Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Crown Research Institute Expenses Increase

Embargoed until 10:45am – 7 December 2006

Crown Research Institute Expenses Increase

The increase in operating expenses for New Zealand's nine Crown Research Institutes (CRIs) exceeded that of their income in the year ended 30 June 2006, Statistics New Zealand said today. Total CRI operating costs were up $36.8 million to reach $569.4 million in the year ended 30 June 2006. The main contributor to this increase was employee costs which rose by $17.6 million (to $283.4 million). All other expenses, in particular other operating costs, increased by $15.1 million (to $241.6 million), while interest paid rose from $3.1 million to $3.5 million. Depreciation increased by $3.7 million.

Total income increased to $573.0 million in the year ended 30 June 2006. This was up $24.4 million compared with the June 2005 year. CRIs received $283.6 million in government funding for the year, representing a $12.4 million increase on the previous June year, and earned $267.7 million in sales, up $3.9 million (1.5 percent). Interest revenue also increased, by a marginal $0.4 million, and all other income was up $7.8 million.

The surplus before tax for the nine CRIs was $27.6 million for the year to 30 June 2006, a $11.6 million increase compared with the June 2005 year. After tax, the CRIs recorded a provisional $18.8 million surplus, up $5.5 million from the June 2005 year.

Taxpayers' equity in the CRIs rose to a new high of $323.7 million at 30 June 2006, up from $320.1 million at 30 June 2005. Liabilities at 30 June 2006 totalled $157.7 million, up $5.8 million from a year earlier.

Current liabilities were $121.8 million (up 7.7 percent) and long-term liabilities were $35.9 million (down 7.5 percent).

The value of total assets at 30 June 2006 was $481.4 million, $9.3 million more than the value at 30 June 2005. This was mainly the result of a $12.4 million increase in the level of fixed assets, a $9.1 million increase in other assets, and a rise in current assets of $3.1 million. This combined increase was partly offset by a $15.3 million fall in the level of investments.

Brian Pink
Government Statistician

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>