Overview of our financial results

Annual report 2017/18.

Operating result

For 2017/18, we had an operating surplus of $1.482 million. Of this surplus, $0.882 million is transferred to our memorandum account, which was set up to help us manage the peaks and troughs in our revenue cycle. 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 $00
Funding 84,646 3,200 6,576 838 95,260
Costs (83,764) (3,195) (6,080) (739) (93,778)
Surplus 882 5 496 99 1,482

Memorandum account

The surplus for the year was consistent with our expected funding cycle.

The memorandum account funds are held for future use on audit and assurance services.

Audit and Assurance Services memorandum account $000
Opening balance at 1 July 2017 912
Funding from Audit and Assurance Services surplus 882
Closing balance at 30 June 2018 1,794

Investment in our assets

In 2017/18, we maintained our replacement programme for IT hardware, vehicles, and furniture and equipment. We also continued our investment in improvements to our document management system.

Asset purchases and depreciation

Asset purchases and depreciation.