Year-End Financial Statements
Fiscal Year 2018-2019

Statement of Management Responsibility Including Internal Control Over Financial Reporting

Responsibility for the integrity and objectivity of the accompanying financial statements for the year ended March 31, 2019 and all information contained in these financial statements rests with the management of the Canadian Environmental Assessment Agency (the Agency). These financial statements have been prepared by management using the Government of Canada's accounting policies, which are based on Canadian public sector accounting standards.

Management is also responsible for the integrity and objectivity of the information in these financial statements. Some of the information in the financial statements is based on management's best estimates and judgment, and gives due consideration to materiality. To fulfill its accounting and reporting responsibilities, management maintains a set of accounts that provides a centralized record of the Agency’s financial transactions. Financial information submitted in the preparation of the Public Accounts of Canada, and included in the Agency's Departmental Results Report, is consistent with these financial statements.

Management is also responsible for maintaining an effective system of internal control over financial reporting (ICFR) designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are properly authorized and recorded in accordance with the Financial Administration Act and other applicable legislation, regulations, authorities and policies.

Management seeks to ensure the objectivity and integrity of data in its financial statements through careful selection, training and development of qualified staff; through organizational arrangements that provide appropriate divisions of responsibility; through communication programs aimed at ensuring that regulations, policies, standards, and managerial authorities are understood throughout the Agency and through conducting an annual risk-based assessment of the effectiveness of the system of ICFR.

The system of ICFR is designed to mitigate risks to a reasonable level based on an ongoing process to identify key risks, to assess effectiveness of associated key controls, and to make any necessary adjustments.

A risk-based assessment of the system of ICFR for the year ended March 31, 2019 was completed in accordance with the Treasury Board Policy on Financial Management and the results and action plans are summarized in the annex.

The financial statements of the Agency have not been audited.

Canadian Environmental Assessment Agency
Statement of Financial Position (Unaudited)
As at March 31, 2019
(in dollars)

	2019	2018
Financial assets
Due from the Consolidated Revenue Fund	7,025,015	3,990,958
Accounts receivable and advances (Note 4)	3,364,012	2,695,740
Total financial assets	10,389,027	6,686,698
Liabilities
Accounts payable and accrued liabilities (Note 5)	7,112,280	4,073,152
Vacation pay and compensatory leave	1,381,459	988,572
Employee future benefits (Note 6)	1,141,619	1,280,468
Total liabilities	9,635,358	6,342,192
Agency net financial assets	753,669	344,506
Non-financial assets
Tangible capital assets (Note 7)	568,911	-
Total non-financial assets	568,911	-
Agency net financial	1,322,580	344,506

Contractual obligations (Note 8)
Contingent liabilities (Note 9)

The accompanying notes form an integral part of these financial statements.

Canadian Environmental Assessment Agency
Statement of Operations and Agency Net Financial Position (Unaudited)
For the Year Ended March 31, 2019
(in dollars)

	2019 Planned Results	2019	2018
Expenses
Environmental Assessment Delivery	$30,048,872	$34,305,224	$31,248,216
Environmental Assessment Policy	4,719,814	8,221,336	6,999,063
Internal Services	5,697,446	11,608,268	8,482,563
Total expenses	40,466,132	54,134,828	46,729,842
Revenues
Environmental assessment and training services	2,066,246	1,935,822	1,430,112
Miscellaneous revenues	144,561	187,529	395,262
Total revenues	2,210,807	2,123,351	1,825,374
Net cost of operations before government funding and transfers	38,255,325	52,011,477	44,904,468
Government funding and transfers
Net cash provided by Government of Canada	54,110,441	44,529,413	40,586,571
Change in due from Consolidated Revenue Fund	-	3,034,058	(835,251)
Services provided without charge by other government departments (Note 10)	5,000,000	5,426,081	5,387,435
Net cost of operations after government funding and transfers	(20,855,116)	(978,074)	(234,287)
Agency net financial position - Beginning of year	(1,737,741)	344,506	110,219
Agency net financial position - End of year	$19,117,375	$1,322,580	$344,506

Segmented information (Note 11)

The accompanying notes form an integral part of these financial statements.

