This page has been archived.
Information identified as archived on the Web is for reference, research or recordkeeping purposes. It has not been altered or updated after the date of archiving. Web pages that are archived on the Web are not subject to the Government of Canada Web Standards. As per the Communications Policy of the Government of Canada, you can request alternate formats on the "Contact Us" page.
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) |
|
|
% 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.
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.
Program Activity |
2005–2006 |
2006–2007 |
2007–2008 |
|||
---|---|---|---|---|---|---|
Actual |
Actual |
Main |
Planned |
Total |
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
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
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)
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
6. Access to business information (Canada Business)
[3] The State of Small Business and Entrepreneurship, Atlantic Canada 2005, Atlantic Canada Opportunities Agency (2005). In the 1990s, 70% of the jobs created by new firms in Atlantic Canada were attributed to small businesses.
[4] Small Business and Special Surveys Division, Statistics Canada (November 2007).
[5] Real GDP is the inflation-adjusted value added of products and services produced in a given year in an economy.
[6] A detailed discussion on payroll growth and the factors that could explain the performance of ACOA clients relative to comparable firms is presented on pp.17-18.
[7]Canada Business Network Client Satisfaction Survey 2007. POR Number 256-07. Total of 719 clients surveyed using a mix of phone and Internet. Results accurate within +/- 3.6%, 19 times out of 20.
[8] Ibid.
[9] Small Business and Special Surveys Division, Statistics Canada (November 2007).
[10] Ibid.
[11] Atlantic Canada Opportunities Agency, 2008-2009 Estimates Part III – Report on Plans and Priorities.
[12]Results from CBDC/Seed Capital Atlantic reports.
[13] ACOA’s 2007-2008 Report on Plans and Priorities reported a target for leveraged funds of $368.5 million; however, it included dollars leveraged from infrastructure projects of $291.2 million, which should have been reported under Program Activity 2.2.3. Other leveraged funds were also incorrectly reported, thus resulting in a revised target of $103.2 million for fiscal year 2007-2008. The revised amount includes dollars leveraged under the Innovative Community Fund (ICF) program, the Community Futures (CF) program and under the CBDC Seed Capital program.
[14] ACOA Awareness and Perception Study, POR-257-07. Total of 400 businesses were surveyed in 2008 by phone. Results accurate within +/- 4.9%, 19 times out of 20.
[15] ACOA’s 2007-2008 Report on Plans and Priorities reported a target of $308.8 million, which represented the total costs of all projects (municipal, provincial and federal investments); however, the target should have reported only the portion of all federal programs, such as the Municipal-Rural Infrastructure Fund, the Canada Strategic Infrastructure Fund and the Building Canada Fund. The adjusted target for fiscal year 2007-2008 should be $58.4 million.
[16] Higher Education and Regions: Globally Competitive, Locally Engaged ; OECD, 2007.