,967
|
Motor vehicle registry and revenue management
|
5,197
|
5,197
|
|
121
|
Airport operation and administration
|
157
|
160
|
|
2,043
|
Sector leadership and support
|
3,517
|
4,100
|
|
192
|
Distress radio beacons national education campaign
|
238
|
243
|
|
2,743
|
Next steps review implementation
|
401
|
440
|
|
-
|
Land transport revenue forecasting and strategy
|
1,911
|
1,716
|
|
-
|
Refund of fuel excise duty
|
392
|
392
|
|
-
|
Road user charge collection, investment and enforcement
|
17,688
|
17,688
|
|
102,539
|
Total departmental expenditure and appropriations
|
57,579
|
61,016
|
The Vote Transport Appropriations include adjustments made in the 2008/09 Supplementary Estimates.
The distress radio beacon appropriation listed on the previous page is a multi-year appropriation. It commenced on 1 July 2005 and has a four year life to 30 June 2009. The total funding over the life of the appropriation is $888,000 and expenditure since 1 July 2005 has been $883,000. This campaign came to an end with old beacon system ceasing operations from 1 February 2009. As the appropriation ceased at 30 June 2009, this output class will not exist next year.
The notes form an integral part of, and should be read in conjunction with, these financial statements.
Statement of Departmental Unappropriated Expenditure against Appropriations
|
Unappropriated
Expenditure
|
|
Actual Expenditure
2008/09
$000
|
Voted Appropriation
2008/09
$000
|
Unappropriated
Expenditure
2008/09
$000
|
|
|
VOTE: TRANSPORT
Appropriations for classes of output
|
|
|
|
|
-
|
Policy Advice
|
28,078
|
31,080
|
-
|
|
-
|
Motor vehicle registry and revenue management
|
5,197
|
5,197
|
-
|
|
-
|
Airport operation and administration
|
157
|
160
|
-
|
|
258
|
Sector leadership and support
|
3,517
|
4,100
|
-
|
|
-
|
Distress radio beacons national education campaign
|
238
|
243
|
-
|
|
343
|
Next steps review implementation
|
401
|
440
|
-
|
|
-
|
Land transport revenue forecasting and strategy
|
1,911
|
1,716
|
195
|
|
-
|
Refund of fuel excise duty
|
392
|
392
|
-
|
|
-
|
Road user charge collection, investment and enforcement
|
17,688
|
17,688
|
-
|
|
601
|
|
57,579
|
61,016
|
195 |
The Ministry incurred unappropriated expenditure in one output class during the year. Overall, expenditure remained within the total budget.
The Ministry did not incur any capital expenditure in excess of appropriation, nor breach its departmental net asset schedule during the year.
Land transport revenue forecasting and strategy
This output class contains the costs of the Road User Charges review. More time was required from Ministry staff than was budgeted for, and consequently the appropriation was exceeded. This could not be avoided or delayed until 2009/10 as the results of the review were subject to public scrutiny and had to be followed up. The expenditure was not outside the scope of the appropriation.
The Ministry has applied to the Minister of Finance for section 26c approval for the unappropriated expenditure.
2007/08 unappropriated expenditure
Two output classes exceeded appropriation in 2007/08. Sector leadership and support due to an error in the coding of a piece of work, and Next steps review implementation due to the volume of work required to prepare for the establishment of the NZ Transport Agency in early 2008/09.
The notes form an integral part of, and should be read in conjunction with, these financial statements.
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