Western Economic Diversification Canada
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Section III: Supplementary Information

Financial Highlights

The financial highlights presented within this Departmental Performance Report are intended to serve as a general overview of WD’s financial position and operations.The unaudited financial statements are prepared in accordance with accrual accounting principles (link to complete financial statements can be found at the end of this section).

Variances found in the table below are primarily related to the wind up of the department’s delivery of Canada’s Economic Action Plan programs with additional details outlined in individual graphs.

Condensed Statement of Financial Position (Unaudited)
As at March 31, 2012
($ thousands)
  % Change 2011-12
2010-11
* Restated
Total net liabilities -65% 86,918 246,957
Total net financial assets -66% 80,346 237,656
Departmental net debt -29% 6,572 9,301
Total non-financial assets -65% 1,199 3,385
Departmental net financial position -9% (5,373)  (5,916)


Condensed Statement of Operations and Departmental Net Financial Position (Unaudited)
For the Year Ended March 31, 2012
($ thousands)
  % Change 2011-12 2010-11
* Restated
Total expenses -57% 194,071 452,299
Total revenues 0% 13 0
Net cost of operations before government funding and transfers -57% 194,058 452,299
Departmental net financial position -9% (5,373) (5,916)

Financial Highlights Graphs

Net Financial Assets graph

Text version of Net Financial Assets graph

Net Financial Assets equaled $80.3 million at the end of 2011–12, a decrease of $157.3 million (66 percent) over the previous year’s total net financial assets of $237.6 million (restated).  This variance is related to the “Due from Consolidated Revenue fund” which is used to discharge the department’s liabilities primarily related to Canada’s Economic Action Plan programs.  Loans receivable represent the majority of assets held on behalf of government.

Liabilities graph

Text version of Liabilities graph

Total Liabilities were $86.9 million at the end of 2011–12, a decrease of $160.1 million (65 percent) over the previous year’s total liabilities of $247.0 million. This decrease is primarily related to the wind up of the department’s delivery of Canada’s Economic Action Plan programs.

Expenses graph

Text version of Expenses graph

Total Expenses for WD were $194.1 million in 2011–12, a decrease of $258.2 million.  This year over year decrease is significantly attributed to the wind up of the department’s delivery of Canada’s Economic Action Plan programs ($220.8 million).

Financial Statements

The complete WD financial statements can be found at http://www.wd-deo.gc.ca/eng/59.asp  

List of Supplementary Information Tables

Table 1: 2011–12 G&C Expenditures by Activity ($ thousands)

  Business Development Innovation Community Economic Development Policy, Advocacy and Coordination TOTAL

Western Diversification Program

Economic Development Initiative

230 257 487

Entrepreneurs with Disabilities Program

1,500 1,500

Francophone Economic Development Organizations

1,090 1,090 2,180

Conference Support

100 100

Rick Hansen Foundation

4,500 4,500

Western Diversification Program

15,483 39,651 5,195 35 60,364

Western Economic Partnership Agreement Round III

7,142 17,841 24,983

Total Western Diversification Program

25,445 62,092 6,542 35 94,114

Women’s Enterprise Initiative

4,701 4,701

Loan and Investment Program

1,515 1,515
 

Community Futures – Operating

13,372 13,372 26,744

Community Futures – Capitalization

20 20

Community Futures – Networking Organizations

407 407 814

Total Community Futures Program

13,799 13,779 27,578
 

Recreational Infrastructure Canada Program*

12,438 12,438

TOTAL Grants and Contributions

45,460 62,092 32,759 35 140,346

* This program was a component of Canada's Economic Action Plan

Section IV: Other Items of Interest

Organizational Contact Information

E-mail Address: info@wd-deo.gc.ca
Mailing Address: Suite 1500, 9700 Jasper Avenue, Edmonton, Alberta T5J 4H7
Telephone: 780-495-4164
Toll Free: 1-888-338-WEST (9378)
Teletypewriter (TTY): 1-877-303-3388
Fax: 780-495-4557



[1]. Type is defined as follows: “previously committed to”—committed to in the first or second fiscal year before the subject year of the report; “ongoing”—committed to at least three fiscal years before the subject year of the report; and “new”—newly committed to in the reporting year of the RPP or DPR.

[2] Statistics Canada, The Daily, March 2, 2012, http://www.statcan.gc.ca/daily-quotidien/120302/dq120302a-eng.htm

[3] Statistics Canada, The Daily, April 27, 2012, http://www.statcan.gc.ca/daily-quotidien/120427/dq120427a-eng.htm

[4] Refer to Public Accounts of Canada 2011, http://www.tpsgc-pwgsc.gc.ca/recgen/txt/72-eng.html.

[5] Preliminary Data

[6] Based on 2011 preliminary GDP data.