Overview of our financial results
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 Services | Supporting Accountability to Parliament | Performance Audits and Inquiries | Remuneration of Auditor-General and Deputy | Total | |
|---|---|---|---|---|---|
| $000 | $000 | $000 | $000 | $000 | |
| 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
