New Zealand Gazette – 1984 – No. 87

Page 1743

✨ Public Account Financial Summary



29 MAY THE NEW ZEALAND GAZETTE 1743

INTRODUCTION

This summary of the receipts and payments of the public accounts is produced quarterly and published in terms of section 67 of the Public
Finance Act 1977. The contents of the summary are as follows:

  • Statement of Accounting Policies, outlines the general accounting principles on which the accounts are prepared, and the particular
    accounting policies adopted.

  • Statement of Source and Application of Funds, a summary financial report of the aggregated transactions for the year to date.

  • Consolidated Account, the main operating account within the Public Account. All receipts must be credited to this account unless there
    is specific statutory provision to the contrary. e.g., proceeds of loans, and Road User Charges. The main revenue items in the account
    are direct and indirect taxation, interest received, dividends and profits from Corporations and trading undertakings, and departmental
    receipts.
    The bulk of Government expenditure is met from this account by way of annual appropriations through votes (see the Estimates
    of Expenditure B. 7 [Pt. I]), and permanent appropriations made pursuant to various statutes.

  • Loans Account, records the proceeds from all new loans raised (except those raised for redemption of loans) in New Zealand or Overseas
    during the financial year. The payments side of the account records the disbursement of these proceeds by annual and permanent
    appropriations, and by way of transfers to other accounts within the Public Account. A non cash item is included on both the receipts
    and payments side of the account to record the value of capital equipment purchased under credit arrangements.

  • Loans Redemption Account, records how loan moneys received specifically for the purpose of repaying or redeeming public debt,
    together with other receipts credited to the account, have in fact been applied to convert or repay public debt. The account also records
    cash received and paid in respect of the issue and redemption of Treasury bills.

  • National Roads Fund, is established under section 22 of the National Roads Act 1953. Its purpose is to record certain indirect taxation
    revenues specifically set aside to fund expenditure on construction and maintenance of roads. The account also records other moneys
    appropriated for these purposes.

  • Reserve Account, records funds set aside to meet future contingencies. Transfers into this account are made from the Consolidated
    Account, but if a contingency arises the funds may be transferred to any of the other accounts within the Public Account.

  • Trust Account, contains over 50 separate accounts and is primarily used to record moneys received or held in trust. Moneys paid into
    the account are generally available to be applied only for the specific purpose for which they were received.

  • The Summary of Balances and the Composition of Balances.

  • Notes to the Accounts, contains additional explanatory information on specific receipts or payments items.

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✨ LLM interpretation of page content

💰 Summary of Receipts and Payments of the Public Account for the Year Ended 31 March 1984 (continued from previous page)

💰 Finance & Revenue
Public Account, Financial Summary, Receipts, Payments, Accounting Policies, Source and Application of Funds, Consolidated Account, Loans Account, Loans Redemption Account, National Roads Fund, Reserve Account, Trust Account