About us
Statement of service performance
The Corporation developed six priorities to achieve its stated goals and align with the Corporation's responsibilities under the New Zealand Housing Strategy.
Included under each key priority (pages 30 to 46) are tables identifying the relevant performance indicators and targets from the 2007/08 Statement of Intent. Some targets were amended during the year as a consequence of agreed changes through the Government budget cycle. A footnote has been included where targets have been amended.
Each of the Corporation's key priorities and targets for delivery performance have been aligned to an output class and the actual revenue earned against output expenses incurred compared with the expected revenues and proposed output expenses for the year ending 30 June 2008. These are detailed in Table 5.
Table 5: Results for priorities against measures set
| Priority | Target/ Actual |
Revenue Crown ($m) |
Other revenue ($m) |
Total expenses ($m) |
Surplus/ (Deficit) ($m) |
Variance ($m) |
% |
| One: Build diverse, strong and sustainable communities | Target Actual |
4 3 |
0 353 |
640 6934 |
(636) (655) |
(19)5 |
(3) |
| Two: Understand that housing is more than a roof over people's heads | Target Actual |
465 476 |
371 |
96 89 |
740 752 |
126 |
2 |
| Three: Innovate in the development and delivery of services | Target Actual |
19 16 |
9 7 |
38 27 |
(10) (4) |
6 |
56 |
| Four: Lever partnerships with community and private organisations | Target Actual |
13 9 |
1 4 |
16 11 |
(2) 2 |
4 |
172 |
| Five: Develop organisational capacity | Target Actual |
0 0 |
0 0 |
4 5 |
(4) (5) |
(1) |
(47) |
| Six: Share responsibility for the New Zealand Housing Strategy | Target Actual |
3 2 |
0 0 |
13 11 |
(10) (9) |
1 |
13 |
| Total | Target Actual |
504 506 |
381 411 |
806 836 |
78 81 |
3 |
3 |
| Less income tax expense | Target Actual |
34 35 |
(1) |
(1) | |||
| Net surplus after tax | Target Actual |
44 46 |
2 |
(4) |
3 This result reflects increased interest income and gains on interest rate swaps that were not budgeted.
4 The higher expenses reflect additional maintenance costs on vacant properties, higher depreciation costs on revalued properties, and increased interest expenses.
5 The variance of $19 million relates to higher maintenance and depreciation costs, together with increased interest expenses, offset by higher interest income.
6 The variance of $12 million is primarily attributed to lower-than-budgeted fire damage and demolition costs.
