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NZ Transport Agency Statement of intent 2013–2016

This Statement of intent (SoI) sets out an approach and course of action for the next three years that will contribute to the delivery of the government's land transport objectives and wider transport vision. It includes performance measures and what is intended to be measured (and how) and details of what is expected to be accomplished. The document also includes full financial statements. The SoI is a statutory compliance document.

Download the complete report:
NZ Transport Agency Statement of intent 2013–2016 [PDF, 1.5 MB]

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Part 3: Statements of forecast financial performance

National Land Transport Fund

Overview

The National Land Transport Fund is a key tool to facilitate the government’s investment on behalf of transport users. All revenue from fuel excise duty, road user charges, motor vehicle registration and licensing fees, revenues from Crown appropriations and management of Crown land, and interest are accounted for in the National Land Transport Fund. The National Land Transport Fund is used to manage:

  • the funding of the National Land Transport Programme for:
    • activities delivered by an approved organisation
    • state highway activities
    • research
    • other NZTA’s activities, such as transport planning
  • the funding of the NZ Police road policing programme
  • the funding of Maritime NZ search and rescue activities. *

* Includes search and rescue activity coordination, and search and rescue and recreational boating safety activities.

Funding inflows and outflows 2013/14

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Prospective financial statements

NLTF prospective statement of comprehensive income for the year ending 30 June

  Projected 2012/13 $000 Budget 2013/14 $000 Forecast 2014/15 $000 Forecast 2015/16 $000
Income inflows *
Land transport revenue 2,722 2,934 3,145 3,358
Management of Crown land and interest 88 91 86 95
Total income flows 2,810 3,025 3,231 3,453
Outflows*
NZTA National Land Transport Programme 1,823 1,864 1,893 1,999
NZTA National Land Transport Programme – capital contribution 715 829 1,089 1,104
NZ Police 287 307 297 297
Search and rescue ** 6 7 7 7
Total outflows 2,831 3,007 3,286 3,408
Net surplus/(deficit) (21) 18 (55) 45

* This heading has been used to be consistent with the terminology in the Land Transport Management Act 2003.
** Includes search and rescue activity coordination, and search and rescue and recreational boating safety activities.

NLTF prospective statement of financial position as at 30 June

  Projected 2012/13 $000 Budget 2013/14 $000 Forecast 2014/15 $000 Forecast 2015/16 $000
Assets
Current assets
Cash and cash equivalents 38 17 5 0
Debtors 193 206 220 224
Total assets 231 223 225 224
Liabilities
Current liabilities
Creditors and other payables 424 398 455 409
Total liabilities 424 398 455 409
Net assets (193) (175) (230) (185)
General funds (193) (175) (230) (185)
General funds closing balance * (193) (175) (230) (185)

* This heading has been used to be consistent with the terminology in the Land Transport Management Act 2003.

NLTF prospective statement of changes in general funds balance for the year ending 30 June

  Projected 2012/13 $000 Budget 2013/14 $000 Forecast 2014/15 $000 Forecast 2015/16 $000
General funds opening balance (172) (193) (175) (230)
Changes in general funds balance
Net surplus/(deficit) (21) 18 (55) 45
Total changes in general funds balance (21) 18 (55) 45
Total general funds closing balance * (193) (175) (230) (185)

* This heading has been used to be consistent with the terminology in the Land Transport Management Act 2003.

NLTF prospective statement of cash flows for the year ending 30 June

  Projected 2012/13 $000 Budget 2013/14 $000 Forecast 2014/15 $000 Forecast 2015/16 $000
Cash flows from operating activities
Receipts from land transport revenue 2,809 3,011 3,217 3,448
Payments to suppliers (2,815) (3,032) (3,229) (3,454)
Net cash from operating activities (6) (21) (12) (5)
Net (decrease)/increase in amounts held by the Crown (6) (21) (12) (5)
Amounts held by the Crown at the beginning of the year 44 38 17 5
Amounts held by the crown at the end of the year * 38 17 5 0

* The National Land Transport Fund is a notional account only. There are no actual cash and cash equivalents as funds are held by the Crown. However, this statement has been provided to meet the requirements of section 11 of the Land Transport Management Act 2003.



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Notes to the prospective financial statements

Prospective financial statements and assumptions

Use of information contained in these prospective financial statements

These prospective financial statements have been prepared in accordance with the Crown Entities Act 2004, for the purpose of providing information on the National Land Transport Fund’s future operating intentions and financial position, against which it must report and be formally audited at the end of the financial year.

The information in these financial statements may not be appropriate for purposes other than those described.

The NZ Transport Agency has complied with financial reporting standard FRS 42 Prospective Financial Statements in the preparation of these National Land Transport Fund prospective financial statements.

These prospective financial statements are based on significant financial assumptions as to future events that the NZ Transport Agency reasonably expects to occur at the time this information was prepared. Any changes to these assumptions during the year will not be reflected in these financial statements.

The reader of this report should note that no actual operating results are contained in these prospective financial statements. Actual results achieved for the forecast periods are likely to vary from the information presented, and that some variations may be material.

The NZ Transport Agency does not intend to update the prospective financial statements subsequent to the publication of these statements.

