Archived - Department of Finance Canada Future-oriented Statement of Operations (unaudited): 2016

For the year ending March 31, 2017

Department of Finance Canada
Future-oriented Statement of Operations (unaudited)
For the Year Ending March 31
in thousands of dollars

Forecast
Results
2015-16
Planned
Results
2016-17
Expenses
Transfer and taxation payment programs 63,902,193 66,484,400
Treasury and financial affairs 23,154,000 22,878,000
Economic and fiscal policy framework 79,776 65,805
Internal services 66,323 59,504

Total expenses 87,202,292 89,487,709
Revenues
Investment income 2,145,604 1,625,931
Interest on bank deposits 188,753 187,363
Sale of domestic coinage 131,848 106,156
Other 121,299 133,299
Revenues earned on behalf of Government (2,587,402) (2,052,647)

Total revenues 102 102

Net cost of operations 87,202,190 89,487,607
The accompanying notes form an integral part of the future-oriented statement of operations.

The future-oriented statement of operations has been prepared on the basis of the government priorities and departmental plans as described in the Report on Plans and Priorities.

The information in the forecast results for fiscal year 2015-16 is based on actual results as at November 30, 2015 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for the 2016-17 fiscal year.

The main assumptions underlying the forecasts are as follows:

These assumptions are adopted as at November 30, 2015.

While every attempt has been made to forecast final results for the remainder of 2015-16 and for 2016-17, actual results achieved for both years are likely to vary from the forecast information presented, and this variation could be material.

In preparing this future-oriented statement of operations the Department has made estimates and assumptions concerning the future. These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Factors that could lead to material differences between the future-oriented statement of operations and the historical statement of operations include the following:

Once the Report on Plans and Priorities is presented, the Department will not be updating the forecasts for any changes in financial resources made in ensuing supplementary estimates.

The future-oriented statement of operations has been prepared using Government’s accounting policies stated below which are based on Canadian public sector accounting standards. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian public sector accounting standards.

Significant accounting policies are as follows:

The Department reports expenses on an accrual basis:

The Department reports revenues on an accrual basis:

The Department is financed by the Government of Canada through parliamentary authorities. Financial reporting of authorities provided to the Department do not parallel financial reporting according to generally accepted accounting principles because authorities are primarily based on cash flow requirements. Items recognized in the future-oriented statement of operations in one year may be funded through parliamentary authorities in prior, current, or future years. Accordingly, the Department has different net cost of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables:

Reconciliation of net cost of operations to requested authorities
in thousands of dollars

Forecast
Results
2015-16
Planned
Results
2016-17
Net cost of operations 87,202,190 89,487,607
Adjustments for items affecting net cost of operations but not affecting authorities:
Services provided without charge by other government departments (21,437) (20,555)
Employee future benefits (1,261) 66
Amortization of tangible capital assets (1,365) (1,313)
Other (2,012) (2,012)

Total adjustments for items affecting net costs of operation but not affecting authorities (26,075) (23,814)
Adjustments for items not affecting net cost of operations but affecting authorities:
Incentive for provinces to eliminate taxes on capital agreements 28,000 -

Requested authorities 87,204,115 89,463,793

Authorities requested
in thousands of dollars

Forecast
Results
2015-16
Planned
Results
2016-17
Authorities requested
Vote 1 - Operating expenditures 109,122 -
Vote 1 - Program expenditures - 90,741
Vote 5 - Grants and contributions 3,035 -
Statutory amounts 87,091,958 89,373,052

Requested authorities 87,204,115 89,463,793
In planned results for 2016-17, departmental operating expenditures and grants and contributions expenditures are consolidated into Vote 1 – Program expenditures.
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