Supplementary Information - 2014-15 Departmental Performance Report - Treasury Board of Canada Secretariat

Section III: Supplementary Information

Financial Statements Highlights

The highlights presented in this section are drawn from the Secretariat's financial statements and are prepared on an accrual basis. The financial statements were prepared using Government of Canada accounting policies, which are based on Canadian public sector accounting standards.

The variance between the figures provided in other sections of this report, which were prepared on an expenditure basis, and the figures that follow, which were prepared on an accrual basis, relates to accrual entries such as the recognition of services without charge received from other government departments and the acquisition of capital assets and related amortization expenses, as well as to accrued liability adjustments.

Treasury Board of Canada Secretariat
Condensed Statement of Operations (unaudited)
For the Year Ended
(dollars)
Financial Information 2014– Planned Results 2014– Actual 2013– Actual Difference (2014– actual minus 2014– planned) Difference (2014– actual minus 2013– actual)
Note: Refer to the Secretariat's 2014– Future-Oriented Statement of Operations.
Total expenses 2,988,982,070 3,185,488,729 2,959,400,132 196,506,659 226,088,597
Total revenues 14,141,304 10,782,961 10,480,950 (3,358,343) 302,011
Transferred operations –expenses 0 0 111,448 0 (111,448)
Net cost of operations before government funding and transfers 2,974,840,766 3,174,705,768 2,949,030,630 199,865,002 225,675,138

The Secretariat's total expenses in 2014– include approximately $2.9 billion related to public service employer payments for government-wide benefit programs, such as the employer's share of the Public Service Health Care Plan, the Public Service Dental Care Plan, and other insurance and pension programs. Total expenses also include contributions to the Public Service Pension Plan in respect of actuarial deficits. The Secretariat's total net revenues of $10.8 million in 2014– mainly include internal support services of $6.2 million that the Secretariat provided to other government departments and the recovery of Public Service Pension Plan administration costs.

The difference of $226 million between 2014– and 2013­– actual expenses and of $196 million between 2014– planned results and 2014– actual expenses is mainly due to an increase related to public service employer payments.

Treasury Board of Canada Secretariat
Condensed Statement of Financial Position (unaudited)
As at
(dollars)
Financial Information 2014– 2013– (Restated) $ Difference (2014– minus 2013–)
Total net liabilities 817,619,442 483,337,524 334,281,918
Total net financial assets 725,314,297 391,432,308 333,881,989
Departmental net debt 92,305,145 91,905,216 399,929
Total non-financial assets 22,825,001 12,864,442 9,960,559
Departmental net financial position (69,480,144) (79,040,774) 9,560,630

The Secretariat's liabilities consist mainly of accounts payable to other government organizations and to claims for benefits under the Public Service Health Care Plan and the Public Service Dental Care Plan. The Secretariat's assets consist mainly of accounts receivable from other government departments and agencies related to employee benefit plans and amounts due from the Consolidated Revenue Fund.

The increase in total net liabilities resulted mainly from an increase in accounts payable to Public Works and Government Services Canada for actuarial deficits associated with the Public Service Pension Plan and related accounts in the amount of $443 million. This amount is expensed annually by the Secretariat. In 2014–, the invoice was not received by March 31, and the amount was therefore not expensed during the reporting period—an accounts payable was set up and paid early in 2015–. This increase was partially offset by a decrease in accounts payable to other government departments and agencies related to employee benefit plans ($65 million) and a decrease in accrued liabilities to external parties ($54 million).

The increase in total net financial assets resulted from an increase in the due from the Consolidated Revenue Fund ($301 million), which represents amounts that can be paid out from the Consolidated Revenue Fund, including the accounts payable mentioned above, without further charges to the Secretariat's authorities. The increase in total net financial assets also resulted from a rise in accounts receivable from other government departments and agencies related to employee benefit plans ($32 million).

The increase of $9.6 million in the departmental net financial position, which is the difference between the departmental net debt and the total non-financial assets, resulted from an increase in total non-financial assets ($9.9 million) consisting largely of tangible capital assets.

Financial Statements

See the complete Treasury Board of Canada Secretariat Financial Statements for the Year Ended March 31, 2015, which include the Statement of Management Responsibility Including Internal Control Over Financial Reporting and its Annex for fiscal year 2014–.

Supplementary Information Tables

The supplementary information tables listed in the 2014– Departmental Performance Report can be found on the Treasury Board of Canada Secretariat's 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 publication. The tax measures presented in the Tax Expenditures and Evaluations publication are solely the responsibility of the Minister of Finance.

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