The Crown accounts continued their journey into surplus in the 10 months to April, with an operating balance before gains and losses (obegal) of $297 million.
However, the Treasury forecasts were again shown up, as its forecast of an obegal of $1.2 billion was more than $940 million astray from its December update.
Also, the operating balance, which includes losses and gains on Crown investments and ACC payments, showed a deficit of $3.4 billon, more than $1 billon more than the Treasury forecasts of $2.34 billion.
This week, another report by the Treasury critical of post-quake recovery work in Christchurch drew scorn from Greater Christchurch Regeneration Minister Gerry Brownlee.
It is not the first time Mr Brownlee has taken a shot at the Treasury.
The Treasury evaluation says there are significant problems relating to governance and transition of projects from the Canterbury Earthquake Recovery Authority to new entities.
The report said transition remains a significant risk to the effective delivery of the city's planned anchor projects.
"It's the usual sort of rubbish from them,'' Mr Brownlee said.
Health Minister Jonathan Coleman criticised the Treasury for a report on the bowel cancer screen programme announced in the Budget.
At the release of Budget 2016, economists expressed doubts about forecasts provided by the Treasury, particularly as they predicted large surpluses by 2019.
In the latest financial statements, core Crown tax revenue was $56.7 billion for the period, 1.9%, or $1.1 billion lower than forecasts provided in December.
The majority of the difference was timing related, where some large income tax assessments expected to be filed in April had not yet been filed, the Treasury said.
"Instead, we now expect these large taxpayers to file in May and June.''
Core Crown expenses at $60.9 billion were close to forecast.
Net debt was $64.6 billion, or 26.3% of GDP and $274 million lower than forecast.
At this time last year, the obegal was a surplus of $448 billon and the operating balance was a surplus of $795 million.
