Department of Finance Canada
Future-Oriented Statement of Operations (unaudited): 2019

For the year ending March 31, 2020

Department of Finance Canada
Future-Oriented Statement of Operations (unaudited)
For the Year Ending March 31 
(in thousands of dollars)
  Forecast
results
2018-19
Planned
results
2019-20
Expenses    
  Economic and fiscal policy framework 94,452,709 98,926,514
  Internal services 70,226 65,762
Total expenses 94,522,935 98,992,276
Revenues    
  Investment income 2,261,460 2,245,513
  Interest on bank deposits 686,201 688,936
  Sale of domestic coinage 135,110 132,345
  Other 165,605 165,605
  Revenues earned on behalf of Government (3,248,376) (3,232,399)
Total revenues - -
Net cost of operations before government funding and transfers 94,522,935 98,992,276
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 2018-19 is based on actual results as at January 18, 2019 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for fiscal year 2019-20.

The main assumptions underlying the forecasts are as follows:

These assumptions are made as at March 19, 2019.

Although every attempt has been made to forecast final results for the remainder of 2018-19 and for 2019-20, 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 2018-19, 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
2018-19
Planned
results
2019-20
Net cost of operations before government funding and transfers 94,522,935 98,992,276
Adjustments for items affecting net cost of operations but not affecting authorities:
  Services provided without charge by other government departments (24,205) (24,615)
  Employee future benefits 6 (195)
  Amortization of tangible capital assets (1,313) (1,048)
  Other (171) (1,544)
Total adjustments for items affecting net costs of operations but not affecting authorities (25,683) (27,402)
Adjustment for items not affecting net cost of operations but affecting authorities:
  Investment in the Asian Infrastructure Investment Bank 52,300 51,400
  Investment in the International Bank for Reconstruction and Development Bank 248,497 -
  Payment to the World Bank Group 80,000 -
Total adjustments for items not affecting net cost of operations but affecting authorities 380,797 51,400
Requested authorities 94,878,049 99,016,274
Authorities requested
(in thousands of dollars)
  Forecast
Results
2018-19
Planned
Results
2019-20
Authorities requested    
  Vote 1 - Program expenditures 111,195 99,360
  Statutory amounts 94,366,057 98,865,514
  Non-budgetary items 400,797 51,400
Total authorities requested 94,878,049 99,016,274
Report a problem or mistake on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, contact us.

Date modified: