Appearance of the Comptroller General of Canada Before the Standing Committee on Public Accounts

Table of Contents

Meeting agenda and membership of the Standing Committee on Public Accounts (PACP)

Volume I

Variances

Phoenix

COVID-19

Volume II

Lapse Analysis

Volume III

Other material

Meeting agenda and membership of the Standing Committee on Public Accounts (PACP)

A. Summary on Public Accounts 2020

In this section

Issue/question

The Public Accounts of Canada were tabled in Parliament by the President of the Treasury Board on November 30, 2020.

Suggested response

Background

B. Opening remarks

Notes for remarks by Roch Huppé, Comptroller General of Canada, to the Standing Committee on Public Accounts

Ottawa

Check against delivery.

Thank you, Madame Chair, and my thanks for the opportunity to discuss the Public Accounts of Canada with the members of the Committee.

I am joined today by my colleagues from the Treasury Board of Canada Secretariat:

Madame Chair, the Public Accounts include the audited consolidated financial statements for the 2019–20 fiscal year, which ended on March 31, 2020, in addition to other unaudited financial information.

They are part of a series of reports to Parliament and Canadians that outline how the Government of Canada spent the money that it requested from Parliament and how it generated revenues.

The consolidated financial statements are audited by the Office of the Auditor General, and I am pleased to note that, for the 22nd year in a row, the Auditor General has issued an unmodified or “clean” audit opinion of these financial statements.

As the former Auditor General pointed out to the committee, not many national governments receive a clean audit opinion on their financial statements – let alone do so every year for two decades.Footnote 1

I am very proud that the work of the Financial Management community is so strong that we can sustain this accomplishment year after year. In particular, in this unusual year, I must thank all the departments, for the extra effort they put in to undertake the year-end work while working from home, with all the additional challenges that entailed.

It is a clear indication that the members of the Committee – and all Canadians – can be confident the financial statements presented here provide a thorough and accurate accounting of Government of Canada revenues and expenditures.

I must recognize my colleagues at the Department of Finance and the Receiver General for their continuing support and cooperation in producing the Public Accounts.

As well as the Office of the Auditor General for its continued cooperation and assistance.

Turning to the financial statements, as the Committee will have noted, overall, the government ended the year showing a deficit of $39.4 billion – up $25.4 billion from the previous year, and $22.6 billion more than projected in Budget 2019.

The accumulated deficit rose $35.9 billion to $721.4 billion in 2020.

At the same time, the ratio of accumulated deficit-to-GDP is 31.3%, up from 30.8% in the previous year.

Revenues increased by $1.9 billion, from 2019, primarily reflecting increases in income tax revenues and the introduction of fuel charge.

Program expenses excluding net actuarial losses increased by $23.9 billion, from 2019, reflecting increases in all major categories of expenses, including fuel charge proceeds returned.

It is important to note that the March 31, 2020, results included the start of the COVID-19 pandemic, when costs such as two weeks of Canada Emergency Response Benefit (CERB) and transfer payments were incurred, as well as impacts on estimates for loan loss provisions and tax revenues. These increased the total program expenses compared to the prior year, and thus the annual deficit.

Madame Chair, those are among what I would call the highlights, and my colleagues and I look forward to discussing the results of this year’s Public Accounts with the Committee in more detail.

I would also like to engage the committee on how to improve the Public Accounts. There have been no significant changes to the form and content of the Public Accounts since the government moved to accrual accounting in 2003.

With more and timelier online reporting of information, I feel there would be merit in examining the current practice of presenting information annually in three volumes totalling over 1,200 pages.

As well, I believe that some of the thresholds of reporting have not been increased in 40 years and could be changed, such as in the sections on “Payments of claims against the Crown” as well as in “Losses of public money and property.”

I would appreciate your feedback on this.

Thank you for your attention.

C. PAC overview note

In this section

Standing Committee on Public Accounts (PACP)

Mandate of the Committee

When the Speaker tables a report by the Auditor General in the House of Commons, it is automatically referred to the Public Accounts Committee. The Committee selects the chapters of the report it wants to study and calls the Auditor General and senior public servants from the audited organizations to appear before it to respond to the Office of the Auditor General’s findings. The Committee also reviews the federal government’s consolidated financial statements – the Public Accounts of Canada – and examines financial and/or accounting shortcomings raised by the Auditor General. At the conclusion of a study, the Committee may present a report to the House of Commons that includes recommendations to the government for improvements in administrative and financial practices and controls of federal departments and agencies.