Canadian Environmental Assessment Agency
Statement of Change in Agency Net Debt (Unaudited)
For the Year Ended March 31, 2019
(in dollars)

	2019 Planned Results	2019	2018
Net cost of operations after government funding and transfers	$ (20,855,116)	$ (978,074)	$ (234,287)
Change due to tangible capital assets
Acquisition of tangible assets (Note 7)	0	596,242	0
Amortization of tangible capital assets (Note 7)	0	(27,331)	(20,685)
Total change due to tangible capital assets	0	568,911	(20,685)
Net increase (decrease) in agency net debt	(20,855,116)	(409,163)	(254,972)
Agency net debt - Beginning of year	(9,630,820)	(344,506)	(89,534)
Agency net debt - End of year	$ (30,485,936)	$ (753,669)	$ (344,506)

The accompanying notes form an integral part of these financial statements.

Canadian Environmental Assessment Agency
Statement of Cash Flows (Unaudited)
For the Year Ended March 31, 2019
(in dollars)

	2019	2018
Operating activities
Net cost of operations before government funding and transfers	$ 52,011,477	$ 44,904,468
Non-cash items:
Amortization of tangible capital assets	(27,331)	(20,685)
Services provided without charge by other government departments (Note 10)	(5,426,082)	(5,387,435)
Variations in Statement of Financial Position:
Increase (decrease) in accounts receivable and advances	668,272	103,946
Decrease (increase) in accounts payable and accrued liabilities	(3,039,128)	1,015,431
Decrease (increase) in vacation pay and compensatory leave	(392,887)	215,650
Decrease (increase) in future employee benefits	138,849	(244,803)
Cash used by operating activities	43,933,171	40,586,571
Acquisition of tangible capital assets	596,242	-
Net cash provided by Government of Canada	$44,529,413	$40,586,571

The accompanying notes form an integral part of these financial statements.

Canadian Environmental Assessment Agency
Notes to the Financial Statements (Unaudited)
For the Year Ended March 31, 2019

1. Authorities and objectives

The Canadian Environmental Assessment Agency (the Agency) is the responsible authority for all projects subject to the Canadian Environmental Assessment Act, 2012 (CEAA 2012) except for those that are regulated by the National Energy Board or the Canadian Nuclear Safety Commission. In accordance with the transitional provisions of CEAA 2012, the Agency is also responsible for managing the environmental assessment (EA) of most projects that are required to be completed under the former Canadian Environmental Assessment Act.

In addition, the Agency advises and assists the Minister of the Environment and Climate Change in establishing review panels and supports panels in their work. It also supports the Minister in fulfilling responsibilities under CEAA 2012, including the development and issuance of enforceable EA decision statements.

The Agency administers a Participant Funding Program that supports individuals, not-for-profit organizations, and Aboriginal groups participating in federal EAs.

The Agency also has responsibilities for reviewing projects of a federal nature under the environmental and social protection regimes set out in sections 22 and 23 of the 1975 James Bay and Northern Quebec Agreement. The President of the Agency is designated by Order-in-Council as the federal administrator of these processes.

The Cabinet Directive on the Environmental Assessment of Policy, Plan and Program Proposals establishes a self-assessment process for conducting a strategic environmental assessment of a policy, plan or program proposal. The Agency supports the Minister of the Environment in promoting the application of the Cabinet Directive and provides training and guidance for federal authorities.

The Agency's activities are carried out under three different programs: Environmental Assessment Delivery, Environmental Assessment Policy and Internal Services.

Environmental Assessment Delivery ensures that high-quality environmental assessments of major projects are conducted and completed in a timely and predictable way, supporting economic growth while preventing or reducing adverse environmental effects. The most appropriate means of avoiding duplication of assessment activities with other jurisdictions is applied, thereby increasing efficiency and providing certainty for all participants in the process. The Agency will promote, monitor, and facilitate compliance with CEAA 2012. The environmental assessment provides for meaningful participation of the public and Aboriginal groups. Aboriginal consultation obligations are integrated to the greatest extent possible with the federal environmental assessment process. As such, the Agency consults with Aboriginal groups during the environmental assessment process to assess how the proposed project may adversely affect potential or established Aboriginal or treaty rights and related interests, and find ways to avoid or minimize these adverse impacts.

