New Zealand Gazette – 2003 – No. 103

Page 2737

✨ Financial Provisions Report

18 AUGUST

NEW ZEALAND GAZETTE

2737

	2003
	$000's
Provisions comprise:
Long service leave	138
Site restoration	400
Revenue adjustments	525
Total	1,063

	2002
	$000's
Long service leave	154
Site restoration	400
Revenue adjustments	2,025
Total	2,579

Details of these provisions are:

Long service leave

The provision for long service leave relates to an actuarial assessment of entitlements that may become due to employees in the future. The provision is affected by a number of estimates, including the expected length of service of employees and the timing of benefits being taken. Most of the liability is expected to be incurred over the next 5 years.

	2003
Opening balance	154
Additional provision made	23
Amount utilised	(39)
Closing balance	138

	2002
Opening balance	132
Additional provision made	35
Amount utilised	(13)
Closing balance	154

Site restoration

The provision for site restoration relates to a site owned by Orion, which has not been used for operational purposes for some years. This is an assessment of the costs to remove and treat contaminated soil and to reinstate with clean soil. The liability is expected to be incurred in the next few months.

	2003
Opening balance	400
Additional provision made	-
Closing balance	400

	2002
Opening balance	-
Additional provision made	400
Closing balance	400

Revenue adjustments

The provision for revenue adjustments relates to allowance for possible adjustments to amounts billed to electricity retailers. This is as a consequence of improved billing data becoming available through the regular monthly billing wash-up process. The liability is expected to be incurred over the next year.

	2003
Opening balance	2,025
Additional provision made	-
Amount utilised	-
Unused provision reversed	(1,500)
Closing balance	525

	2002
Opening balance	3,300
Additional provision made	525
Amount utilised	(1,800)
Closing balance	2,025

VUW Te Waharoa — NZ Gazette 2003, No 103

Gazette.govt.nz — NZ Gazette 2003, No 103

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

💰 Accounts Payable and Accruals (continued from previous page)

Domain💰 Finance & Revenue
KeywordsAccounts payable, Trade creditors, Accruals, Employees entitlements, Provisions

💰 Provisions for Long Service Leave, Site Restoration, and Revenue Adjustments

Domain💰 Finance & Revenue
KeywordsProvisions, Long service leave, Site restoration, Revenue adjustments, Financial report

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