Overview of our financial results
Annual report 2017/18.
Operating result
For 2017/18, we had an operating surplus of $1.482 million. Of this surplus, $0.882 million is transferred to our memorandum account, which was set up to help us manage the peaks and troughs in our revenue cycle. Our net operating results by output are summarised below.
| Audit and Assurance Services | Supporting Accountability to Parliament | Performance Audits and Inquiries | Remuneration of Auditor-General and Deputy | Total | |
|---|---|---|---|---|---|
| $000 | $000 | $000 | $000 | $00 | |
| Funding | 84,646 | 3,200 | 6,576 | 838 | 95,260 |
| Costs | (83,764) | (3,195) | (6,080) | (739) | (93,778) |
| Surplus | 882 | 5 | 496 | 99 | 1,482 |
Memorandum account
The surplus for the year was consistent with our expected funding cycle.
The memorandum account funds are held for future use on audit and assurance services.
| Audit and Assurance Services memorandum account | $000 |
|---|---|
| Opening balance at 1 July 2017 | 912 |
| Funding from Audit and Assurance Services surplus | 882 |
| Closing balance at 30 June 2018 | 1,794 |
Investment in our assets
In 2017/18, we maintained our replacement programme for IT hardware, vehicles, and furniture and equipment. We also continued our investment in improvements to our document management system.
Asset purchases and depreciation