The EA Policy develops and promotes robust policies and practices for high-quality EA in accordance with (CEAA 2012). This is achieved by: building and reinforcing policies, procedures and criteria for the conduct of federal EAs; promoting cooperation and coordinated action between the federal government and other jurisdictions; promoting communication and cooperation with Aboriginal peoples; and developing instruments and training for EA practitioners. The EA Policy program enables continuous improvement through research, monitoring, analysis and advice. Recommendations inform the development of new regulatory and policy approaches as well as the revision of guidance, training and knowledge-based instruments. The program also provides support for the conduct of EAs through various means, such as federal-provincial agreements and policy criteria.

Internal Services comprises related activities and resources to support the needs of programs and other corporate obligations of the Agency. These include: Management and Oversight Services, Communications Services, Legal Services, Human Resources Management Services, Financial Management Services, Information Management Services, Information Technology Services, the Access to Information and Privacy Office, Real Property Services, Materiel Management Services, Acquisition Services, and Travel and Other Administrative Services. Internal Services includes activities and resources that apply across an organization, not those provided specifically to a program.

2. Summary of significant accounting policies

These financial statements have been prepared using the agency'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:

1. Parliamentary authorities — The Agency is financed by the Government of Canada through Parliamentary authorities. Financial reporting of authorities provided to the Agency does not parallel financial reporting according to generally accepted accounting principles since authorities are primarily based on cash flow requirements. Consequently, items recognized in the Statement of Operations and Departmental Net Financial Position and the Statement of Financial Position are not necessarily the same as those provided through authorities from Parliament. Note 3 provides a reconciliation between the bases of reporting. The planned results amounts in the “Expenses” and “Revenues” sections of the Statement of Operations and Departmental Net Financial Position are the amounts reported in the Future-oriented Statement of Operations included in the 2018-2019 Departmental Plan. The planned results amounts in the “Government funding and transfers” section of the Statement of Operations and Departmental Net Financial Position and in the Statement of Change in Departmental Net Debt were prepared for internal management purposes and have not been previously published.
2. Net cash provided by Government — The Agency operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada. All cash received by the Agency is deposited to the CRF, and all cash disbursements made by the Agency are paid from the CRF. The net cash provided by Government is the difference between all cash receipts and all cash disbursements, including transactions between departments of the Government.
3. Amounts due from or to the CRF are the result of timing differences at year-end between when a transaction affects authorities and when it is processed through the CRF. Amounts due from the CRF represent the net amount of cash that the Agency is entitled to draw from the CRF without further authorities to discharge its liabilities.
4. Revenues - Revenues from regulatory fees are recognized based on the services provided in the year. Funds received from external parties for specified purposes are recorded upon receipt as deferred revenue. Revenues are then recognized in the period in which the related expenses are incurred. Deferred revenue consists of amounts received in advance of the delivery of goods and rendering of services that will be recognized as revenue in a subsequent fiscal year as it is earned. Other revenues are recognized in the period the event giving rise to the revenues occurred. Revenues that are non-respendable are not available to discharge the Agency's liabilities. While the DH is expected to maintain accounting control, he or she has no authority regarding the disposition of non-respendable revenues. As a result, non-respendable revenues are considered to be earned on behalf of the Government of Canada and are therefore presented as a reduction of the entity's gross revenues.
5. Expenses — Transfer payments are recorded as an expense in the year the transfer is authorized and all eligibility criteria have been met by the recipient. Vacation pay and compensatory leave are accrued as the benefits are earned by employees under their respective terms of employment. Services provided without charge by other government departments for accommodation, employer contributions to the health and dental insurance plans, legal services and workers' compensation are recorded as operating expenses at their carrying value.
6. Employee future benefits
   1. Pension Benefits — Eligible employees participate in the Public Service Pension Plan, a multiemployer pension plan administered by the Government. The Agency's contributions to the Plan are charged to expenses in the year incurred and represent the total Agency obligation to the Plan. The Agency's responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, as the Plan’s sponsor.
   2. Severance Benefits —The accumulation of severance benefits for voluntary departures ceased for applicable employee groups. The remaining obligation for employees who did not withdraw benefits is calculated using information derived from the results of the actuarially determined liability for employee severance benefits for the Government as a whole.
7. Accounts receivable - Accounts receivable are initially recorded at cost. When necessary, an allowance for valuation is recorded to reduce the carrying value of accounts receivable to amounts that approximate their net recoverable value.
8. Non-financial assets — The costs of acquiring land, buildings, equipment and other capital property are capitalized as tangible capital assets and, except for land, are amortized to expense over the estimated useful lives of the assets, as described in Note 7. All tangible capital assets and leasehold improvements having an initial cost of $10,000 or more are recorded at their acquisition cost. Tangible capital assets do not include immovable assets located on reserves as defined in the Indian Act, works of art, museum collection and Crown land to which no acquisition cost is attributable; and intangible assets.
   Amortization of tangible capital assets is done on a straight-line basis over the estimated useful life of the capital asset as follows:
   

