Western Economic Diversification Canada
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Financial statements and financial statements highlights

Financial statements

The complete WD financial statements [unaudited] for the year ended March 31, 2017 are available on the departmental website.

 

Financial statements highlights

The financial highlights presented within this Departmental Results 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 (the link to complete financial statements is above).

Condensed Statement of Operations (unaudited) for the year ended
March 31, 2017 (dollars)

Financial Information 2016-17
Planned
Results
2016-17
Actual
2015-16
Actual
Difference  (2016-17 actual minus 2016-17 planned) Difference (2016-17 actual minus 2015-16 actual)
Total expenses 163,137,857 165,735,769 136,890,171 2,597,912 28,845,598
Total revenues 1,244 2,240 3,244 996 (1,004)
Net cost of operations before government funding and transfers 163,136,613 165,733,529 136,886,927 2,596,916 28,846,602

Total expenses

Total expenses were $165.7 million in 2016-17, a net increase of $28.8 million (21 percent) over 2015-16. This year-over-year net increase is attributed to an increase of $35.4 million for projects funded under the Canada 150 Community Infrastructure Program, a decrease of $3.3 million in other transfer payment spending and a decrease of $3.3 million in personnel and other operating costs.

Condensed Statement of Financial Position (unaudited) as at March 31, 2017 (dollars)

Financial Information 2016-17 2015-16 Difference
(2016-17 minus 2015-16)
Total net liabilities 63,847,740 56,291,696 7,556,044
Total net financial assets 61,389,994 53,412,053 7,977,941
Departmental net debt (2,457,746) (2,879,643) 421,897
Total non-financial assets 76,786 90,885 (14,099)
Departmental net financial position (2,380,960) (2,788,758) 407,798

Total net liabilities

Total net liabilities were $63.8 million at the end of 2016-17, a net increase of $7.5 million (13 percent) over 2015-16. This year-over-year net increase is attributed two-fold: (i) the establishment of accounts payable balances for the Canada 150 Community Infrastructure Program and the Western Innovation Initiative, and (ii) reductions in accounts payable balances not required due to the completion of projects funded under the Western Diversification Program, and projects no longer administered on behalf of Infrastructure Canada.

Total net financial assets

Total net financial assets were $61.4 million at the end of 2016-17, an increase of $8 million (15 percent) over 2015-16. This year-over-year increase in these assets primarily consists of the "Due from Consolidated Revenue Fund" ($61 million), which is used to discharge WD's liabilities. Given WD's liabilities were higher than the previous fiscal year, the "Due from Consolidated Revenue Fund" also increased.