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AgVetLink December 2003

Financial report and budget

The figures below are consolidated figures for the financial year ended 30 June 2003. The result at the end of the financial year is an almost balanced budget due to the ability to defer revenue to cover work yet to be completed on applications received in the final three months of the year. As the applications revenue chart demonstrates, the level of revenue received was slightly higher than the previous year, although total revenue received was considerably lower than budgeted.

Expenditure in all areas was less than budgeted. This was due to a number of budgeted vacancies remaining unfilled at year end and the flow-on effect of this personnel saving into operating costs. Because applications revenue was down this year, the contract costs have also been less than budgeted (expenditure in this area is dependent on the number of assessments sent out to external consultants, which is directly influenced by the number of applications received).

Notes for the Budget

• Revenue: based on last year’s figures for applications, actual annual fees figure less 15%, as invoiced on 1 July 2003, and estimates for Compliance and Chemical Approvals (ACVM Group activity undertaken under the Animal Products Act).
• Personnel Expenses: based on actual salaries as at 1 July 2003 plus 4%; three vacant positions were budgeted for as well.
• Operating Costs: most are based on last year’s actuals, with a few exceptions – PC leases are based on equipment on the updated inventory schedule and depreciation figures provided by MAF.
• Travel Overseas: based on the approved International Travel Programme.
• Travel within New Zealand: based on last year’s actuals.
• IT Contractors: based on estimates for work to be completed in the financial year.
• Indirect Costs: most are allocated according to Budgeted Salaries and FTEs, and the remainder have been allocated directly.

Reminder:

Registrants are reminded that they have until 1 July 2004 to update products under the ACVM Act. Any products not updated by then will not be able to be imported, manufactured, sold or used. A special edition AgVetLink explaining the process and what happens if products are not updated will be sent to all registrants in December.