Government policy, and the extent to which policy objectives are achieved, are generally not examined by the Public Accounts Committee. Instead, the Committee focuses on government administration – the economy and efficiency of program delivery as well as the adherence to government policies, directives and standards. The Committee seeks to hold the government to account for effective public administration and due regard for public funds.

Pursuant to Standing Order 108(3) of the House of Commons, the mandate of the Standing Committee on Public Accounts is to review and report on:

The Committee also reviews:

Other responsibilities:

Treasury Board of Canada Secretariat (TBS)–related committee activity from the end of the 42nd Parliament

Report
Committee members
Chair

Kelly Block

Conservative

Carlton Trail–Eagle Creek

New member

Vice-Chair

Lloyd Longfield

Liberal

Guelph

Returning member

Maxime Blanchette-Joncas

Bloc Québécois

Rimouski-Neigette–Témiscouata–Les Basques

Returning member

Public Accounts Critic

Members

Luc Berthold

Conservative

Mégantic–L’Érable

New member

TBS Critic

Phillip Lawrence

Conservative

Northumberland–Peterborough South

New member

National Revenue Critic

Len Webber

Conservative

Calgary Confederation

New member

Matthew Green

New Democratic Party

Hamilton Centre

Returning member

TBS Critic

Kody Blois

Liberal

Kings–Hants

New member

Greg Fergus

Liberal

Hull–Alymer

Returning member (non-voting: 42nd Parliament)

Parliamentary Secretary TBS and Digital Government

Francesco Sorbara

Liberal

Vaughan–Woodbridge

Returning member

(43rd-1 Parliament)

Jean Yip

Liberal

Scarborough–Agincourt

Returning member (42nd Parliament)

TBS-related committee activity: 43rd Parliament, 2nd session

Anticipated business
Meeting summaries
Thursday, October 29, 2020: briefing with the Auditor General and Main Estimates 2020–21: Vote 1 under Office of the Auditor General

The Auditor General of Canada, Karen Hogan, appeared before the committee to outline her department’s progress, as well as her request for an additional $25 million to hire new staff and modernize the Office of the Auditor General’s IT infrastructure. She explained that because of parliamentary-mandated audits of the Investing in Canada Plan and the COVID-19 pandemic response, previously planned performance audits had to be delayed. She indicated she had been encouraged by her discussions with TBS officials and that the Office of the Auditor General had already begun plans to hire additional staff in anticipation of receiving additional funds in the next Estimates.

The tone of the committee was customarily cordial and collaborative. Questioning focused primarily on the additional funding requested, including what the funds would be used for and the nature of the delays to the Office of the Auditor General’s planned performance audits.

After questions, the committee agreed to pass Vote 1 unanimously, and to report that result to the House.

Thursday, October 22, 2020: orientation briefing (Canadian Audit and Accountability Foundation (CAAF) and past Chairs)

The CAAF appeared for the first hour. The CAAF explained the role of the PACP Committee and made suggestions on how the Committee conduct its business in order to be most effective.

The four former PACP chairs appeared in the second hour. The witnesses emphasized the role of PACP in holding departmental officials accountable and encouraged the members adopt a non-partisan, collaborative approach to their work.

Thursday, October 15, 2020: election of Chair

The Committee held the first meeting of the second session of the 43rd Parliament. Ms. Kelly Bloc (Conservative Party of Canada (CPC)) was named the Chair of the Committee, and Mr. Lloyd Longfield (Liberal Party of Canada (LPC)) and M. Maxime Blanchette Joncas (Bloc Québécois (BQ)) were reinstated as first and second Vice-Chairs.

The Committee passed several routine motions, including a motion that was adopted at several other committees to have the witnesses provide opening remarks 72 hours in advance whenever possible, opening remarks from witnesses will also be limited to five minutes. Additionally, a series of motions requiring the organizations under performance audits by the Office of the Auditor General to provide action plans to the Committee were also adopted.

The Committee moved into regular business to consider motions proposed by all parties for the future studies of the Committee.

The New Democratic Party (NDP) moved a motion to invite the past Chairs to do an orientation session for the current Committee. The LPC suggested an amendment, which was accepted by the NDP, to include the Canadian Audit and Accountability Foundation in the orientation session. The motion was adopted with the amendment. The Committee agreed this meeting should be a priority.

