21 Explanation of Financial Variances from Budget
In this section...
- Annual Report 2007/08 homepage
- Chief Executive's overview
- Strategic direction 2007/2008
- LINZ's performance 2007/2008
- LINZ information
Revenue Crown
Revenue Crown is under budget by $8.245 million. The variance is the result of a number of approved Crown funded expenditure carry-forwards to 2008/09. There is a corresponding reduction in revenue Crown for the expenditure carry-forwards.
Revenue other
Revenue other is under budget by $2.754 million. The variance is the result of the property market downturn negatively affecting revenue to a greater extent than LINZ's economic models had forecast.
Depreciation and amortisation
Depreciation and amortisation is under budget by $3.383 million. This is due to capital projects being finished later than expected and, therefore, depreciation expense not being incurred until the projects were finalised.
Other operating expenses
Other operating expenses is underspent by $7.202 million. This is due to unspent funds for projects and programmes for which expenditure has been approved to be carried forward to 2008/09. The most significant of the underspends is in the land tenure reform programme and the 100% e-lodgement programme, which contribute to 70% of the underspend.
