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Financial Statements Of The Government

Financial Statements Of The Government For The Nine Months Ended 31 March 2003

The Financial Statements of the Government of New Zealand for the nine months ended 31 March 2003 were released by the Treasury today. These financial statements have been prepared on the basis of fully consolidating all the revenues, expenses, assets and liabilities of all departments, SOEs and Crown entities.

These financial statements are compared against forecasts based on the 2002 December Economic and Fiscal Update (2002 DEFU).

The operating balance for the nine months ended 31 March was $127 million higher than forecast. This was due to:

• Tax revenue being $679 million higher than forecast, reflecting higher than forecast goods and services tax ($285 million) and source deductions ($277 million).

• Sale of goods and services being $440 million higher than forecast, which was spread over a number of SOE’s. These factors were largely offset by

• Total Crown expenses being $605 million higher than forecast, including higherthan- forecast core Crown expenses of $546 million.

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