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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news