The CPC moved a motion to invite the Auditor General for the next meeting of the Committee for one hour in camera and one hour in public. The motion was amended to allow for scheduling flexibility for the Auditor General to appear for the next or subsequent meeting. The motion was adopted with the amendment.

The first meeting between members was cordial, productive and was adjourned an hour earlier than scheduled.

TBS-related committee activity: 43rd Parliament, 1st session

Anticipated business
Meeting summaries
Thursday, February 27, 2020: briefing with the Office of the Auditor General

The Committee met to receive a 90-minute introductory briefing from the Office of the Auditor General of Canada and to discuss future Committee business in camera. The issue of adequate funding for the Office of the Auditor General figured most prominently in exchanges between Committee members and witnesses. The interim Auditor General echoed comments made during the previous Parliament suggesting his Office’s current funding has not allowed it to effectively deliver on its mandate or to keep pace with increases in government spending. There was also discussion on the potential establishment of a separate independent funding process or mechanism through which the Office of the Auditor General could make funding requests, instead of having to make the request through the Department of Finance’s budget exercise.

Tuesday, February 25, 2020: election of Chair

Dean Allison (CPC) was elected Chair of the Committee. Mr. Allison was a member of PACP in the first session of the 38th Parliament. Lloyd Longfield (LPC) was elected first vice-chair; Maxime Blanchette-Joncas (BQ) was elected second vice-chair by secret ballot. The Committee adopted a number of standard routine motions. Of note, the Committee adopted a motion requiring that organizations invited to appear on the topic of an Office of the Auditor General report submit their action plans to the Committee no later than 48 hours before their appearance (in the 42nd Parliament, this submission was required prior to an appearance, “when feasible”). During discussion on future Committee business, Pat Kelly (CPC) raised the issue of perceived inadequate government funding of the Office of the Auditor General. The matter received some attention during the 42nd Parliament and has been raised in the 43rd Parliament in the context of the CPC Opposition Motion calling on the Auditor General to conduct an audit of the government’s Investing in Canada Plan, adopted by the House on January 29, 2020.

Kelly Block (Saskatchewan: Carlton Trail–Eagle Creek): Conservative (Chair)

Kelly Block (Saskatchewan: Carlton Trail–Eagle Creek): Conservative (Chair)
  • Elected as the Member of Parliament in 2015 for Carlton Trail–Eagle Creek, previously for Saskatoon–Rosetown–Biggar from 2008 to 2015
  • Served as vice-chair on the Standing Committee on Transport, Infrastructure and Communities in the 42nd Parliament.
  • Member of the Liaison Standing Committee.
  • Previous member of the Standing Committee of Government Operations and Estimates in the 43rd and 41st Parliament, the Standing Committee of Finance in the 40th Parliament.
  • Served as the Opposition critic for Public Services and Procurement Canada (appointed by Andrew Scheer).
  • Prior to her election, Mrs. Block served two terms as the first female mayor of Waldheim, Saskatchewan, as chairperson of the Gabriel Springs Health District, and was awarded the Maclean’s Parliamentarian of the Year – Rising Star – Award in June 2010.

Interest in TBS Portfolio

Lloyd Longfield (Ontario: Guelph), Liberal (First Vice-Chair)

Lloyd Longfield (Ontario: Guelph), Liberal (First Vice-Chair)
  • Elected as the Member of Parliament for the riding of Guelph in 2015.
  • Former member of the Standing Committee on Public Accounts Committee (PACP) in the 43rd Parliament and is a standing member of the Environment and Sustainable Development Committee (ENVI).
  • Former Executive Director of the Guelph Chamber of Commerce, and former business executive.

Interest in TBS Portfolio

Maxime Blanchette-Joncas (Quebec: Rimouski-Neigette–Témiscouata–Les Basques), Bloc Québécois (Second vice-chair)

Maxime Blanchette-Joncas (Quebec: Rimouski-Neigette–Témiscouata–Les Basques), Bloc Québécois (Second vice-chair)
  • Elected as the Member of Parliament for Rimouski-Neigette–Témiscouata–Les Basques in the 2019 federal election.
  • BQ Critic for Public Accounts.
  • Preceded in his riding by Guy Caron who served as the leader of the NDP from 2017 to 2019.
  • Business Administration graduate from the University of Quebec in Rimouski and former administrative officer at the Business Development Bank of Canada.
  • Was regional president of the Youth Forum of the Bloc Québécois.

