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Table 5 - Revolving Fund (Online Table)
CORCAN Revolving Fund ($ million)
Statement of Operations
| ($ millions) | Actual 2005-2006 |
Actual 2006-2007 |
2007-2008 | |||
|---|---|---|---|---|---|---|
| Main Estimates |
Planned Spending |
Authorized | Actual* | |||
| Revenue | 69.9 | 82.9 | 77.5 | 77.5 | 77.5 | 94.3 |
| Expenses | ||||||
| Salaries & employee benefits | 34.2 | 34.1 | 31.8 | 31.8 | 31.8 | 36.6 |
| Depreciation | 1.3 | 1.5 | 1.5 | 1.5 | 1.5 | 1.7 |
| Repairs & maintenance | 1.3 | 2.6 | 1.2 | 1.2 | 1.2 | 2.3 |
| Admin & support services | 8.9 | 9.5 | 8.1 | 8.1 | 8.1 | 9.3 |
| Utilities | 25.1 | 33.1 | 34.9 | 34.9 | 34.9 | 41.1 |
| 70.8 | 80.8 | 77.5 | 77.5 | 77.5 | 91.0 | |
| Net Results | (0.9) | 2.1 | 0.0 | 0.0 | 0.0 | 3.3 |
Since the table on the previous page refers to the Revolving Fund's operating surplus or deficit and not to cash requirements, the Fund has been calculated through accrual accounting. Therefore, the cash expenditures in the estimates do not affect the operating balance, and other items that must be considered when calculating the surplus or deficit do not require a direct cash outlay. The two can be reconciled as follows:
Statement of Cash Flows
($ millions) |
Actual 2005-2006 |
Actual 2006-2007 |
2007-2008 | |||
|---|---|---|---|---|---|---|
| Main Estimates | Planned Spending | Authorized | Actual | |||
| Net Results | (0.9) | 2.1 | 0.0 | 0.0 | 0.0 | 3.3 |
| Adjustment for non-cash items: | ||||||
| Provision for Employee Termination Benefits | 0.6 | 0.7 | 1.7 | 1.7 | 1.7 | 0.7 |
| Amortization of fixed assets | 1.3 | 1.5 | 1.7 | 1.7 | 1.7 | 1.7 |
| Other | 0.1 | 0.0 | 0.8 | 0.8 | 0.8 | 0.3 |
| Change in non-cash working capital | ||||||
| Accounts receivable | 1.0 | 0.5 | 0.3 | 0.3 | 0.3 | 0.5 |
| Inventory | (2.4) | 0.6 | (1.0) | (1.0) | (1.0) | (0.5) |
| Payment on changes in provision for Employee Termination Benefits | (0.4) | (0.4) | (0.3) | (0.3) | (0.3) | (0.6) |
| Accounts payable | 3.4 | 0.5 | (0.2) | (0.2) | (0.2) | 2.3 |
| Vacation pay and salary accrual | (2.1) | 0.1 | 0.0 | 0.0 | 0.0 | 0.5 |
| Deferred revenue | 0.0 | 0.5 | 0.0 | 0.0 | 0.0 | (0.4) |
| Other | (0.2) | 0.1 | 0.0 | 0.0 | 0.0 | 0.2 |
| Investing activities: | ||||||
| Net capital Assets Purchased | (2.2) | (3.4) | (3.0) | (3.0) | (3.0) | (3.5) |
| Increase (decrease) in accumulated net charge against the Fund’s authority (ANCAFA) | (1.8) | 2.8 | 0.0 | 0.0 | 0.0 | 4.5 |
Projected Use of Authority
| ($ millions) | Actual 2005-2006 |
Actual 2006-2007 |
2007-2008 | |||
|---|---|---|---|---|---|---|
| Main Estimates |
Planned Spending |
Authorized | Actual | |||
| Restated | ||||||
| Authority | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Drawndown: | ||||||
| ANCAFA balance as of April 1 | 13.3 | 11.5 | 10.5 | 10.5 | 10.5 | 14.3 |
| Increase (decrease) in ANCAFA | (1.8) | 2.8 | 0.0 | 0.0 | 0.0 | 4.5 |
| ANCAFA balance as of March 31 | 11.5 | 14.3 | 10.5 | 10.5 | 10.5 | 18.8 |
| Net PAYE/RAYE adjustment to authority | (4.4) | (6.4) | 0.0 | 0.0 | 0.0 | (5.7) |
| 7.1 | 7.9 | 10.5 | 10.5 | 10.5 | 13.1 | |
| Unused authorities carried forward as originally reported | 12.1 | 12.9 | 15.5 | 15.5 | 15.5 | 18.1 |
| *Restatement of prior year figures | 0 | 0.7 | 0 | 0 | 0 | 0 |
| Unused authorities carried forward as restated | 12.1 | 13.6 | 15.5 | 15.5 | 15.5 | 18.1 |
