Archived - Department of Finance Canada Future-Oriented Statement of Operations (unaudited): 2017

For the year ending March 31, 2018

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

Forecast
Results
2016-17
Planned
Results
2017-18
Expenses
Transfer and taxation payment programs 66,833,857 68,450,530
Treasury and financial affairs 21,832,000 21,594,000
Economic and fiscal policy framework 64,621 61,639
Internal services 71,975 65,851

Total expenses 88,802,453 90,172,020
Revenues
Investment income 2,469,627 1,560,389
Interest on bank deposits 219,233 220,088
Sale of domestic coinage 140,935 110,268
Other 161,418 160,005
Revenues earned on behalf of Government (2,991,103) (2,050,640)

Total revenues 110 110

Net cost of operations before government funding and transfers 88,802,343 90,171,910
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 Departmental Plan.

The information in the forecast results for fiscal year 2016-17 is based on actual results as at November 30, 2016 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for fiscal year 2017-18.

The main assumptions underlying the forecasts are as follows:

These assumptions are made as at November 30, 2016.

Although every attempt has been made to forecast final results for the remainder of 2016-17 and for 2017-18, actual results achieved for both years are likely to differ 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 about the future. These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are based on past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and are continually evaluated.

Factors that could lead to material differences between the Future-Oriented Statement of Operations and the historical statement of operations include:

After the Departmental Plan is tabled in Parliament, 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 the Government of Canada’s accounting policies in effect for fiscal year 2016-17, and is 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 is financed by the Government of Canada through parliamentary authorities. Financial reporting of authorities provided to the Department differs from financial reporting according to generally accepted accounting principles because authorities are based mainly 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
2016-17
Planned
Results
2017-18
Net cost of operations 88,802,343 90,171,910
Adjustments for items affecting net cost of operations but not affecting authorities:
Services provided without charge by other government departments (24,343) (24,942)
Employee future benefits 241 50
Amortization of tangible capital assets (1,327) (1,305)
Other (2,102) (2,102)

Total adjustments for items affecting net costs of operation but not affecting authorities (27,531) (28,299)

Requested authorities 88,774,812 90,143,611

Authorities requested
(in thousands of dollars)

Forecast
Results
2016-17
Planned
Results
2017-18
Authorities requested
Vote 1 - Program expenditures 102,095 89,280
Statutory amounts 88,672,717 90,054,331

Total authorities requested 88,774,812 90,143,611
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