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Wednesday, August 02, 2006

SI Government records a healthy revenue for the first 6 months

The Ministry of Finance this week released June 2006 year to date financial results.
June year to date reported revenue exceeded expenditure by $45.4 million against an estimated budget deficit of $86.0 million. This outcome reflected:
- Revenue exceeding the Budget year to date by $30.2 million
- Year to date expenditure being lower than the pro rata estimate by $101.2 million

Whilst currently there is excess revenue over expenditure, this may not be reflective of the full year position. The full year expenditure budget is apportioned evenly each month over the year and expenditure patterns do not necessarily represent this pro rata basis. Likewise the revenue for other Ministries is also evenly apportioned over the full year. Whilst Inland Revenue and Customs collections are based upon monthly targets, there is no certainty that the revenue will be collected in line with the monthly targets.

The higher than expected year to date revenue collections result from:
• Customs collections of $117.4 million against a projected target of $106.1 million ($11.3 million above target). The higher collections are mainly due to an increase in export duties on timber and logs.

• Inland Revenue collections of $190.1 million against a target of $179.0 million ($11.1 million above target). Goods tax and Personal Taxation are the main contributors to the higher collections. There was also increased collection in company tax.

• Other Ministries collections of $50.7 million against a pro rata estimate of $32.3 million ($18.4 million above estimate) is up due to mainly Fisheries license fees in excess of that budgeted. There was $6.5 million of Fisheries license fees collected in June.

• NZ Aid Budget support of $20.0 million against a pro rata estimate of $30.6 million ($10.6 million below estimate). Two installments of $10 million each had been paid in by NZ Aid of which $10 million was transferred to the Ministry of Education with the other funds expected to be transferred shortly. The timing of NZ Aid support is determined by the Ministry of Education in consultation with NZ Aid.

Source: Government Communication Unit


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