New Zealand Legislation: Acts

23 Net assets of departments must be confirmed

• (1) Each Appropriation Bill that is introduced before the end of the financial year to which the Bill relates must include a schedule that shows for each department (other than an intelligence and security department)—

  • (a) either of the following:

    • (i) the most recently audited amount of net assets; or

    • (ii) the most recently projected amount of net assets at the start of that financial year to which the appropriations sought in that Bill apply; and

  • (b) projected movements in net assets during that financial year; and

  • (c) the projected balance of net assets at the end of that financial year.

  (2) The projected movements in net assets referred to in subsection (1)(b) must include as separate items—

  • (a) any projected capital injections and withdrawals; and

  • (b) any surpluses projected to be retained in accordance with section 22(1).

  Subsection (1) was amended, as from 1 July 1994, by section 18 Public Finance Amendment Act 1994 (1994 No 18) by inserting the words “, without further appropriation than this section,”.

  Parts 1 and 2 (sections 4 to 26A) were substituted by new Parts 1 and 2 (sections 4 to 26Z), as from 25 January 2005, by section 7 Public Finance Amendment Act 2004 (2004 No 113). See sections 32 to 36 of that Act as to the transitional provisions.