Annual Report for the Year Ended 30 June 2000
- Our Vision
- Chief Executive's Overview
- Key Achievements
- 1999/2000 Financial Performance
- Key Statistics for the Year ended 30 June 2000
- Statement of Responsibility
- Report of the Audit Office
- Financial Statements
- Output Class Performance
- References
Annual Report for the Year Ended 30 June 2000
1999/2000 Financial Performance
Note 13: Creditors and Payables
Note 13: Creditors and Payables.
|
30/6/00
Actual
$000 |
30/6/99
Actual
$000 |
Trade creditors |
352 |
1,465 |
Accrued expenses |
10,876 |
2,443 |
GST payable |
437 |
779 |
Total creditors and payables |
11,665 |
4,687 |
Note 14: Provision for Repayment of Surplus to the Crown
Note 14: Provision for Repayment of Surplus to the Crown.
|
30/6/00
Actual
$000 |
30/6/99
Actual
$000 |
Net surplus/(deficit) |
2,484 |
(118) |
Add/(deduct) other expenses: |
|
|
Departmental restructuring |
48 |
500 |
Retirement and long service leave |
0 |
1,300 |
Total provision for repayment of surplus |
2,532 |
1,682 |
Note 15: Employee Entitlements
Note 15: Employee Entitlements.
|
30/6/00
Actual
$000 |
30/6/99
Actual
$000 |
Non-current liabilities |
|
|
Retirement and long service leave |
1,335 |
1,567 |
Total non-current portion |
1,335 |
1,567 |
|
|
|
Current liabilities |
|
|
Annual leave |
1,059 |
1,010 |
Other personnel expenses |
923 |
2,068 |
Total current portion |
1,982 |
3,078 |
Total employee entitlements |
3,317 |
4,645 |
Note 16: Financial Instruments
The Ministry is party to financial instrument arrangements as part of its everyday operations. These include instruments such as bank balances, investments, accounts receivable and trade creditors.
Credit Risk
Credit risk is the risk that a third party will default on its obligations to the Ministry, causing the Ministry to incur a loss. In the normal course of its business, the Ministry incurs credit risk from its trade debtors, transactions with financial institutions and the New Zealand Debt Management Office.
The Ministry does not require any collateral or security to support financial instruments with financial institutions that the Ministry deals with, or with the NZDMO, as these entities have high credit ratings. For its other financial instruments, the Ministry does not have significant concentrations of credit risk.
Fair Value
The fair value of all financial instruments is equivalent to the carrying amount disclosed in the Statement of Financial Position.
Currency Risk and Interest Rate Risk
Currency risk is the risk that debtors and creditors due in foreign currency will fluctuate due to changes in foreign exchange rates.
Interest rate risk is the risk that the Ministry's return on the funds it has invested will fluctuate due to changes in market interest rates. Under sections 46 and 47 of the Public Finance Act, the Ministry cannot raise a loan without Ministerial approval and no such loans have been raised. Accordingly there is no interest rate exposure on funds borrowed.
The Ministry has no significant exposure to currency risk or interest rate risk on its financial instruments.
Note 17: Contingencies
The Ministry does not have any contingent assets as at 30 June 2000 (30 June 1999 nil).
Contingent liabilities are separately disclosed in the Statement of Contingent Liabilities.
Note 18: Related Party Information
The Ministry is a wholly owned entity of the Crown. The Government significantly influences the roles of the Ministry as well as being its major source of revenue.
The Ministry enters into numerous transactions with other government departments, Crown agencies and state-owned enterprises on an arms-length basis. These transactions are not considered to be related party transactions.
Apart from those transactions described above, the Ministry has not entered into any related party transactions.
Note 19: Major Budget Variations
Statement of Financial Performance and Statement of Financial Position
Explanations for the major variations from the initial Budget Night Estimates were outlined in the Supplementary Estimates. The expenditure variations were due, in the main, to:
$000
(GST excl.) |
(i) |
An increase in legal expenses |
550 |
(ii) |
Deferral of fisheries research projects |
(613) |
(iii) |
Reduced expenditure on customary Maori enforcement activities as a result of delays in recruitment of staff |
(500) |
Statement of Financial Position
Total budgeted departmental liabilities ($12,620,000) varied significantly from the estimates made in the 1999/2000 Departmental Forecast Report ($7,515,000). Fisheries research creditors ($4,230,000) accounted for a substantial portion of this variation.
Note 20: Segment Information
The Ministry undertakes fisheries management activities throughout New Zealand.
Statements of Service Performance for the Year Ended 30 June 2000
Statements of Service Performance for each Output Class, together with the actual and budgeted costs for each Output Class and contributing Outputs are detailed in the following pages. Achievements during the year should be read in conjunction with the performance standards set out in the Departmental Forecast Report signed on 12 April 1999.
Consolidated Output Classes - Statement of Financial Performance
Consolidated Output Classes - Statement of Financial Performance.
|
30/06/00
Actual
$000 |
30/06/00
Budget
$000 |
30/06/00
Actual as %
of Budget |
Revenue: |
|
|
Crown |
54,129 |
54,129 |
100 |
Other |
2,207 |
2,024 |
109 |
Total revenue |
56,336 |
56,153 |
100 |
Expenses: |
|
|
Policy Framework |
4,655 |
5,060 |
92 |
Fisheries Information and Monitoring |
15,580 |
16,398 |
95 |
Regulatory Management |
4,184 |
4,332 |
97 |
Fisheries Access and Administration |
10,594 |
10,916 |
97 |
Enforcement of Fisheries Policies |
16,535 |
16,751 |
99 |
Prosecution of Offences |
2,015 |
2,234 |
90 |
Biosecurity (Fisheries) |
335 |
462 |
73 |
Total expenses |
53,898 |
56,153 |
96 |
Standards to be Adopted for the Provision of Policy Advice
All policy advice from the Ministry will be delivered in accordance with the following standards:
Purpose
Reports clearly state their purpose and address any questions that have been set.
Logic
Assumptions behind the advice are explicit, the argument logical and supported by facts.
Accuracy
The facts in the papers are accurate and all material facts have been included.
Options
An adequate range of options, assessed for benefits, costs and consequences to fisheries management was included in most papers.
Consultation
Evidence exists of adequate consultation with interested parties where applicable and possible objections to the proposals have been identified.
Practicality
Problems of implementation, technical feasibility, compliance costs, enforcement implications, timing and consistency with other policies have been considered.
Presentation
Material presented meets Cabinet Office requirements.
Review
The Minister's views on the quality of advice will be sought through appropriate means on a six-monthly basis.