2021-2022 Future Oriented Statement of Operations

Impact Assessment Agency of Canada
Future-Oriented Statement of Operations (Unaudited)
For the Year Ending March 31, 2022
(in dollars)

 

Forecast Results
2020-21

Planned Results
2021-22

Expenses

Environmental Assessment Delivery Program

61,470,986

-

Environmental Assessment Policy Program

13,898,340

-

Internal Services

9,851,754

10,978,364

Assessment Administration, Conduct & Monitoring (Note 1)

-

67,008,843

Indigenous Relations & Engagement (Note 1)

-

10,216,388

Expenses incurred on behalf of government

-

-

Total expenses

85,221,080

88,203,596

Revenues

Environmental Assessment and training services

2,000,000

3,100,000

Miscellaneous revenues

-

-

Revenues earned on behalf of government

-

-

Total revenues

2,000,000

3,100,000

Net Cost of operations before government funding and transfers

83,221,080

85,103,596

The accompanying notes form an integral part of the Future-Oriented Statement of Operations.

Note 1: The program inventory has been modified to better reflect the Impact Assessment Act and will take effect on April 1, 2021

Notes to the Consolidated 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’s priorities and departmental plans as described in the Departmental Plan.

The information in the forecast results for fiscal year 2020–2021 is based on actual results as at January 31, 2021 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for fiscal year 2021–22.

The main assumptions underlying the forecasts are as follows:

These assumptions are valid as of January 31, 2021.

2. Variations and changes to forecast financial information

Although every attempt has been made to forecast final results for the remainder of 2020-2021 and for 2021-2022, actual results achieved for both years are likely to differ from the forecast information presented, and this variance could be material.

In preparing this Future-Oriented Statement of Operations, the Agency has made estimates and assumptions concerning 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 Statement of Operations include:

After the Departmental Plan is tabled in Parliament, the Agency will not be updating the forecasts for any changes in financial resources made in ensuing supplementary estimates. Variances will be explained in the Departmental Results Report.

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 2020-2021, 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

The Agency records expenses on an accrual basis.

Grants and contributions in the form of transfer payments are recorded as an expense in the year the transfer is authorized and issued, after all eligibility criteria have been met by the recipient.

Other expenses are generally recorded when goods are received or services are rendered and include expenses related to personnel, professional and special services, repair and maintenance, utilities, materials and supplies, as well as amortization of tangible capital assets. Provisions to reflect changes in the value of assets or liabilities, such as provisions for bad debts, loans, investments and advances as well as utilization of inventories and prepaid expenses, and others are also included in other expenses.

b) Revenues

Revenues from fees are recognized based on the services provided in the fiscal year.

Funds received from external parties for specified purposes are recorded upon receipt as deferred revenue. These revenues are 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 department’s liabilities. Although the deputy head is expected to maintain accounting control, he or she has no authority over 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 department’s gross revenues.

4. Parliamentary authorities

The Agency is financed by the Government of Canada through parliamentary authorities. Financial reporting of authorities provided to the Agency 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 Agency 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:

a) Reconciliation of net cost of operations to requested authorities (in dollars)
 

Forecast Results
2020-21

Planned Results
2021-22

Net cost of operations before government funding and transfers

83,221,080

85,103,596

Adjustments for items affecting net cost of operations but not affecting authorities

-

-

Services provided without charge by other government department

(5,885,520)

(6,140,720)

Amortization of tangible capital assets

-

-

Increase in vacation pay and compensatory leave

(156,294)

(172,593)

Decrease for Employee future benefits

58,493

55,352

Refund of prior year’s expenditures

(754,364)

197,302

Total items affecting net cost of operations but not affecting authorities

(6,737,685)

(6,060,659)

Adjustment for items not affecting net cost of operations but affecting appropriations

-

-

Requested authorities

76,483,395

79,042,937

b) Authorities requested (in dollars)
 

Forecast Results
2020-21

Planned Results
2021-22

Vote 1: Operating expenditures

51,710,081

50,983,558

Vote 10: Grants & Contributions

18,939,140

22,172,274

Statutory amounts

5,834,174

5,887,105

Total authorities requested

76,483,395

79,042,937

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