5 MARCH THE NEW ZEALAND GAZETTE 997

NOTES TO THE ACCOUNTS

1. Income Tax
   Income tax is net of refunds.
   Refunds to exporters in terms of the Income Tax Act 1976 were $143,087,886 for the nine months ended 31 December 1984 and $155,715,712 for the corresponding period in 1983.
   Advance payments to Accident Corporation Compensation were $12,091,452 during the quarter ended 31 December 1984 and $13,459,336 for the corresponding period in 1983.

2. Revolving fund—Interest on capital liability.
   The initial capital liability of all revolving funds are determined under section 99 of the Public Finance Act 1977.
   The amount shown is the interest on the capital liability of the Computer Services Division and this is transferred from the Trust Account.

3. Miscellaneous Payments
   This item includes payments made this financial year totalling $533,373 under a guarantee given by the Government in terms of section 86 (2) of the Public Finance Act 1977 in respect of Timber Stockpile Ltd.

4. Government Life Insurance Corporation
   On 1 October 1983 the Government Life Insurance Office became a corporation under the provisions of the Government Life Insurance Corporation Act 1983. Payments recorded in the Consolidated Account are for fees and expenses of appointed directors of the corporation.

5. Annual Appropriations—Vote Stabilisation
   Payments previously made from this vote are now made as follows—
   Subsidy on milk—from Vote Agriculture and Fisheries.
   Subsidy on transport of liquid petroleum gas—from Vote Energy.

6. Ministry of Energy
   The Consolidated Account receipts and payments relate only to the non-trading activities of the Ministry. The Loans Account payments relate to the portion of the Ministry's trading activities advanced from the Public Account.

7. Special Receipts
   Auckland Harbour Bridge Authority
   The Auckland Harbour Bridge Authority was dissolved on 31 March 1984. Investments in property and securities have been acquired by the New Zealand Government and these are being administered by the Ministry of Works and Development.
   The receipt for $750,000 represents principal repayment of short term investments.

   Christmas Island Phosphate Commission
   The receipt of $1,414,731 is the final payment received in respect of New Zealand’s share of the net assets and liabilities of the Christmas Island Phosphate Commission which has now been wound up.

   Government Printing Office
   The receipt of $11,969,881 is a transfer from the Government Printing Office Fund in the Trust Account being funds surplus to normal operational requirements at 31 March 1984.
   The receipt of $440,000 is a payment to the Consolidated Account in lieu of Income Tax.

   Effect of 18 July 1984 Devaluation on Public Account Balances
   In accordance with the particular accounting policies pertaining to Investments and to Foreign Currencies, investments of Public Account Balances were realigned to reflect the devaluation of 18 July 1984. This has resulted in an increase in investment balances of $53,009,197 for Reserve Account investments and $140,552,770 for other public account investments. These figures are included respectively under the items “Adjustment of value of investments consequent on changes in exchange rates” in the Reserve Account, and “Adjustment of balances consequent on changes in exchange rates” in the Consolidated Account.

   Rural Banking and Finance Corporation
   The repayment is in respect of an overclaim of concessions on interest for general lending in 1983–84.

8. Loan Receipts Unallocated
   With reference to the Statement of Accounting Policies, receipts for loan moneys paid into the Public Account are cleared from the Suspense Account and credited to the item loan receipts unallocated. This clears the Suspense Account of moneys which are identifiable as loan moneys but for which no final accounting documentation was received in Treasury at the end of the quarter.

9. Suspense Account
   As set out in the General Accounting Policy pertaining to recognition of receipts and payments the Suspense Account contains moneys received but not yet allocated to a particular fund or account.

B. V. GALVIN, C. F. SPROULE,
Secretary to the Treasury. Director, Financial Management, Treasury.
30 January 1985 30 January 1985