We managed our finances effectively - Annual Report 2019/20
We have strong governance and leadership arrangements in place to ensure we are using our funds effectively to improve the lives of all New Zealanders. Our baseline funding for the 2019/20 financial year increased by nearly $18.2 billion (68 percent) from the previous year, mainly due to the COVID-19 Response and Economic Recovery package.
Our total expenditure for the year ended 30 June 2020 was $40.87 billion against a Supplementary Estimates budget of $45.1 billion. This expenditure covered departmental operating, capital and administration costs ($1.18 billion), and payments to working-age people, whānau, families, seniors, students, third-party providers, other organisations and groups within communities to deliver community services ($27.5 billion). It also includes the $12.17 billion paid in Wage Subsidy and Leave Support payments to businesses affected by COVID-19.
The overall Vote Social Development underspend of $4.2 billion was mainly due to underspends of $3.3 billion in COVID-19 support payments to businesses and $625 million in Benefits or Related Expenses appropriations. The departmental operating baseline of $1.2 billion was underspent by $78.3 million, with over $49 million of this to be carried forward to 2020/21.
