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The department leases premises on the third and fifth floors of the Reserve Bank Building, Wellington (see Note 5).
The annual lease payments are subject to two-yearly and ten-yearly reviews. The amounts disclosed as future commitments are based on the current rental rates. Other operating commitments include a contract for photocopying services.
| 30.6.05 Actual $000 |
30.6.06 Actual $000 |
||
|---|---|---|---|
| Operating commitments | Accommodation leases | 1,663 | 1,261 |
| Other operating commitments | 1,194 | 1,044 | |
| Total commitments | 2,857 | 2,305 | |
| Term classification for operating commitments | Less than one year | 929 | 935 |
| One to two years | 809 | 622 | |
| Two to five years | 991 | 748 | |
| More than five years | 128 | - | |
| Total commitments | 2,857 | 2,305 |
The accompanying accounting policies and notes form part of and are to be read in conjunction with these statements.