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Internal Affairs makes forecasting error public
Internal Affairs makes forecasting error public
Forecasting errors by the Department of Internal Affairs resulted in over-stating the forecast funds available to the Lottery Grants Board in 2013/14 by $12.44 million. This information is made public to ensure ongoing public confidence in the integrity of our lotteries and grants system.
The Lottery Grants Board Secretary, Robyn Nicholas confirms no money has been lost and the errors have not impacted on lottery money available for distribution to community organisations. The Board was able to use money held in reserve to meet the promised higher amount. The effect is that additional money has been made available this year. Funds available next year will as always depend on the profits of Lotto and other games.
The Department has made a number of improvements to financial forecasting processes to ensure that these are more robust.
More than $220 million generated from Lottery profits is being returned to the community this year through statutory agencies and through distribution committees which support communities and organisations throughout New Zealand.
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