Western Economic Diversification Canada
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Section III: Supplementary Information

Financial Statement Highlights

The financial highlights presented within this Departmental Performance Report are intended to serve as a general overview of Western Economic Diversification Canada’s (WD) 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).

Condensed Statement of Operations and Departmental Net Financial Position

Western Economic Diversification Canada
Condensed Statement of Operations and Departmental Net Financial Position (Unaudited)
For the Year Ended March 31, 2013
($ thousands)
  2012–13
Planned
Results*
2012–13
Actual
2011–12
Actual
$ Change (2012–13 Planned vs. Actual) $ Change (2012–13 Actual vs. 2011–12 Actual)
Total expenses 175,118 180,084 194,071 (4,966) (13,987)
Total revenues - 5 13 (5) (8)
Net cost of operations before government funding and transfers 175,118 180,079 194,058 (4,961) (13,979)
Departmental net financial position (7,549) (2,950) (5,373) (4,599) 2,423

*Refer to the financial statements for further details.

Expenses - Where Funds Go ($180.1M): 31.1% Business Development; 33.2% Innovation; 17.2% Community Economic Development; 5.1% Policy, Advocacy and Coordination; 13.4% Internal Services

Total Expenses for WD were $180.1 million in 2012–13, a decrease of $14.0 million (seven percent). This year over year decrease is attributed to the implementation of reductions in appropriations, the transfer of operations to Shared Services Canada and the conclusion of the Canada Economic Action Plan. These reductions were partially offset by the implementation of the Community Infrastructure Improvement Fund.

 

Western Economic Diversification Canada
Condensed Statement of Financial Position (Unaudited)
As at March 31, 2013
($ thousands)
  2012–13 2011–12 $ Change
Total net liabilities 88,911 86,918 1,993
Total net financial assets 85,178 80,346 4,832
Departmental net debt 3,733 6,572 (2,839)
Total non-financial assets 783 1,199 (416)
Departmental net financial position (2,950) (5,373) 2,423

Financial Highlights Graphs

Net Financial Assets ($85.2 M): 99.8% Due from Consolidated Revenue Fund; 0.2% Accounts receivable and advances

Net Financial Assets equaled $85.2 million at the end of 2012–13, an increase of $4.8 million (six percent) over the previous year’s total assets of $80.3 million. This increase is related to the amounts due from the Consolidated Revenue Fund, which will be available to draw upon to pay for the increased accounts payable in 2012–13. The increase in accounts payable was primarily due to the implementation of the CIIF, which was approved in Budget 2012.

Liabilities ($88.9 M): 95.7% Accounts payable and accrued liabilities; 1.8% Vacation pay and compensatory leave; 2.5% Employee future benefits

Total Liabilities were $88.9 million at the end of 2012–13, an increase of $2.0 million (two percent) over the previous year’s total liabilities of $86.9 million. This net increase is a result of an increase in accounts payable for the implementation of the CIIF. This increase was offset by a reduction in employee future benefits.

Financial Statements

The complete WD financial statements can be found on WD's Web site.41

Supplementary Information Tables

All electronic supplementary information tables listed in the 2012–13 Departmental Performance Report can be found on WD’s Web site.42

Tax Expenditures and Evaluations Report

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 publishes cost estimates and projections for these measures annually in the Tax Expenditures and Evaluations43 publication. The tax measures presented in the Tax Expenditures and Evaluations publication are the sole responsibility of the Minister of Finance.