   Asset Class	Sub-asset Class	Amortization Period
   Informatics software	Server	4 years
   Machinery and equipment	Videoconferencing equipment	3 years

9. Contingent liabilities – Contingent liabilities are potential liabilities which may become actual liabilities when one or more future events occur or fail to occur. If the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, a provision is accrued and an expense recorded to other expenses. If the likelihood is not determinable or an amount cannot be reasonably estimated, the contingency is disclosed in the notes to the financial statements.
10. Measurement uncertainty — The preparation of financial statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets, liabilities, revenues and expenses reported in the financial statements and accompanying notes at March 31. The estimates are based on facts and circumstances, historical experience, general economic conditions and reflect the Government’s best estimate of the related amount at the end of the reporting period. The most significant items where estimates are used are contingent liabilities, the liability for employee future benefits and the useful life of tangible capital assets. Actual results could significantly differ from those estimated. Management's estimates are reviewed periodically and, as adjustments become necessary, they are recorded in the financial statements in the year they become known.

3. Parliamentary authorities

The Agency receives most of its funding through annual parliamentary authorities. Items recognized in the Statement of Operations and the Departmental Net Financial Position and the Statement of Financial Position in one year may be funded through parliamentary authorities in prior, current or future years. Accordingly, the Agency has different net results 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 current year authorities used:

	2019	2018
	(in dollars)
Net cost of operations before government funding and transfers	$ 52,011,477	$ 44,904,468
Adjustments for items affecting net cost of operations but not affecting authorities:
Services provided without charge by other government departments	(5,426,082)	(5,387,435)
Amortization of tangible capital assets	(27,331)	(20,685)
Revenues not available for respending	565,158	66,404
Refund of prior year's expenditures	88,104	253,923
Adjustments for prior year's Payables at Year End	10,491	34,638
Decrease (Increase) for vacation pay and compensatory leave	(392,887)	215,650
Decrease (Increase) for employee future benefits	138,849	(244,803)
Other transfers of assets and liabilities (to)/ from other government departments	-	-
Acquistion of tangible capital assets	596,242	-
Current year authorities used	$ 47,564,021	$ 39,822,160

(b) Authorities provided and used

	2019	2018
	(in dollars)
Authorities provided
Vote 1 – Operating expenditures	$ 50,597,197	$ 36,634,525
Statutory amounts	3,513,244	3,448,745
Less:
Lapsed: Operating	(6,546,420)	(261,110)
Current year authorities used	$ 47,564,021	$ 39,822,160

4. Accounts receivable and advances

The following table presents details of the Agency's accounts receivable and advances balances:

	2019	2018
	(in dollars)
Receivables - Other government departments and agencies	88,494	83,021
Receivables - External parties	4,143,937	3,505,202
Employee advances	30,244	6,180
Sub-Total	4,262,675	3,594,403
Allowance for doubtful accounts on receivables from external parties	(898,663)	(898,663)
Total accounts receivable and advances	3,364,012	2,695,740

5. Accounts payable and accrued liabilities

The following table presents details of the Agency's Accounts payable and accrued liabilities:

	2019	2018
	(in dollars)
Accounts payable- Other government departments and agencies	1,051,638	545,449
Accounts payable - External parties	3,340,795	1,539,369
Total accounts payable	4,392,433	2,084,818
Accrued liabilities	2,719,847	1,988,334
Total accounts payable and accrued liabilities	7,112,280	4,073,152

6. Employee future benefits

a) Pension benefits

The Agency's employees participate in the Public Service Pension Plan (the "Plan"), which is sponsored and administered by the Government of Canada. Pension benefits accrue up to a maximum period of 35 years at a rate of 2 percent per year of pensionable service, times the average of the best five consecutive years of earnings. The benefits are integrated with Canada/Québec Pension Plans benefits and they are indexed to inflation.

