New Zealand Legislation: Bills

10 Authority to exceed net assets confirmed in Appropriation Act

• (1) In this section,—

  excess amount means the amount by which the net asset holding of a department or Office of Parliament, during the 2009/10 year, exceeds the projected balance for that department or Office of Parliament

  projected balance means the projected balance of net assets at 30 June 2009 set out in column 9 of Schedule 5 of the Appropriation (2008/09 Supplementary Estimates) Act 2009.

  (2) The amount of net asset holding in a department (other than an intelligence and security department) or an Office of Parliament during the 2009/10 year may exceed the projected balance for that department or Office of Parliament.

  (3) However, the aggregate of the excess amounts for all departments and Offices of Parliament together with the total net asset holding of any department that is not listed in Schedule 5 of the Appropriation (2008/09 Supplementary Estimates) Act 2009 must not exceed $1,200 million.

  (4) For the purposes of subsections (1) and (2), the amount of net asset holding in a department or an Office of Parliament does not include—

  • (a) any operating surplus retained as agreed between the Minister and the Responsible Minister for a department or an Office of Parliament in accordance with section 22(1) of the Public Finance Act 1989 that is not reflected in Schedule 5 of the Appropriation (2008/09 Supplementary Estimates) Act 2009; or

  • (b) any remeasurement of a department’s or an Office of Parliament’s reported net asset holding as set out in section 22(2) of the Public Finance Act 1989 that is not reflected in Schedule 5 of the Appropriation (2008/09 Supplementary Estimates) Act 2009.

  (5) Subsections (2) and (3) apply despite section 22(3) of the Public Finance Act 1989.