MFAT's departmental operating expenditure for the 2012/13 year (before re-measurements) was $342.633 million compared with a final appropriation of $380.477 million (refer Appropriation Tables) resulting in under-expenditure of $37.844 million. We planned to carry forward $20.710 million to 2013/14, which would have resulted in a net underspend of $17.134 million.
This illustrates our departmental operational expenditure by region. The largest portion is New Zealand followed by Asia, Europe, Australia/ Pacific, Americas, and Middle East and Africa.
This highlights that staff costs and infrastructure costs represent approximately 87 percent of our overall operational expenditure
The financial position at balance date is robust. The proportion of MFAT's current liabilities is 28 percent of current assets compared with our current assets being 29 percent of total assets, which means that we are in a strong position to pay creditors. Also, our sizeable asset portfolio supports the provision of modern, secure, and effective premises for accommodating NZ Inc's requirements offshore and modernising its IT system.
The following graph reflects our assets, liabilities, and equity.
Capital expenditure in 2012/13 was $11 million ($9.615 million purchase of property, plant, and equipment, plus $1.385 million purchase of intangible assets) below the planned spend of $31.439 million due to delays with capital projects arising from the reprioritisation and rephasing of the capital works programme and changes in operational and business requirements.
The graph below reflects MFAT's capital expenditure trend over the past four financial years.