Interest in TBS Portfolio

Luc Berthold (Québec: Mégantic–L’Érable), Conservative member

Luc Berthold (Québec: Mégantic–L’Érable), Conservative member
  • Elected as the Member of Parliament for Mégantic–L’Érable in 2015.
  • Critic for TBS.
  • Previously the Vice-Chair of the Standing Committee on Transport, Infrastructure and Communities, and the Standing Committee on Agriculture and Agri-Food.
  • Prior to his election, Mr. Berthold was Nathalie Normandeau’s Political Assistant, and communications advisor for the Leader of the Official Opposition in 1999, the Interim Director of communications for Quebec’s Liberal Party in 2006, and worked as a speaker, coach and gave leadership training sessions.

Interest in TBS Portfolio

Philip Lawrence (Ontario: Northumberland–Peterborough South), Conservative member

Philip Lawrence (Ontario: Northumberland–Peterborough South), Conservative member
  • Elected as the Member of Parliament for the riding of Northumberland–Peterborough South in the 2019 federal election.
  • Shadow Minister of National Revenue.
  • Former member of Standing Committee of Justice and Human Rights.
  • Prior to his election, Mr. Lawrence received his BA from Brock University in Political Science, he attended Osgoode Hall Law School and the Schulich School of Business to obtain his law degree and MBA, and volunteered at the Financial Planning Standards Council.

Interest in TBS Portfolio

Len Webber (Alberta: Calgary Confederation), Conservative member

Len Webber (Alberta: Calgary Confederation), Conservative member
  • Elected as the Member of Parliament for the riding of Calgary Confederation in 2015.
  • Former Vice-Chair of the Standing Committee on Health in the 42nd Parliament.
  • Previously a member on the Standing Committee on Health, the Subcommittee on Sports-Related Concussions in Canada of the Standing Committee on Health and the Subcommittee on Agenda and Procedure of the Standing Committee on Health.
  • Prior to his election, Mr. Webber was a Member of the Legislative Assembly of Alberta, representing the constituency of Calgary–Foothills from 2004 to 2014, work as an apprentice electrician and managed his own contracting company for 10 years, and served as vice president and director of the Webber Academy, a private, non-profit school in southwest Calgary for children from junior kindergarten to Grade 12 founded by his father.

Interest in TBS Portfolio

Matthew Green (Ontario: Hamilton Centre), NDP member

Matthew Green (Ontario: Hamilton Centre), NDP member
  • Elected as the Member of Parliament for Hamilton Centre in the 2019 federal election in the riding formerly held by NDP MP David Christopherson.
  • NDP Critic for National Revenue / Canada Revenue Agency, Public Services and Procurement.
  • Former Councillor for the City of Hamilton (2014 to 2018).
  • Member of the House of Commons Standing Committee on Public Accounts (PACP), the Standing Committee on Government Operations and Estimates (OGGO), and the Subcommittee on Agenda and Procedure of the Standing Committee on Government Operations and Estimates.
  • Member of the Canada-Africa Parliamentary Association and the Canadian Section of ParlAmericas.

Interest in TBS Portfolio

Kody Blois (Nova Scotia: Kings–Hants), Liberal Member

Kody Blois (Nova Scotia: Kings–Hants), Liberal Member
  • Elected as the Member of Parliament for the riding of Kings–Hants in the 2019 federal election, in the riding formerly held by former TBS President Scott Brison.
  • Current member of the Standing Committee for Agriculture and Agri-Food, and the Subcommittee on Agenda and Procedure of the Standing Committee on Agriculture and Agri-Food.
  • Former member of the Standing Committee for Agriculture and Agri-Food, and the Standing Committee on Public Accounts.
  • Blois completed degrees in commerce, law and public administration, which sparked his interest in serving his community.

Interest in TBS Portfolio

Greg Fergus (Quebec: Hull–Alymer), Liberal Member: Parliamentary Secretary to the President of the Treasury Board and Minister of Digital Government

Greg Fergus (Quebec: Hull–Alymer), Liberal Member: Parliamentary Secretary to the President of the Treasury Board and Minister of Digital Government
  • Elected as the Member of Parliament for the riding of Hull–Aylmer in 2015.
  • Member of the Standing Committee on Access to Information, Privacy and Ethics.
  • Former member of the Standing Committee on Finance, and the Standing Committee on Public Accounts.
  • Current and Former Parliamentary Secretary to the President of the Treasury Board and Minister of Digital Government. Former Parliamentary Secretary to the Minister of Innovation, Science and Economic Development.
  • Former National Director of the Liberal Party of Canada and former political staffer in various ministerial offices.

