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Notes to the Non-departmental Schedules
for the year ended 30 June
1 Cost Recovery Levies
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2009
Main
Estimates
$000 |
2009
Supplementary Estimates
$000 |
2009
Actual
$000 |
2008
Actual
$000 |
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|
|
Fisheries services |
30,000 |
28,000 |
27,857 |
29,670 |
Conservation services |
1,053 |
1,053 |
1,329 |
1,287 |
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Total |
31,053 |
29,053 |
29,186 |
30,957 |
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2 Other Revenue
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2009
Main Estimates
$000 |
2009
Supplementary Estimates
$000 |
2009
Actual
$000 |
2008
Actual
$000 |
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|
Sale of quota/ACE |
0 |
540 |
645 |
1,615 |
Forfeitures and redemptions |
150 |
150 |
75 |
263 |
Fisheries research catch |
0 |
0 |
0 |
16 |
Infringement notices |
125 |
125 |
197 |
158 |
Interest |
30 |
50 |
43 |
552 |
Other |
20 |
20 |
98 |
156 |
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Total |
325 |
885 |
1,058 |
2,760 |
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3 Major Budget Variations
The variations from the initial 2008/2009 Budget Night (Main) Estimates to Supplementary Estimates were due to:
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$000 |
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(a) Revenue |
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Increase in deemed value revenue to be paid by quota holders who have overfished based on current activity |
(500) |
Sale of quota shares and ACE |
540 |
Interest |
20 |
Cost Recovery General Levy |
(2,000) |
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Total |
(1,940) |
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(b) Non-departmental expenditure |
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Settlements |
40,424 |
Provision for bad/doubtful debts |
2,500 |
Deemed value debt adjustment |
58 |
Subscriptions to international organisations |
40 |
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Total |
43,022 |
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4 Operating Expenditure
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2009
Main Estimates
$000 |
2009
Supplementary Estimates
$000 |
2009
Actual
$000 |
2008
Actual
$000 |
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Settlements |
0 |
40,424 |
39,209 |
67,668 |
Increase/(decrease) in provision for bad/doubtful debts |
711 |
3,211 |
1,950 |
2,324 |
Deemed value debt adjustment |
0 |
58 |
15 |
559 |
Subscriptions to international organisations |
260 |
300 |
309 |
235 |
Transfer of quota shares and ACE |
0 |
0 |
0 |
140 |
Bad debt write-offs |
0 |
0 |
0 |
14 |
Quota share/ACE administration costs |
24 |
24 |
4 |
7 |
GST on expenses |
0 |
0 |
1 |
2 |
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Total operating expenditure |
995 |
44,017 |
41,488 |
70,949 |
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5 Cash
This comprises balances of the Crown bank accounts managed by the Ministry of Fisheries on the Crown’s behalf pursuant to section 4 of the Public Finance Act 1989.
These balances represent funds drawn down from the New Zealand Debt Management Office at the Treasury for payments to be made on behalf of the Crown but not yet paid, proceeds from asset sales, revenue receipts not yet transferred to the Crown and GST payable to the Department of Inland Revenue on revenue invoiced on behalf of the Crown.
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2009
Main Estimates
$000 |
2009
Supplementary Estimates
$000 |
2009
Actual
$000 |
2008
Actual
$000 |
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Infringement receipts |
0 |
0 |
60 |
216 |
Receipts on behalf of the Crown |
0 |
0 |
152 |
205 |
Funding for payments on behalf of the Crown |
3,661 |
3,788 |
3,689 |
3,367 |
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Total cash |
3,661 |
3,788 |
3,901 |
3,788 |
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6 Debtors and Other Receivables
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2009
Main Estimates
$000 |
2009
Supplementary Estimates
$000 |
2009
Actual
$000 |
2008
Actual
$000 |
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Trade debtors |
3,425 |
6,034 |
8,751 |
5,465 |
Less: |
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Provision for doubtful debts |
(3,370) |
(5,833) |
(4,572) |
(2,622) |
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Net debtors |
55 |
201 |
4,179 |
2,843 |
Accrued revenue |
8,400 |
8,400 |
8,696 |
8,293 |
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Total debtors and other receivables |
8,455 |
8,601 |
12,875 |
11,136 |
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Trade debtors are generally on 30 day terms. As at 30 June 2009 and 2008 all debtors have been assessed for impairment and appropriate provisions applied, as detailed below:
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2009 |
2008 |
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Gross
$000 |
Impairment
$000 |
Net
$000 |
Gross
$000 |
Impairment
$000 |
Net
$000 |
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Not past due |
8,700 |
0 |
8,700 |
8,293 |
0 |
8,293 |
Past due 0–12 months |
8,668 |
(4,530) |
4,138 |
5,251 |
(2,611) |
2,640 |
Past due 13–24 months |
26 |
(13) |
13 |
45 |
(6) |
39 |
Past due 25–36 months |
11 |
(6) |
5 |
18 |
(5) |
13 |
Past due 37–48 months |
0 |
0 |
0 |
0 |
0 |
0 |
Past due 49–60 months |
0 |
0 |
0 |
0 |
0 |
0 |
Past due 61–72 months |
0 |
0 |
0 |
0 |
0 |
0 |
Past due over 72 months |
42 |
(23) |
19 |
151 |
0 |
151 |
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Total |
17,447 |
(4,572) |
12,875 |
13,758 |
(2,622) |
11,136 |
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The provision for doubtful debts has been calculated based on forecast losses for the Crown’s pool of debtors. Forecast losses have been determined based on a review of specific debtors.
