JUser: :_load: Unable to load user with ID: 81

Government posts deficit for 2013-14

Friday September 26, 2014 Written by Published in Economy
Government posts deficit for 2013-14

The Ministry of Finance and Economic Management has released a financial report for the 2013-14 financial year, indicating a $5.1 million deficit.

The figure excludes depreciation but includes capital expenditure and a number of activities financed through borrowing. 
Total operating expenses for 2013-14 were lower than the budget estimates, and were attributed to lower than expended payments for the Air New Zealand Underwrite and the TOA profit guarantee.
A 2 per cent savings in spending by government agencies also contributed less then expected expenditure.
Revenue collections were also lower then estimates.
Income tax, import levies, and departure tax collections all came in under budget, but were offset by higher-than-expected value-added tax collections. Those numbers appear to be the product of the tax review undertaken by the government during the 2013-14 financial year.
An additional $200,000 in Crown revenue was collected, primarily due to increases in fishing catch revenue - which totalled $2.9 million for the fiscal year and 16 per cent more than expected.
Actual fishing licence revenue came in at nearly $400,000 under budget,
The government collected a $1.15 million dividend from Telecom Cook Islands, along with $663,000 in immigration fees - 32 per cent less than expected.
MFEM says the numbers have not been audited and are not intended to be a replacement for the final 2013-14 audited accounts.

Leave a comment