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Section III: Supplementary Information

3.1 Financial Highlights

The financial highlights presented within this Departmental Performance Report are intended to serve as a general overview of ACOA’s financial position and operations.  Financial statements are prepared in accordance with accrual accounting principles. The unaudited supplementary information presented in the financial tables in this report was prepared on a modified cash basis of accounting in order to be consistent with appropriations-based reporting. The Agency’s financial statements can be found on ACOA’s website at: http://www.acoa-apeca.gc.ca/e/library/reports/dpr2008/index.shtml. 

Financial Highlights
($ thousands)	2008	2007	% Change
At End of Year:
Condensed Statement of Financial Position
ASSETS
Total Assets	232,491	246,762	(5.8%)
TOTAL	232, 491	246,762	(5.8%)
LIABILITIES
Total Liabilities	112,921	91,939	22.8%
EQUITY
Total Equity	119,570	154,823	(22.8%)
TOTAL	232,491	246,762	(5.8%)
For the Year:
Condensed Statement of Operations
EXPENSES
Total Expenses	347,690	363,686	(4.4%)
REVENUES
Total Revenues	14,588	14,669	(0.6%)
NET COST OF OPERATIONS	333,102	349,017	(4.6%)

 

Total assets at the end of 2007-2008 were $232.5 million, a decrease of $14.3 million (5.8%) over the previous year’s total assets of $246.8 million. Loans represented 91.2% of total assets, at $211.9 million. Accounts receivable represented $2.7 million or 1.2%, while tangible assets represented less than 1% of total assets.

 

 

 

 

 

Total liabilities at the end of 2007-2008 were $112.9 million, an increase of $21.0 million (22.8%) over the previous year’s total liabilities of $91.9 million. Accounts payable represent the largest portion of liabilities, at $99.1 million or 87.8% of total liabilities.

 

 

 

 

The Agency’s total revenues for 2007-2008 amounted to $14.6 million. There was a slight decrease of $0.08 million (0.6%) from the previous year’s revenue. Almost all of ACOA’s revenue was derived from repayable contributions from program activity undertaken to support the Program Activity, “Fostering the development of institutions and enterprises, with emphasis on those of small and medium size.” All the other levels of revenue were marginal for 2007‑2008.

Total expenses for ACOA were $348 million in 2007‑2008. The majority of funds, $185.8 million or 53.4%, was spent in “Fostering the development of institutions and enterprises, with emphasis on those of small and medium size”; while “Fostering the economic development of Atlantic communities” represented $108.4 million or 31.2% of total expenses.

3.2 Tables

All electronic tables under section 3.2 of ACOA’s 2007-2008 Performance Report can be found on the Treasury Board of Canada Secretariat’s website at: http://www.tbs-sct.gc.ca/dpr-rmr/st-ts-eng.asp.

Table: Comparison of Planned to Actual Spending (including FTEs)

Program Activity	2005–2006 ($ millions)	2006–2007 ($ millions)	2007–2008 ($ millions)
	Actual	Actual	Main Estimates	Planned Spending	Total Authorities	Actuals
Fostering the development of institutions and enterprises with emphasis on those of small and medium size	262.3(1)	227.5(1)	205.8	208.6	216.3	213.6
Fostering the economic development of Atlantic communities	111.2	111.4	100.8	100.9	106.3	104.8
Special Adjustment Measures	1.9	13.1	40.5	40.5	29.8	29.6
Infrastructure Programming	30.9	21.9	5.1	5.1	11.7	11.7
Policy	5.8	5.9	7.7	7.7	6.2	6.4
Advocacy	3.1	3.3	4.1	4.1	4.3	3.4
Coordination	3.5	2.2	2.3	2.3	2.3	2.1
Total	418.7	385.3	366.3	369.2	376.9	371.6
Less:  Non‑respendable revenue	(67.3)	(65.5)	(57.0)	(57.0)	(61.5)	(61.5)
Plus:  Cost of services received without charge	7.6	7.7	6.6	6.6	6.4	6.4
Total Agency spending	359.0	327.5	315.9	318.8	317.8	312.5
Full‑Time Equivalents (FTEs)	678	700	757	757	726	726

(1)       Expenditures under the former activity Access to Business Information are now included under Fostering the development of institutions and enterprises with emphasis on those of small and medium size

Table: Sustainable Development Strategy

Table: Sources of Non-respendable Revenue

Table: Details on Transfer Payment Programs

Information templates have been completed regarding each transfer payment program where total transfer payments will exceed $5 million in 2008-2009.

1.     Atlantic Innovation Fund

2.     Business Development Program

3.     Community Futures Program

4.     Innovative Communities Fund

5.     Infrastructure Canada Program

6.     Saint John Shipyard Adjustment Initiative

Table: Horizontal Initiatives

Horizontal initiatives for which ACOA acts as the lead partner:

1.     Atlantic Canada Tourism Partnership (ACTP)

2.     International Business Development Program (IBDP)

3.     Team Canada Atlantic (TCA)

Table: Response to Parliamentary Committees and External Audits

Table: Internal Audits

Table: Evaluations

3.3 Other Items of Interest

Organizational Structure and Responsibilities

The following information is available on ACOA’s website at http://www.acoa-apeca.gc.ca/e/library/reports/dpr2008/index.shtml.

 

ACOA’s Program Activity Architecture sub-activities for Strategic Outcome 1: Competitive and sustainable Atlantic Enterprises, with emphasis on those of small and medium size.

Program sub-activities

1.     Innovation

2.     Entrepreneurship and Business Skills Development

3.     Trade

4.     Investment

5.     Financing continuum

6.     Access to business information (Canada Business)

 

Tourism Sector

BDP Repayable Contribution Portfolio

Atlantic Canada’s 2007-2008 Economic Overview and Provincial Economic Profiles

Management Results

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