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The Ministry’s departmental operating expenditure for the 2011/12 year (before re-measurements), was $361.266 million compared with a final appropriation of $398.565 million (refer Appropriation Tables page 81) resulting in under-expenditure of $37.299 million. The Ministry planned to carry forward $19.000 million to 2012/13 which results in a net underspend of $18.299 million.
This illustrates the Ministry’s 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 85 percent of the Ministry’s overall operational expenditure.
The financial position at balance date is robust. The proportion of current liabilities is 9 percent of the total assets compared to the Ministry’s current assets being 28 percent of total assets, which means that the Ministry is in a strong position to pay creditors. Also, the Ministry’s sizeable asset portfolio supports the Ministry modernising its IT system and providing modern, secure and effective premises for accommodating NZ Inc’s requirements offshore.
The following graph reflects the Ministry’s assets, liabilities and equity.
Capital expenditure in 2011/12 was $17.228 million ($15.729 purchase of fixed assets, plus $1.499 million purchase of intangible assets) below the planned spend of $30.938 million due to delays with capital projects arising from design and tendering processes taking longer than anticipated, as well as the reprioritisation and rephrasing of the capital works programme and changes in operational and business requirements.
The graph below reflects the Ministry’s capital expenditure trend over the past four financial years:
