INDEPENDENT NEWS

CRI's Government Revenue Increases

Published: Mon 2 Dec 2002 10:00 AM
New Zealand's nine Crown Research Institutes (CRIs) received $279.8 million of Government funding in the year ended 30 June 2002, provisional Statistics New Zealand figures show. This was an increase of $13.8 million compared with the previous June year, and is the largest increase recorded in the series to date.
In the year to June 2002, total income received by the CRIs was $511.5 million, up from $484.4 million the year before. Along with Government revenue, sales revenue contributed to this increase, rising $18.1 million to reach $224.7 million. Partly offsetting these rises were falls in the levels of interest revenue and all other income, which dropped $0.6 million and $4.2 million respectively.
Crown Research Institutes' operating expenses increased during the year to 30 June 2002. Total operating costs increased $30.9 million to reach $488.0 million, up from $457.1 million in the June 2001 year. Employee costs made the biggest contribution to this increase, up $20.8 million or 9.2 percent in the latest June year. All other expenses increased $6.0 million to reach $202.1 million.
Depreciation increased from $33.7 million to $37.4 million, while interest paid rose slightly from $0.8 million to $1.2 million.
Our Information Centres are at: Wellington 04 495 4600 Email: info@stats.govt.nz Auckland 09 357 2100 Christchurch 03 374 8700 www.stats.govt.nz For the year ended June 2002, the surplus before tax and non-operating items for the nine CRIs was $23.5 million. This was a decrease of $3.8 million compared with the June 2001 year. After tax and non-operating items, the CRIs recorded a $10.4 million surplus. This was down $11.7 million on the June 2001 year, and is the lowest surplus after tax and non-operating items recorded since 1996.
Taxpayers' equity in the CRIs fell from $319.2 million at 30 June 2001 to $289.9 million at the end of the latest year. This is the first decrease in equity recorded by these statistics.
Liabilities at the end of June 2002 totalled $138.1 million, up $18.6 million from the $119.5 million recorded at 30 June 2001. Current liabilities this year were $105.4 million and long-term liabilities were $32.7 million.
The value of total assets at the end of June 2002 was $428.0 million, $10.7 million less than the value recorded a year earlier. Current assets fell 5.7 percent or $6.9 million compared with the year ended June 2001. The level of investments also fell during this period, down from $19.2 million to $7.4 million. Fixed assets rose over the same period, up $9.0 million from $279.5 million to $288.5 million.
Brian Pink
Government Statistician
END

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