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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

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 

 

 

 

 

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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