Western Economic Diversification Canada
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Section III: Supplementary Information

Financial Statements 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 (the link to complete financial statements is at the end of this section).

Western Economic Diversification Canada
Condensed Statement of Operations and Departmental Net Financial Position (unaudited)
For the Year Ended March 31, 2014
(dollars)
  2013–14
Planned
Results*
2013–14
Actual
2012–13
Actual
Difference (2013–14 actual minus 2013–14 planned) Difference (2013–14 actual minus 2012–13 actual)
Total expenses 180,172,795 188,000,865 180,085,536 7,828,070 7,915,329
Total revenues 3,032 835 4,557 (2,197) (3,722)
Net cost of operations before government funding and transfers 180,169,763 188,000,030 180,080,979 7,830,267 7,919,051
Departmental net financial position (6,246,182) (2,395,025) (2,949,824) 3,851,157 554,799

* Refer to the Financial Statements for more details.

Graphic: Expenses - Where Funds Go ($188.0 million)

Total Expenses for WD were $188.0 million in 2013–14, an increase of $7.9 million (four percent) over the 2012–13 fiscal year. This year over year increase is attributed to an increase in transfer payments, primarily the Community Infrastructure Improvement Fund (CIIF) which recorded $6.9 million more in expenses when comparing 2012-13 to 2013-14.  New funding was also provided to the Rick Hansen Foundation.

Western Economic Diversification Canada
Condensed Statement of Financial Position (unaudited)
As at March 31, 2014
(dollars)
  2013–14 2012–13 Difference
(2013–14 minus 2012–13)
Total net liabilities 64,730,222 88,910,396 (24,180,174)
Total net financial assets 61,867,745 85,178,066 (23,310,321)
Departmental net debt (2,862,477) (3,732,330) 869,853
Total non-financial assets 467,452 782,506 (315,054)
Departmental net financial position (2,395,025) (2,949,824) 554,799

Graphic: Net Financial Assets ($61.9 million)

Net Financial Assets equaled $61.9 million at the end of 2013–14, a decrease of $23.3 million (27 percent) over the previous year's total assets of $85.2 million. This decrease is related to the amounts due from the Consolidated Revenue Fund which will be available to draw upon to pay for the accounts payable in 2013–14. The decrease is attributed to the reduction in accounts payable for the CIIF and the Building Canada Fund (BCF) (managed on behalf of Infrastructure Canada).

Graphic: Liabilities ($64.7 million)

Total Liabilities were $64.7 million at the end of 2013–14, a decrease of $24.2 million (27 percent) over the previous year's total liabilities of $88.9 million. This net decrease is a result of a decrease in accounts payable for the CIIF and BCF.

Financial Statements

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

Supplementary Information Tables

The supplementary information tables listed in the 2013–14 Departmental Performance Report can be found on the WD website.[31]

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 Canada publishes cost estimates and projections for these measures annually in the Tax Expenditures and Evaluations[32] publication. The tax measures presented in the Tax Expenditures and Evaluations publication are the sole responsibility of the Minister of Finance.

 

Section IV: Organizational Contact Information

Western Economic Diversification Canada

1500 Canada Place 9700 Jasper Avenue Northwest
Edmonton, Alberta T5J 4H7
Canada

Telephone: 780-495-4164

Fax: 780-495-4557

Web: http://www.wd-deo.gc.ca/