September Quarterly Financial Report 2015

The quarterly financial statement for September 2015 is now available

For the September 2015 Quarter the net operating balance of the General Government Sector as at 31 September 2015 was a surplus of $4.3 million, made up of  $36.4 million in operating revenue and $32.0 million in operating expenditure. 

The overall fiscal balance which excludes the effects of depreciation, but includes capital expenditure was a surplus of $2.2 million. 

Total revenue collections for the quarter ending September 2015 were higher than the Budget estimate and were mainly attributable to higher than estimated tax revenues, predominantly due to a large one off payment of withholding tax. 

Total operating expenses for the quarter ending September 2015 were lower than the Budget estimate and were mainly attributable to lower levels of spending by agencies.

The underwrite of the long haul Sydney and Los Angeles was a total cost of $1.737 million in the September Quarter.   

Welfare payments remain also below budget by 9 per cent.  

In the September Quarter additional authority to incur expenditure in 2015/16 of $0.762 million was issued through Section 70 of the Constitution predominantly for activities around Te Maeva Nui and the 5oth celebrations. The final amounts issued and paid will be reported in the June 2016 preliminary outcome.

Gross borrowings of the Crown were $104.620 million, and the net borrowings of the General Government Sector (excluding loan reserves and borrowings by SOEs) were $61.376 million. 

In a change from previous reporting on the net cash balances of the Crown the Quarterly report will now include an estimate of the general cash reserve.  As at September 2015 the Crown had term deposits totalling $46.674 million (against which were held $28.042 million in commitments) and MFEM held operating reserves of $6.709 million, these amounts excludes cash which are held by agencies.

The general cash reserve for September was $25.431 million, consisting of net cash reserves of $18.632 million and operating cash reserves of $6.709 million.


10 December 2015