Quarterly Financial Report for the quarter ended September 30, 2017 (unaudited)
- 1. Introduction
- 2. Highlights of fiscal quarter and fiscal year-to-date results
- 3. Risks and uncertainties
- 4. Significant changes in relation to operations, personnel and programs
- 5. Approved by senior officials
- 6. Statement of Authorities (unaudited)
- 7. Departmental budgetary expenditures by standard object (unaudited)
This quarterly financial report should be read in conjunction with the Main Estimates and Supplementary Estimates for fiscal year 2017-18. It has been prepared by management, as required by section 65.1 of the Financial Administration Act and in the form and manner prescribed by the Directive on Accounting Standards, GC 4400 Departmental Quarterly Financial Report and it has been reviewed by the Internal Audit Committee of the Public Service Commission (PSC).
This quarterly report has not been subject to an external audit or review.
1.1 Authority and objectives
The PSC is an independent agency established under the Public Service Employment Act and listed in schedules I.1 and IV of the Financial Administration Act.
A summary description of the PSC's programs can be found in its 2017-18 Departmental Plan.
1.2 Basis of presentation
This quarterly report has been prepared by management, using an expenditure basis of accounting. The accompanying Statement of Authorities includes the PSC's spending authorities granted by Parliament and those used by the PSC, consistent with the Main Estimates and Supplementary Estimates for the 2017-18 fiscal year. This quarterly report has been prepared using a special purpose financial reporting framework designed to meet financial information needs with respect to the use of spending authorities.
The authority of Parliament is required before money can be spent by the Government. Approvals are given in the form of annually approved limits through appropriation acts or through legislation in the form of statutory spending authority for specific purposes.
The PSC uses the full accrual method of accounting to prepare and present its annual departmental financial statements that are part of the departmental results reporting process. However, the spending authorities voted by Parliament remain on an expenditure basis.
1.3 Financial structure
The PSC has a financial structure comprised of voted budgetary authorities for program expenditures and statutory authorities for contributions to employee benefit plans.
In addition, the PSC has the authority to re-spend certain revenues received from other government departments and agencies in a fiscal year to offset expenditures incurred in that same year, for the provision of assessment and counselling products and services .
2. Highlights of fiscal quarter and fiscal year-to-date results
This section highlights the significant items that contributed to the change in resources available for the current year and in actual expenditures for the quarter ended September 30, 2017.
The following graph provides a comparison of the net budgetary authorities available for spending and the expenditures for the quarters ended September 30, 2017 and September 30, 2016, for the PSC’s combined Vote 1 – Program Expenditures and Statutory Authorities.
|Net budgetary Authorities||1st quarter expenditures||2nd quarter expenditures|
|2017-2018||87 615 $||18 191 $||23 864 $|
|2016-2017||87 765 $||19 692 $||18 531 $|
2.1 Significant changes to authorities
For the period ended September 30 of both the current year and the previous year, the budgetary authorities granted to the PSC include the Main Estimates and the Operating Budget Carry Forward.
As shown in Section 6: Statement of Authorities, there have been no significant changes in authorities available for use in the current year, as compared to the previous year.
2.2 Significant variances in expenditures from prior year
As shown in Section 7: Departmental budgetary expenditures by standard object, total net budgetary expenditures during the quarter increased from $18,531,000 in 2016-17 to $23,864,000 in 2017-18; a variance of $5,333,000 or 28.8%.
The variance is due mainly to the following:
- An increase of $4,414,000 in personnel due mainly to higher current salary rates and retroactive salary payments following the implementation of new collective agreements; and
- A decrease of $468,000 in revenues netted against expenditures due mainly to lower demand for assessment products and services.
3. Risks and uncertainties
The PSC operates in a dynamic and complex environment that requires it to be efficient, adaptive and innovative. It uses integrated risk management, including a Corporate Risk Profile that is updated annually, to identify and respond to challenges and opportunities.
The PSC’s key risks and the corresponding mitigation strategies are outlined in its 2017-18 Departmental Plan.
4. Significant changes in relation to operations, personnel and programs
There were no significant changes to operations or programs during the second quarter of 2017-18.
5. Approved by senior officials
Original signed by:
Original signed by:
Philip Morton, CPA, CGA
Chief Financial Officer
November 21, 2017
|Fiscal Year 2017-18 (in thousands of dollars)|
|Total available for use for the year ending March 31, 2018||Used during the quarter ended September 30, 2017||Year-to-date used at quarter-end|
|Vote 1 – Program Expenditures||$76,241||$20,072||$36,367|
|Statutory - Refund of Previous Year Revenue||1||1||1|
|Statutory - Employer Contributions to Employee Benefit Plans||11,373||3,791||5,687|
|Total Budgetary Authorities||$87,615||$23,864||$42,055|
|Includes only authorities available for use and granted by Parliament at quarter-end.|
|Fiscal Year 2016-17 (in thousands of dollars)|
|Total available for use for the year ending March 31, 2017 ||Used during the quarter ended September 30, 2016||Year-to-date used at quarter-end|
|Vote 1 – Program Expenditures||$75,322||$15,420||$32,002|
|Statutory - Refund of Previous Year Revenue||-||-||-|
|Statutory - Employer Contributions to Employee Benefit Plans||12,443||3,111||6,221|
|Total Budgetary Authorities||$87,765||$18,531||$38,223|
| Includes only authorities available for use and granted by Parliament at quarter-end.|
|Fiscal year 2017-18 (in thousands of dollars)|
|Planned expenditures for the year ending March 31, 2018||Expended during the quarter ended September 30, 2017||Year-to-date used atquarter-end|
|Transportation and telecommunications||729
|Professional and special services||13,164
|Repair and maintenance||294||5
|Utilities, materials and supplies||177||59
|Acquisition of machinery and equipment||822
|Other subsidies and payments||154||301
|Total gross budgetary expenditures||101,867||25,620||44,281|
|Less: Revenues netted against expenditures||(14,252)||(1,756)||(2,226)|
|Total net budgetary expenditures||$87,615||$23,864||$42,055|
|Fiscal year 2016-17 (in thousands of dollars)|
|Planned expenditures for the year ending March 31, 2017||Expended during the quarter ended September 30, 2016||Year-to-date used at quarter-end|
|Transportation and telecommunications||800||143||275|
|Professional and special services||12,848||1,791||3,506|
|Repair and maintenance||48||1||6|
|Utilities, materials and supplies||201||79||134|
|Acquisition of machinery and equipment||961||37||177|
|Other subsidies and payments||68||170||177|
|Total gross budgetary expenditures||102,017||20,755||41,100|
|Less: Revenues netted against expenditures||(14,252)||(2,224)||(2,877)|
|Total net budgetary expenditures||$87,765||$18,531||$38,223|
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