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Table 4: Revolving Funds


Statement of Operations
($ thousands) Actual 2005-2006 Actual 2006-2007 2007-2008
Main Estimates Planned Spending Authorized Actual
Revenue
Appropriation            
Parliamentary 5 293 5 202       5 007
Respendable 22 012 30 508       37 325
Total Revenues 27 305 35 710 34 732 34 732 42 971 42 332
Respendable Revenue
Service Fees 36 674 40 940       40 119
Contract Revenue 1 704 1 273       1 248
License Fees 392 503       438
Total Respendable Revenue 38 770 42 716 41 265 41 265 41 265 41 805
Total Revenues 66 076 78 426 75 997 75 997 84 236 84 137
Expenses
Operating:
Salaries and employee benefits 55 310 53 832 56 012 56 012 56 759 59 585
Rent 3 731 3 738 4 800 4 800 7 212 3 805
Travel 2 793 2 804 5 175 5 175 7 774 3 218
Travel and Supplies 2 398 2 748 3 192 3 192 4 796 3 210
Depreciation 2 174 1 974 1 701 1 701 1 701 1 905
Professional and Special Services 1 815 1 258 1 573 1 573 2 363 1 467
Communications 878 833 173 173 260 824
Other 1 044 17       524
Total expenses 70 143 67 204 72 626 72 626 80 865 74 538
Surplus (Deficit) (4 068) 11 222 3 371 3 371 3 371 9 599

This table reflects and allocates the costs associated with the total revenues generated.

The difference of $8 239 K between planned spending and total authorities is $7 300 K approved in the 2007 Budget, $154 K supported for Internal Audit, $60 K 2006 2007 Operational Budget Carry Forward, $485 K from Treasury Board for severance pay, and $240 K for collective agreements.

Actual appropriation differs from the revolving fund financial statements by $639 K. The CGC received a recovery of severance pay from the Treasury Board and recorded it as a reduction of expenses versus recording it as appropriation revenue. The CGC lapsed funding received in support of Internal Audit due to a delay in hiring.

Statement of Cash Flows
($ thousands) Actual 2005-06 Actual 2006-07 2007-2008
Main Estimates Planned Spending  Authorized Actual
Surplus (Deficit) (4 068) 11 222 3 371 3 371 3 371 9 599
Add non-cash items:
Depreciation/amortization 2 174 1 974 1 701 1 701 1 701 1 905
Provisions for employee termination benefits 842 1 086 - - - 3 229*
Gain on disposal of property and equipment (3) (13) - - - (23)
Change in working capital (1 047) (1 260) - - - 3 074
Investing activities:
Acquisition of depreciable assets (1 767) (1 600) (4 945) (4 945) (4 945) (3 454)
Cash Surplus (requirement) (3 869) 11 409 127 127 127 14 330

This table converts the financial statement information from book value to a cash basis.

* During the year, the CGC revised its assumptions with respect to expected employee service life and Revolving Fund status resulting in an adjustment to increase the employee severance liability by $2,049,000. This amount was recorded as an expense in the current year.

Projected Use of Authority
($ thousands) Actual 2005-06 Actual 2006-07 2007-2008
Main Estimates Planned Spending  Authorized  Actual
Authority 2 381 2 381 2 508 2 508 2 508 2 508
Drawdown:
Balance as at April 1 12 165 8 296 127 127 127 19 705
Operating (deficit)/surplus (12 165) (8 296) - - - (19 705)
 
Projected surplus (drawdown) (3 869) 11 409 127 127 127 14 330
Projected Balance at March 31 (1 488) 13 790 2 762 2 762 2 762 16 838

This table represents the projected balance which is made up of the accumulated net charge (April 1), ANCAFA (cash account), and the CGC’s Revolving Fund authority.