Financial statements - 2015–16 Departmental Performance Report - Treasury Board of Canada Secretariat
Section IV: Financial statements
Financial statements highlights
The highlights presented in this section are drawn from the Secretariat’s financial statements. The financial statements were prepared using Government of Canada accounting policies, which are based on Canadian public sector accounting standards.
The figures provided in this section of the report may be different from those provided in other sections. The figures provided in other sections were prepared on an expenditure basis. The figures in this section were prepared on an accrual basis. The difference relates to accrual entries such as the recognition of services without charge received from other government departments, the acquisition of capital assets and related amortization expenses, as well as to accrued liability adjustments.
|Financial information||2015–16 planned results||2015–16 actual results||2014–15 actual results||Difference (2015–16 actual minus 2015–16 planned)||Difference (2015–16 actual minus 2014–15 actual)|
|Total net revenues||13,268,175||11,701,966||10,782,961||(1,566,209)||919,005|
|Net cost of operations before government funding and transfers||2,949,332,107||4,140,589,598||3,174,705,768||1,191,257,491||965,883,830|
Note: Refer to the Secretariat’s 2015-16 Future-Oriented Statement of Operations for more information on planned results.
The Secretariat’s total expenses in 2015–16 included approximately $3.8 billion related to public service employer payments for government-wide benefits programs, such as the employer’s share of the Public Service Health Care Plan (PSHCP), the Public Service Dental Care Plan (PSDCP), and other insurance and pension programs. Total expenses also included contributions of $1.2 billion to the Public Service Pension Plan (PSPP) related to actuarial deficits. The Secretariat’s total net revenues of $11.7 million in 2015–16 mainly include internal support services that the Secretariat provided to other government departments and the recovery of PSPP administration costs.
The difference of $967 million between 2015–16 and 2014–15 actual expenses and of $1,190 million between 2015–16 planned results and 2015–16 actual expenses is mainly due to increases related to public service employer payments, including an increase in contributions of $719 million to the PSPP related to actuarial deficits.
|Financial information||2015–16||2014–15||Difference (2015–16 minus 2014–15)|
|Total net financial assets||376,944,154||725,314,297||(348,370,143)|
|Departmental net debt||82,856,300||92,305,145||(9,448,845)|
|Total non-financial assets||27,414,380||22,825,001||4,589,379|
|Departmental net financial position||(55,441,920)||(69,480,144)||14,038,224|
The Secretariat’s liabilities consist mainly of accounts payable to other government organizations related to employee benefit plans and to claims for benefits under the PSHCP and the PSDCP. 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 (CRF), which represent amounts that can be paid out from the CRF, without further charges to the Secretariat’s authorities.
The decrease in total liabilities resulted mainly from a decrease of $443 million in accounts payable to the PSPP related to actuarial deficits, because all contributions were made by March 31, 2016. This decrease is partially offset by an increase of $81 million in accounts payable to other government departments and agencies mostly related to employee benefit plans.
The decrease in total net financial assets resulted from a decrease of $237 million in amounts due from the CRF and a reduction of $111 million in accounts receivable from other government departments and agencies mostly related to employee benefit plans.
The increase of $14 million in the departmental net financial position, which is the difference between the departmental net debt and the total non-financial assets, is mostly related to a reduction in accrued contingent liabilities and an increase in tangible capital assets.
Complete financial statements
See the complete Treasury Board of Canada Secretariat Financial Statements for the Year Ended , which include the Statement of Management Responsibility Including Internal Control Over Financial Reporting and its Annex for fiscal year 2015–16.
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