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

For the year ending
March 31, 2021

Department of Finance Canada
Future-Oriented Statement of Operations (unaudited)
For the Year Ending March 31
(in thousands of dollars)
  Forecast results
2019-20
Planned results
2020-21
Expenses    
  Economic and fiscal policy framework 99,677,279          99,534,689
  Internal services 68,753                 67,959
Total expenses                99,746,032            99,602,648
Revenues    
  Investment income            3,098,859 2,849,445
  Interest on bank deposits               756,633                754,357
  Sale of domestic coinage               117,145                124,996
  Net foreign currency gain                 58,338                           -
  Other               183,283                183,283
  Revenues earned on behalf of Government         (4,214,258)           (3,912,081)
Total revenues - -
Net cost of operations before government funding and transfers                99,746,032            99,602,648
The accompanying notes form an integral part of the Future-Oriented Statement of Operations.

Notes to the Future-Oriented Statement of Operations (unaudited)

 1. Methodology and significant assumptions

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 2019-20 is based on actual results as at January 13, 2020 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for fiscal year 2020-21.
The main assumptions underlying the forecasts are as follows:

These assumptions are made as at January 13, 2020.

2. Variations and changes to the forecast financial information

Although every attempt has been made to forecast final results for the remainder of 2019-20 and for 2020-21, 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.

Factors that could lead to material differences between the Future-Oriented Statement of Operations and actual results 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.

3. Summary of significant accounting policies

The Future-Oriented Statement of Operations has been prepared using the Government of Canada’s accounting policies in effect for fiscal year 2019-20, 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:

a) Expenses

b) Revenues

4. Parliamentary authorities

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 of prior, current, or future years. Accordingly, the Department has a 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:

a) Reconciliation of net cost of operations to requested authorities 
(in thousands of dollars)
   Forecast results
2019-20
Planned results
2020-21
Net cost of operations before government funding and transfers           99,746,032          99,602,648
Adjustments for items affecting net cost of operations but not affecting authorities:    
  Services provided without charge by other government departments                   24,778                        24,985
  Employee future benefits                       (49)                      108
  Amortization of tangible capital assets                    1,050                     905
  Other                    1,387                   1,387
Total adjustments for items affecting net costs of operations but not affecting authorities                   27,166                        27,385
Requested authorities           99,718,866           99,575,263
b) Authorities requested
(in thousands of dollars) Forecast results
2019-20
Planned results
2020-21
Authorities requested    
  Vote 1 - Program expenditures 106,773                105,471
  Statutory amounts           99,560,693          99,419,592
  Non-budgetary items  51,400                  50,200
Total authorities requested          99,718,866          99,575,263
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