Statement of significant underlying assumptions

The NZ Transport Agency has made a number of assumptions in preparing the National Land Transport Fund prospective financial statements. The most significant of these are outlined below.

Land transport revenue Revenue forecasts for fuel excise duty, road user charges and motor vehicle registrations are based on future performance and trends.
Management of Crown land and interest Forecast revenues are influenced by the management of rental properties and interest income on cash holdings. Assumptions are based on historical performance and trends.
NZTA National Land Transport Programme The NZTA has developed a National Land Transport Programme for 2012–15. The expenditure for the forecasted out years are most likely to change depending on the progress of the programme.
NZTA National Land Transport Programme - Capital contribution The NZTA is undertaking a programme of capital spending aimed at improving and renewing the state highway network. Projected costs and timing of expenditure are based on project plans and quotations current when these forecasts were prepared.
Opening equity Estimated opening equity assumes a 2012/13 year deficit of $21 million. This impacts on estimated amounts of cash on hand and net assets.

Statement of accounting policies

Reporting entity

The Land Transport Management Act 2003 includes a requirement for the NZ Transport Agency to prepare at the end of the financial year an annual report on the National Land Transport Fund.

All revenue from fuel excise duty, road user charges, motor vehicle registration and licensing fees, revenues from Crown appropriations and management of Crown land, and interest are accounted for in the National Land Transport Fund. The National Land Transport Fund is used to manage:

  • the funding of the NZ Police road policing programme
  • the funding of the National Land Transport Programme for:
    • activities delivered by an approved organisation
    • state highway activities
    • research
    • other NZTA’s activities, such as transport planning.

The National Land Transport Fund cash funds are held as part of the total Crown funds. The Ministry of Transport is responsible for authorising any payments from the National Land Transport Fund and administration of appropriations.

The financial statements of the National Land Transport Fund are for the period 2013–16 and were approved by the Board on 19 June 2013.

Basis of preparation

Statement of compliance

The financial statements of the National Land Transport Fund have been prepared in accordance with the requirements of the Crown Entities Act 2004, which includes the requirement to comply with New Zealand generally accepted accounting practice in New Zealand (NZ GAAP).

These financial statements have been prepared in accordance with NZ GAAP as appropriate for public benefit entities and they comply with New Zealand International Financial Reporting Standards (NZ IFRS).

Measurement base

The financial statements have been prepared on a historical cost basis.

Function and presentation currency

The financial statements are presented in New Zealand dollars and all values are rounded to the nearest million dollars ($m). The functional currency of the National Land Transport Fund is New Zealand dollars (NZ$).

Standards, amendments and interpretations issued that are not yet effective and have not been early adopted

The National Land Transport Fund has adopted all standards, amendments and interpretations to existing standards that have been published and are mandatory for its accounting periods beginning on or after 1 July 2013.

Significant accounting policies

Income inflows

Income comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the National Land Transport Fund’s business. Revenue is shown net of GST.

Income is recognised when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and when the specific criteria have been met for each of the National Land Transport Fund activities. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the activity giving rise to the revenue have been resolved.

Interest

Interest income is recognised using the effective interest method. Interest income on an impaired financial asset is recognised using the original effective interest rate.

Assets

The National Land Transport Fund account being a notional account does not hold physical assets.

Outflows

The National Land Transport Fund accounts for the flow for funds to:

  • the NZ Transport Agency – for the funding of the National Land Transport Programme.
  • the Police – who provide the Roading Policing Programme.

Under section 9 (1) of the Land Transport Management Act 2003, the National Land Transport Fund funds search and rescue activities, and recreational boating safety and safety awareness.

The various activities are outlined in the statements of service performance.

Financial assets

The National Land Transport Fund is a notional account with funds held as part of the total Crown funds.

Cash and cash equivalents

The cash and cash equivalents of the National Land Transport Fund are held by the Crown.

Employee entitlements

The National Land Transport Fund has no employees.

Goods and services tax (GST)

All items in the financial statements are presented exclusive of GST, except for receivables and payables which are presented on a GST inclusive basis.

Commitments and contingencies are disclosed exclusive of GST.

Income tax

The National Land Transport Fund is a public authority and consequently is exempt from the payment of income tax. Accordingly, no provision has been made for income tax.

Budget figures

The budget figures have been prepared in accordance with NZ GAAP, using accounting policies that are consistent with those adopted by the NZTA in preparing these financial statements.



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Statement of service performance – financials

Output class funding to the NZ Transport Agency

  Projected 2012/13 $m Budget 2013/14 $m Forecast 2014/15 $m Forecast 2015/16 $m
Management of the funding allocation system 29 30 30 31
Transport planning 14 16 16 17
Sector research 4 6 5 5
Public transport services 299 316 310 343
Road safety promotion 31 32 32 34
New and improved infrastructure for local roads 150 160 165 191
Renewal of local roads 212 246 246 263
Maintenance and operation of local roads 284 289 293 306
Walking and cycling 12 20 20 21
New and improved infrastructure for state highways 963 1,044 1,303 1,322
Renewal of state highways 188 222 227 226
Maintenance and operation of state highways 353 312 335 345
Total output class funding to the NZTA 2,539 2,693 2,982 3,103


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