Interest in TBS Portfolio

Francesco Sorbara (Ontario: Vaughan–Woodbridge), Liberal Member

Francesco Sorbara (Ontario: Vaughan–Woodbridge), Liberal Member
  • Elected as the Member of Parliament for the riding of Vaughan–Woodbridge in 2015.
  • Member of the Standing Committee on Access to Information, Privacy and Ethics.
  • Former member of the Standing Committee on Finance, as well as the Subcommittee on Agenda and Procedure of the Standing Committee on Finance, and the Standing Committee on Public Accounts.
  • Parliamentary Secretary to the Minister of National Revenue.
  • Sorbara is a chartered financial analyst and worked in the global financial markets for nearly 20 years in both Canada and the United States for Scotiabank, JPMorgan Chase, and global credit rating agency DBRS.

Interest in TBS Portfolio

Jean Yip (Ontario: Scarborough–Agincourt), Liberal Member

Jean Yip (Ontario: Scarborough–Agincourt), Liberal Member
  • First elected in a by-election on December 11, 2017, as the Member of Parliament for the riding of Scarborough–Agincourt. Elected in 2019 as the Member of Parliament for the riding of Scarborough–Agincourt.
  • Current member of the Special Committee on Canada-China Relations.
  • Former member of the Public Accounts Committee, and the Government Operations and Estimates Committee.

Interest in TBS Portfolio

Volume I

Variances

D.1 Revenues

In this section

Issue/question

Considering that the government provided a deferral to Canadians for submitting their income tax, why have the Government of Canada revenues increased by $1.9 billion?

Suggested response

Background

D.2 Personal income tax revenues versus corporate tax revenues and impact of COVID-19

In this section

Issue/question

Why did personal income taxes increase yet corporate taxes remain stable?

Suggested response

Issue/question

How did the deferral of filing dates for taxes impact the financial results?

Suggested response

Background

D.3 Transfer payment expenses

In this section

Issue/question

Why have the Government of Canada’s transfer payment expenses increased by $18.8 billion?

Suggested response

Background

D.4 Provision for contingent liabilities

In this section

Issue/question

Why has the Government of Canada’s provision for contingent liabilities decreased by $1.5 billion?

Suggested response

Issue/question

Why has the Government of Canada’s provision for guarantees increased by $484 million?

Suggested response

Background

Factors that could increase the provision:

D.5 Environmental liabilities

In this section

Issue/question

Why does the environmental liability balance keep increasing?

Suggested response

Background

D.6 Other employee and veteran future benefits

In this section

Issue/question

Why are there significant increases in the liability for “other employee and veteran future benefits” on a year-over-year basis?

Suggested response

Background

D.7 Enterprise Crown corporations and other government business enterprises

In this section

Issue/question

What is the cause of the increase in enterprise Crown corporations (ECCs) and other government business enterprises’ (GBEs’) assets?

Suggested response

Issue/question

Why did revenues of ECCs and other GBEs decrease by $2 billion?

Suggested response

Background

D.8 Investments in tangible capital assets

In this section

Issue/question

What makes up the $4.7 billion increase in the Government of Canada’s investment in tangible capital assets?

Suggested response

Background

Phoenix

E.1 Office of the Auditor General observation on pay administration

In this section

Issue/question

What controls or measures is the Office of the Comptroller General implementing to address the observations noted by the Office of the Auditor General?

Suggested response

Background

E.2 Agreement for damages caused by the Phoenix pay system

In this section

Issue/question

How has the agreement for damages caused by the Phoenix pay system been incorporated into the Public Accounts of Canada? What is the $157 million for “Damages Caused by the Phoenix Pay System”?

Suggested response

Background

F. Office of the Auditor General observation: Department of National Defence Inventory

In this section

Issue/question

Can you comment on the status of the implementation for the Department of National Defence’s (DND) 2016 Action Plan to address the Office of the Auditor General’s commentary observations?

Suggested response

Background

G.1 Office of the Auditor General observation on Hibernia

In this section

Issue/question

What was the authority to make the payment to Newfoundland and Labrador under the Hibernia Dividend Backed Agreement?

