Rotorua-based Crown Research Institute Scion is at risk of going into debt by July next year, according to a new report submitted to Government.

The latest update to its Statement of Corporate Intent 2018-2023 said "reduced cash flows for 2019/20 have resulted in Scion forecasting to move into a net debt position during the 2019/20 year".

Its budgeted revenue for the year starting July 1 was $51.1m, down $7m (or 13.7 per cent) from last year's forecast.

In a written statement to the Rotorua Daily Post, Scion chief executive Dr Julian Elder said the net debt forecast was $1.7m at