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Future-Oriented Statement of Operations (Unaudited) For the Year Ending March 31

(in dollars)

Future-oriented Statement of Financial Position (Unaudited) As at March 31
  Forecast
Results
2016-17
Planned
Results
2017-18
The accompanying notes form an integral part of the future-oriented statement of operations.
Expenses
Business Development and Innovation $ 70,745,939 $ 77,754,252
Community Economic Growth 84,299,322 80,512,672
Policy, Advocacy and Coordination 8,594,521 9,763,273
Internal Services 14,494,747 13,760,637
Expenses incurred on behalf of Government (3,290,058) (912,085)
Total expenses 174,844,471 180,878,749
 
Revenues
Amortization of discount 64,597 58,265
Interest 44,917 54,431
Other 2,146 2,326
Revenues earned on behalf of Government (109,587) (112,753)
Total revenues 2,073 2,269
 
Net cost of operations before government funding and transfers $ 174,842,398 $ 180,876,480

 


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Notes to the Future-Oriented Statement of Operations (Unaudited)
For the year ending March 31

1. Methodology and significant assumptions

The Future-Oriented Statement of Operations has been prepared on the basis of government priorities and departmental plans as described in the Departmental Plan.

The information in the forecast results for fiscal year 2016–17 is based on actual results as at November 30, 2016 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for fiscal year 2017–18.

The main assumptions underlying the forecasts are as follows:

These assumptions are made as at November 30, 2016.

2. Variations and changes to the forecast financial information

Although every attempt has been made to forecast final results for the remainder of 2016–17 and for 2017–18, actual results achieved for both years are likely to differ from the forecast information presented, and this variation could be material.

In preparing this Future-Oriented Statement of Operations, Western Economic Diversification Canada (WD) has made estimates and assumptions about the future. These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are based on past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and are continually evaluated.

Factors that could lead to material differences between the Future-Oriented Statement of Operations and the historical statement of operations include:

After the Departmental Plan is tabled in Parliament, WD will not be updating the forecasts for any changes in financial resources made in ensuing supplementary estimates. Variances will be explained in the Departmental Results Report.

3. Summary of significant accounting policies

The Future-Oriented Statement of Operations has been prepared using the Government of Canada’s accounting policies in effect for fiscal year 2016–17, and is based on Canadian public sector accounting standards. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian public sector accounting standards.

Significant accounting policies are as follows:

4. Parliamentary authorities

WD is financed by the Government of Canada through parliamentary authorities.  Financial reporting of authorities provided to WD differs from financial reporting according to generally accepted accounting principles because authorities are based mainly on cash flow requirements. Items recognized in the Future-Oriented Statement of Operations in one year may be funded through parliamentary authorities in prior, current or future years. Accordingly, WD has different net cost of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables:

a) Reconciliation of net cost of operations to requested authorities:

  Forecast Results
2016-17
Planned Results
2017-18
(in dollars)
Net cost of operations before government funding and transfers $ 174,842,398 $ 180,876,480
 
Adjustments for items affecting net cost of operations
but not affecting authorities:
Amortization of tangible capital assets (37,768) (19,671)
Gain (loss) on disposal of tangible capital assets 2,073 2,269
Services provided without charge by other government departments (5,221,350) (5,285,981)
Decrease in vacation pay and compensatory leave 79,356 24,692
Decrease (increase) in employee future benefits 132,437 (197,746)
Decrease in accrued liabilities not charged to authorities 789,845 806,234
Refund of previous years' expenditures 69,587 456,369
Total items affecting net cost of operations but not affecting authorities (4,185,820) (4,213,834)
 
Adjustments for items not affecting net cost of operations
but affecting authorities:
Unconditionally repayable transfer payments 33,462,504 22,956,413
Total items not affecting net cost of operations but affecting authorities 33,462,504 22,956,413
 
Forecast current year lapse 251,000 0
 
Requested authorities $ 204,370,082 $ 199,619,059

b) Authorities requested

  Forecast Results
2016-17
Planned Results
2017-18
(in dollars)
Authorities requested
Vote 1 - Operating expenditures $ 36,722,090 $ 34,394,598
Vote 5 - Transfer payments 163,559,924 161,523,000
Statutory amounts 4,088,068 3,701,461
Requested authorities $ 204,370,082 $ 199,619,059

 

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