Both the employees and the Agency contribute to the cost of the Plan. Due to the amendment of the Public Service Superannuation Act following the implementation of provisions related to Economic Action Plan 2012, employee contributors have been divided into two groups – Group 1 relates to existing plan members as of December 31, 2012 and Group 2 relates to members joining the Plan as of January 1, 2013. Each group has a distinct contribution rate.

The 2018–2019 expense amounts to $2,450,136 ($2,348,595 in 2017–2018). For Group 1 members, the expense represents approximately 1.01 times (1.01 times in 2017–2018) the employee contributions, and for Group 2 members, approximately 1.00 (1.00 times in 2017-2018) the employee contributions.

The Agency's responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the Consolidated Financial Statements of the Government of Canada, as the Plan's sponsor.

b) Severance benefits

Severance benefits provided to the Agency’s employees were previously based on an employee’s eligibility, years of service and salary at termination of employment. However, since 2011 the accumulation of severance benefits for voluntary departures progressively ceased for substantially all employees. Employees subject to these changes were given the option to be paid the full or partial value of benefits earned to date or collect the full or remaining value of benefits upon departure from the public service. By March 31, 2019, substantially all settlements for immediate cash out were completed. Severance benefits are unfunded and, consequently, the outstanding obligation will be paid from future authorities.

The changes in the obligations during the year were as follows:

	2019	2018
	(in dollars)
Accrued benefit obligation - Beginning of year	$ 1,280,468	$ 1,035,665
Expense (Adjustment) for the year	(36,103)	367,879
Benefits paid during the year	(102,746)	(123,076)
Accrued benefit obligation - End of year	$ 1,141,619	$ 1,280,468

7. Tangible capital assets

Amortization of tangible capital assets is done on a straight-line basis over the estimated useful life of the asset as follows:

Asset Class	Amortization Period
Informatics software	4 years
Machinery and equipment	3 years

Assets under construction are recorded in the applicable asset class in the year they are put into service and are not amortized until they are put into service.

	Cost			Accumulated Amortization			Net Book Value
Capital Asset Class	Opening Balance	Acquisitions	Closing Balance	Opening Balance	Amortization	Closing Balance	2019	2018
	(in dollars)
Machinery and Equipment	-	196,772	196,772	-	27,331	27,331	169,441	-
Assets under construction	-	399,470	399,470	-	-	-	399,470	-
Total	-	596,242	596,242	-	27,331	27,331	568,911	-

8. Contractual obligations

The nature of the Agency’s activities may result in some large multi-year contracts and obligations whereby the Agency will be obligated to make future payments in order to carry out its transfer payment program or when the services/goods are received. Significant contractual obligations that can be reasonably estimated are summarized as follows:

(in dollars)	2020	2021	2022	2023	2024 and thereafter	Total
Transfer payments	$ 13,588,715	$ 4,822,599	$ 607,358	$ 734,265	-	$ 19,752,937
Professional services	214,098	404,381	7,912	-	-	626,391
Operating leases	-	-	-	-	-	-
Total	$ 13,802,813	$ 5,226,980	$ 615,270	$ 734,265	-	$ 20,379,328

9. Contingent liabilities

a) Transfer payments

The Agency expects to meet all near-term liabilities relating to transfer payments. However, a change in economic conditions could result in the resumption of several environmental assessments currently on hold as well as new assessments which could increase the demand for transfer payments. The Agency would request support from the Government of Canada through Central agencies to cover any potential funding shortfall.

b) Claims and litigation

Claims have been made against the Agency in the normal course of operations. These claims include items with pleading amounts and other for which no amount is specified. While the total amount claimed in these actions is significant, their outcomes are not determinable.

10. Related party transactions

The Agency is related as a result of common ownership to all government departments, agencies, and Crown corporations. Related parties also include individuals who are members of key management personnel or close family members of those individuals, and entities controlled by, or under shared control of, a member of key management personnel or a close family member of that individual.

The Agency enters into transactions with these entities in the normal course of business and on normal trade terms.

