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).


Condensed Statement of Operations (unaudited)
For the Year Ended March 31, 2015
Financial Information 2014–15
Planned Results
(2014–15 actual minus 2014–15 planned)
(2014–15 actual minus 2013–14 actual)
Total expenses 148,992,654 151,214,094 188,000,865 2,221,440 (36,786,771)
Total revenues 3,071 589 835 (2,482) (246)
Net cost of operations before government funding and transfers 148,989,583 151,213,505 188,000,030 2,223,922 (36,786,525)


Expenses- Where Funds Go ($151.2 million)

Total Expenses were $151.2 million in 2014–15, a decrease of $36.8 million (20 percent) over 2013–14. This year-over-year decrease is attributed to a reduction in transfer payment spending of $28.8 million, primarily due to the completion of the Community Infrastructure Improvement Fund and the Western Economic Partnership Agreements. The remaining $6.1 million is attributed to a reduction in operating expenses.


Condensed Statement of Financial Position (unaudited)
As at March 31, 2015
Financial Information 2014–15 2013–14 Difference
(2014–15 minus 2013–14)
Total net liabilities 73,163,019 64,730,222 8,432,797
Total net financial assets 69,989,517 61,867,745 8,121,772
Departmental net debt (3,173,502) (2,862,477) (311,025)
Total non-financial assets 228,463 467,452 (238,989)
Departmental net financial position (2,945,039) (2,395,025) (550,014)


Net Financtial Assets ($70.0 million)


Net Financial Assets equaled $70.0 million at the end of 2014–15, an increase of $8.1 million (13 percent) over 2013–14. This increase is related to amounts Due from Consolidated Revenue Fund, which will be available to draw upon to pay for accounts payable established in 2014–15. The increase is attributed to additional accounts payable established for the Western Diversification Program (WDP) and Western Innovation Initiative (WINN).


Liabilities ($73.2 million)


Total Liabilities were $73.2 million at the end of 2014–15, an increase of $8.4 million (13 percent) over 2013–14. This net increase is a result of the establishment of additional accounts payable for WDP and WINN.


Financial Statements

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


Supplementary Information Tables

The supplementary information tables listed in the 2014–15 Departmental Performance Report are available on the WD website.[xxxi]

  1. Departmental Sustainable Development Strategy;
  2. Details on Transfer Payment Programs of $5 Million or More;
  3. Internal Audits and Evaluations;
  4. Response to Parliamentary Committees and External Audits;
  5. Up-Front Multi-Year Funding; and
  6. User Fees Reporting.


Tax Expenditures and Evaluations

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[xxxii] publication. The tax measures presented in the Tax Expenditures and Evaluations publication are the responsibility of the Minister of Finance.