2015–16 Report on Plans and Priorities - Section III: Supplementary Information

Consolidated Future-Oriented Statement of Operations

The consolidated future-oriented condensed statement of operations provides a general overview of ESDC’s operations. The forecast of financial information on expenses and revenues is prepared on an accrual accounting basis to strengthen accountability and to improve transparency and financial management.

Because the consolidated future-oriented condensed statement of operations is prepared on an accrual accounting basis, and the forecast and planned spending amounts presented in other sections of the Report on Plans and Priorities are prepared on an expenditure basis, amounts differ.

This consolidated future-oriented statement of operations includes the transactions of the Employment Insurance Operating Account, a sub-entity that the Deputy Minister is accountable for. The accounts of this sub-entity have been consolidated with those of ESDC, and all inter-organizational balances and transactions have been eliminated. However, as the Canada Pension Plan is controlled by both the Government of Canada and the provinces, its financial activities are not part of ESDC's reporting entity and therefore not included in its consolidated future-oriented statement of operations. A more detailed consolidated future-oriented statement of operations and associated notes, including a reconciliation of the net cost of operations to the requested authorities, can be found on ESDC’s website Footnote 9 .

Consolidated Future-Oriented Condensed Statement of Operations

For the Year Ending March 31

(dollars)
Financial Information 2014–15

Estimated Results
2015–16

Planned Results
Difference
Total expenses 72,140,834,955 74,803,819,611 2,662,984,656
Total revenues 23,634,182,440 24,347,217,112 713,034,672
Net cost of operations 48,506,652,515 50,456,602,499 1,949,949,984

The increase of $1,949.9 million in the 2015–16 planned results of the net cost of operations, when compared to the 2014–15 estimated results, is mainly attributable to:

  • an increase of $2,305.9 million in the Income Security expenses mainly due to the projected increase in the eligible population of the Old Age Security and Guaranteed Income Supplement benefits and an increase in the forecasted average monthly benefits; and
  • this increase in expenses is partially offset by an increase of $737.0 million in the Employment Insurance revenues as a result of projected increases in premiums due to the increase in the maximum insurable earnings and an increase in the number of contributors due to the expected growth in employment.

List of Supplementary Information Tables

The supplementary information tables listed in the 2015–16 Report on Plans on Priorities can be found on the ESDC website.

Tax Expenditures and Evaluations

The tax system can be used to achieve public policy objectives through the application of special measures such as low tax rates, exemptions, deductions, deferrals and credits. The Department of Finance Canada publishes cost estimates and projections for these measures annually in the Tax Expenditures and Evaluations Footnote 10 publication. The tax measures presented in the Tax Expenditures and Evaluations publication are the responsibility of the Minister of Finance.

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