Overview of our financial results

Annual Report 2016/17.

Operating result

For 2016/17, we budgeted for, and had, an operating deficit. We drew on the funds in our memorandum account, which was set up to help us manage the peaks and troughs in our income cycle. Our net operating result was a deficit of $2.1 million. Our net operating results by output are summarised below.

Audit and Assurance ServicesSupporting Accountability to ParliamentPerformance Audits and InquiriesRemuneration of Auditor-General and DeputyTotal
Funding 76,583 3,166 6,579 1,052 87,380
Costs (78,915) (3,118) (6,406) (1,052) (89,491)
Surplus/(Deficit) (2,332) 48 173 0 (2,111)
Gain on sale of assets 47
Net deficit per Statement of comprehensive revenue and expense (2,064)

Deficit funded from our memorandum account

The deficit for the year was consistent with planned use of funding from our memorandum account for the costs of audit and assurance services.

The funding in the memorandum account came from previous years' surpluses.

Audit and Assurance Services memorandum account$000
Opening balance at 1 July 2016 3,244
Funding applied to Audit and Assurance Services deficit (2,332)
Closing balance at 30 June 2017 912

Investment in our assets

In 2016/17, we invested in modernising our computer systems, including the upgrade of our financial management system, purchase of analysis software, and improvements to our document management centre.

We also maintained our replacement programme for IT hardware, vehicles, and furniture and equipment.

Asset purchases and depreciation

Asset purchases and depreciation.