Suggested response

Background

G.2 Canada Development Investment Corporation (CDEV): Trans Mountain Pipeline

In this section

Issue/question

Where do I see the Trans Mountain Expansion Project (TMX) in the Public Accounts? How much did TMX cost the government this year? What is the impact of COVID-19 and decreases in crude oil prices on TMX?

Suggested response

Background

H. Fuel charge proceeds returned

In this section

Issue/question

Why do government expenses for fuel charge proceeds returned not match the fuel charge proceeds collected?

Suggested response

Background

I. Prior year reclassification

In this section

Issue/question

What was the prior year reclassification to the Public Accounts of Canada related to?

Suggested response

Background

COVID-19

J.1 Impact of COVID-19 on 2020 Public Accounts

In this section

Issue/question

How have the COVID-19 measures announced impacted the 2019–20 Public Accounts?

Suggested response

Background

J.2 Subsequent events disclosure

In this section

Issue/question

How have the government’s COVID-19 measures impacted the subsequent events note disclosure for 2019–20 Public Accounts?

Suggested response

Background

J.3 Cost of furniture for public servants

In this section

Issue/question

What are the costs of furniture for public servants working at home?

Suggested response

Background

K. COVID-19 impact on Public Accounts year-end deadlines

In this section

Issue/question

How has COVID-19 impacted the 2019–20 Public Accounts year-end deadlines?

Suggested response

Background

Volume II

L. Budget Implementation Vote

In this section

Issue/question

What is the Budget Implementation Vote and how was it treated? What is the difference in treatment between the prior year, and how is this information presented in Public Accounts 2020?

Suggested response

Other sources of information

Lapse Analysis

M.1 Background on lapse

In this section

Issue/question

What does it mean to lapse money? What is a lapse? What is a net lapse?

Suggested response

Background

For further details on frozen allotment, please refer to the related tab.

M.2 Top lapses

In this section

Issue/question

What are the top lapses for 2020?

Suggested response

Background

M.3 Operating and capital budget carry-forward

In this section

Issue/question

What is a carry-forward?

Suggested response

M.4 Frozen allotments

In this section

Issue/question

What are frozen allotments?

Suggested response

Background

M.5 Impacts of overspending on appropriation

In this section

Issue/question

What are the impacts of overspended authorities?

Suggested response

Background

M.6 CORCAN exceeded drawdown limit

In this section

Issue/question

Why did CORCAN exceed its drawdown limit and what are the impacts?

Suggested response

Background

CSC-approved media lines:

Volume III

N. Debt write-off

In this section

Issue/question

What are the significant debt write-offs in the 2020 Public Accounts?

Suggested response

Background

O. Payments of claims against the Crown, ex gratia payments and court awards

In this section

Issue/question

Why is there an increase in claims against the Crown of $2.3 billion?

Suggested response

Due to the varying nature of payments, overall trends in payments are difficult to predict or analyze.

Background

Other material

P. Office of the Auditor General commentary on the 2019-20 Financial Audits

In this section

Issue/question

Why are there management letter points that have been unresolved for two years or more?

Suggested response

Background

Q.1 Public Accounts Modernization in 2019

In this section

Issue/question

What changes have been made to the Public Accounts in recent years?

Suggested response

Background

Q.2 Upcoming Pulic Accounts modernization

In this section

Issue/question

What are some upcoming changes we can expect in the Public Accounts?

Suggested response

Background

Q.3 Next steps for Public Accounts modernization

In this section

Issue/question

What are the next steps to implement the modernization plan?

Suggested response

Background

Q.4 Web-based interactive format

In this section

Issue/question

Increasingly, information is often provided using infographics or other summarized formats rather than lengthy volumes of text. Does the Public Account Modernization initiative envision a move away from volumes of text to a more web-based interactive format?

Suggested response

Background

R. Significant items in Public Accounts 2019

In this section

Issue/question

Please highlight the significant items that occurred in Public Accounts 2019.

Suggested response

Background

S. Discount rate

In this section

Issue/question

Is the expected rate of return on pension assets an appropriate discount rate basis for funded pension obligations?

Suggested response

Background

T. Pay equity

In this section

Issue/question

What will be the impact of the new pay equity legislation on the public service wages, pension and other employee future benefit obligations, and when will the impact be reflected in Public Accounts?

Suggested response

Background

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