New Zealand Legislation: Acts

41 Extra information required for first financial year

• (1) The information required under section 38 must include, for the first financial year of the period to which it relates,—

  • (a) forecast financial statements for the department that have been prepared in accordance with generally accepted accounting practice; and

  • (b) a statement of all significant assumptions underlying the forecast financial statements; and

  • (c) any other information or explanations needed to fairly reflect the department's forecast financial operations and financial position; and

  • (d) comparative budgeted and estimated actual figures for the previous financial year for the forecast financial statements; and

  • (e) a statement of forecast service performance that—

    • (i) describes each class of outputs the department proposes to supply during the financial year; and

    • (ii) includes measures and forecast standards of output delivery for each class of outputs; and

    • (iii) identifies the expected revenue to be earned and the proposed output expenses to be incurred for each class of outputs; and

    • (iv) has been prepared in accordance with generally accepted accounting practice; and

  • (f) any other measures and standards necessary to assess the department's performance at the end of the financial year.

  (2) The information for each class of outputs that is included in a statement of forecast service performance in accordance with subsection (1)(e) must be agreed by the Minister responsible for the appropriation that includes that class of outputs.

  Section 41: substituted, on 25 January 2005, by section 16 of the Public Finance Amendment Act 2004 (2004 No 113).