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

 


Crown Balance Sheet Management to be Strengthened

Crown Balance Sheet Management and Decision Making to be Strengthened

The Treasury will continue to progress work with government departments and other Crown agencies to further strengthen Crown balance sheet management and decision making following amendments to the Public Finance Act late last year.

"Like in many countries around the world, public sector agencies and governments in New Zealand need to improve their focus on the better use of capital,” Secretary to the Treasury, Gabriel Makhlouf, said today.

The Treasury today published its 2014 Investment Statement, a statutorily-required report card on the Crown’s balance sheet of what it owns and owes.

"We have a solid record of a well functioning public finance management system which has helped cushion New Zealanders from the full brunt of recent economic and financial shocks and natural disasters.

"But it is also true that there is scope for further strengthening of Crown balance sheet management practices. New Zealanders would benefit from having a greater understanding of performance across the portfolio of Crown assets and liabilities because it would assist with delivering value for money.

"Our capital management practices and expectations need to be stronger to complement our strong fiscal accountability standards for operating expenses,” Gabriel Makhlouf said.

Conclusions in the Investment Statement include that the Crown’s balance sheet has been growing over the past 20 years and this will continue in the future. Individual agencies’ asset performance measurement and monitoring of their own asset bases and investing activities has been improving in recent years, but it is still not as comprehensive as it could be to provide the information required to more fully assess opportunities and risks to the Crown’s overall position.

"Owning the right assets, managing them well, funding them sustainably, and managing risks to the Crown balance sheet, are all critical to the provision of high-quality and cost-effective public services. In particular, the coming demographic challenges mean that the quality of balance sheet management will become increasingly important to underpinning New Zealanders’ living standards now and in the future,” he said.

"Creating systems for better information collection and evaluation will be a priority for the Treasury in its work with agencies in the years ahead. The next Investment Statement, required no later than four years from now, will outline how public sector organisations have made progress on this important work,” he said.

Link to 2014 Investment Statement.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news