Movements in the provision for doubtful debts are as follows:
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2009
Actual
$000 |
2008
Actual
$000 |
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Balance at 1 July |
2,622 |
298 |
Additional provisions made during the year |
1,950 |
2,338 |
Receivables written off during period |
0 |
(14) |
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Balance at 30 June |
4,572 |
2,622 |
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7 Prepayments
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2009
Main
Estimates
$000 |
2009
Supplementary Estimates
$000 |
2009
Actual
$000 |
2008
Actual
$000 |
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Subscriptions to international organisations |
107 |
128 |
181 |
128 |
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Total prepayments |
107 |
128 |
181 |
128 |
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8 Creditors and Other Payables
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2009
Main
Estimates
$000 |
2009
Supplementary Estimates
$000 |
2009
Actual
$000 |
2008
Actual
$000 |
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Creditors |
4,071 |
432 |
0 |
0 |
GST payable on receipts on behalf of the Crown |
618 |
334 |
377 |
334 |
Accrued expenses |
3 |
585 |
82 |
101 |
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Total creditors and other payables |
4,692 |
1,351 |
459 |
435 |
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Creditors and other payables are non-interest bearing and are normally settled on 30 day terms, therefore the carrying value of creditors and other payables approximates their fair value.
9 Over and Under-recovered Costs
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2009
Main
Estimates
$000 |
2009
Supplementary Estimates
$000 |
2009
Actual
$000 |
2008
Actual
$000 |
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Net over-recovery of costs |
3,874 |
5,679 |
10,971 |
5,679 |
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Total net over recovered costs |
3,874 |
5,679 |
10,971 |
5,679 |
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Section 265 of the Fisheries Act 1996 creates a mandatory obligation on the Minister of Fisheries to have regard to under and over-recovery of costs of any conservation service or fisheries service in a previous financial year when recommending a cost recovery levy order for a current/future year.
This provision reflects the balance of the net over and under-recovery of cost recovery levies for the period 1 October 1995 to 30 June 2009 to be applied against future cost recovery levy orders.
10 Term Liabilities
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2009
Main
Estimates
$000 |
2009
Supplementary Estimates
$000 |
2009
Actual
$000 |
2008
Actual
$000 |
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Commercial aquaculture |
70,000 |
70,000 |
107,609 |
70,000 |
Transfer of quota |
140 |
140 |
140 |
140 |
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Total term liabilities |
70,140 |
70,140 |
107,749 |
70,140 |
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The Māori Commercial Aquaculture Claims Act 2004 provides a full and final settlement of Māori contemporary claims to commercial aquaculture space created since 21 September 1992.
The Act establishes the Crown’s obligation to provide iwi with the equivalent of 20 percent of the aquaculture space created between 21 September 1992 and 31 December 2004 (“pre-commencement space”) plus an additional obligation to provide 20 percent of all new space created. If the settlement cannot be achieved through a transfer of “space,” then it must be resolved through a financial transfer to iwi.
During 2008/09, the Crown reached a settlement with iwi of the South Island and Coromandel of the Crown’s pre-commencement aquaculture space obligations to these iwi.
On behalf of the Crown, the Ministry of Fisheries engaged Mr Lex Hayward to provide a valuation of the remaining pre-commencement space obligations (ie excluding that already settled) as at 30 June 2009.
The valuation provided by Mr Hayward is dated 30 June 2009. The valuation had a confidence interval of +/- 30 percent. An assumption has been made in the report that all remaining sites are productive, but with varying degrees of probability that they will be sufficiently productive to be profitable.
The valuation adjusts the assessment of the future value of the sites to present value terms by applying a “discount rate” of 10 percent.
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