The Agency also obtains selected financial services, materiel management, informatics, and compensation and benefits services under a shared services agreement with Environment and Climate Change Canada.

a) Common services provided without charge by other government departments

During the year, the Agency received services without charge from certain common service organizations, related to accommodation, legal services, the employer’s contribution to the health and dental insurance plans. These services without charge have been recorded at the carrying value in the Agency’s Statement of Operations and Departmental Net Financial Position as follows:

	2019	2018
	(in dollars)
Employer's contribution to the health and dental insurance plans	$ 2,398,580	$ 2,345,425
Accommodation	2,322,601	2,334,095
Legal services	704,901	707,915
Total	$ 5,426,082	$ 5,387,435

The Government has centralized some of its administrative activities for efficiency, cost-effectiveness purposes and economic delivery of programs to the public. As a result, the Government uses central agencies and common service organizations so that one department performs services for all other departments and agencies without charge. The costs of these services, such as the payroll and cheque issuance services provided by Public Services and Procurement Canada and audit services provided by the Office of the Auditor General are not included in the Agency's Statement of Operations and Departmental Net Financial Position.

b) Other transactions with other government departments and agencies

	2019	2018
	(in dollars)
Accounts receivable	$ 88,494	$ 83,021
Accounts payable	1,051,638	545,449
Expenses	6,422,468	4,147,466
Revenues	48,254	48,254

Expenses and revenues disclosed in (b) exclude common services provided without charge, which are already disclosed in (a).

11. Segmented information

Presentation by segment is based on the Agency’s core responsibility. The presentation by segment is based on the same accounting policies as described in the Summary of significant accounting policies in note 2. The following table presents the expenses incurred and revenues generated for the main core responsibilities, by major object of expense and by major type of revenue. The segment results for the period are as follows:

	2019 (in dollars)				2018 (in dollars)
	Environmental Assessment Delivery	Environmental Assessment Policy	Internal Services	Total
Transfer payments
Indigenous Groups	$ 4,694,564	-	-	$ 4,694,564	$ 3,468,892
Non-profit organizations	149,427	-	-	149,427	112,768
Other levels of government	245,500	-	-	245,500	245,500
Total transfer payments	5,089,492	-	-	5,089,492	3,827,160
Operating Expenses
Salaries and employee benefits	21,104,433	6,677,899	6,164,130	33,946,461	31,707,601
Professional and special services	3,669,068	523,150	2,424,725	6,616,943	6,053,063
Accommodation	1,778,976	497,393	628,743	2,905,112	2,596,733
Travel and relocation	887,185	166,241	85,979	1,139,406	836,341
Information	249,109	9,250	62,980	321,339	205,123
Furniture and equipment	3,548	23,496	1,566,039	1,593,082	684,342
Telecommunications	67,871	-	123,004	190,875	163,308
Utilities, materials and supplies	272,575	72,296	139,901	484,771	112,320
Postage	9,888	16	20,124	30,027	29,759
Repairs and maintenance	494	-	119,048	119,542	4,550
Amortization	-	-	27,331	27,331	20,685
Other	1,172,586	251,596	246,264	1,670,447	488,857
Total operating expenses	29,215,732	8,221,336	11,608,268	49,045,337	42,902,682
Total expenses	34,305,224	8,221,336	11,608,268	54,134,828	46,729,842
Revenues
Environmental assessment and training services	1,931,224	-	4,598	1,935,822	1,430,112
Miscellaneous revenues	60,806	25,866	100,857	187,529	395,262
Total revenues	1,992,030	25,866	105,454	2,123,351	1,825,374
Net cost of operations before government funding and transfers	$ 32,313,194	$ 8,195,470	$ 11,502,813	$ 52,011,477	$ 44,904,468

12. Adjustments to prior year's results

In the preparation of financial statements, the Agency identified an immaterial misclassification of accounts in the financial records for fiscal year 2017-18 that resulted in an overstatement of expenses in the 2017-18 financial statements by $28,804 and a corresponding understatement of the Net Debt position by the same amount. Although not material, this change has been deemed relevant by the Agency and has been applied retroactively. The Agency’s net financial position comparative information for 2017-18 has been adjusted upward from $315,703 to $344,506, accordingly.