Note 12: Surplus payment due to the Crown
Annual Report for the year ended 30 June 2008.
The Office is not permitted to retain operating surpluses under the Public Finance Act 1989. Thus, the surplus for the year of $285,000 is repayable to the Crown, and is due to be paid by 31 October 2008.
| Actual 2007 $000 |
Actual 2008 $000 |
|
|---|---|---|
| 329 | Surplus current year* | 285 |
| 140 | Surplus brought forward | 469 |
| - | Payment to the Crown | (469) |
| 469 | Total provision for payment to the Crown | 285 |
* The surplus for repayment to the Crown for the year ended 30 June 2007 is that reported by the Office prior to the adoption of NZ IFRS.
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