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ANNEX I: FINANCIAL STATEMENTS

 

Western Economic Diversification Canada
Statement of Management Responsibility

Responsibility for the integrity and objectivity of the accompanying financial statements for the year ended March 31,2008, and all information contained in this report rests with Western Economic Diversification Canada (WD) management. These financial statements have been prepared by management in accordance with accounting standards issued by the Treasury Board of Canada Secretariat which are consistent with Canadian generally accepted accounting principles for the public sector.

Management is responsible for the integrity and objectivity of the information in these financial statements. Some of the information in the financial statements is based on management's best estimates and judgement and gives due consideration to materiality. To fulfil its accounting and reporting responsibilities, management maintains a set of accounts that provide a centralized record of the Department's financial transactions. Financial information submitted to the Public Accounts of Canada and included in the WD's Departmental Performance Report is consistent with these financial statements.

Management maintains a system of financial management and internal control designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are in accordance with the Financial Administration Act are executed in accordance with prescribed regulations, within Parliamentary authorities, and are properly recorded to maintain accountability of Government funds. Management also seeks to ensure the objectivity and integrity of data in its financial statements by careful selection, training and development of qualified staff, by organizational arrangements that provide appropriate divisions of responsibility, and by communication programs aimed at ensuring that regulations, policies, standards and managerial authorities are understood throughout the Department.

Management is supported by the Departmental Audit and Evaluation Committee. This Committee approves the departmental audit and evaluation plan and oversees the internal audit and evaluation activities in the Department. It also reviews the results of audits and evaluations as well as management responses and action plans developed to address audit or evaluation recommendations.

The financial statements of Western Economic Diversification Canada have not been audited.

 ____________________________   _____________________________ 
Oryssia J. Lennie Cathy Matthews
Deputy Minister Interim Senior Financial Officer Edmonton, Alberta Canada

____________________________ _____________________________
Date Date

Western Economic Diversification Canada


Statement of Operations (unaudited)
For the Year Ended March 31, 2008
(in thousands of dollars)
  2008 2007
Transfer Payments (note 4)    
Policy, Advocacy and Coordination 934 545
Community Economic Development 91,871 177,179
Entrepreneurship and Innovation 100,842 115,041
Total Transfer Payments 193,647 292,765
     
Operating Expenses (note 4)    
Policy, Advocacy and Coordination 13,981 11,523
Community Economic Development 18,374 15,143
Entrepreneurship and Innovation 29,510 24,320
Total Operating Expenses 61,865 50,986
Total Expenses 255,512 343,751
     
Revenues (note 5)    
Policy, Advocacy and Coordination - -
Community Economic Development 281 725
Entrepreneurship and Innovation 10,340 4,047
Total Revenues 10,621 4,772
     
Net Cost of Operations 244,891 338,979

 


Statement of Financial Position (unaudited)
For the Year Ended March 31, 2008
(in thousands of dollars)
  2008 2007
Assets    
Financial Assets    
Receivables    
-Other Government Departments 274 706
-External Parties (note 6) 2,632 2,281
Repayable Contributions (note 7) 8,227 9,755
Total Financial Assets 11,133 12,742
 
Non Financial Assets    
Prepayments (note 8) 10,929 10,959
Prepaid Expenses 110 -
Tangible Capital Assets (note 9) 1,842 1,170
Total Non-Financial Assets 12,881 12,129
 
Total Assets 24,014 24,871
 
Liabilities    
Accounts Payable and Accrued Liabilities    
-Other Government Departments 886 1,064
-External Parties (note 10) 134,539 99,334
Vacation pay and compensatory leave 1,628 1,589
Employee severance benefits (note 11) 6,489 6,594
Total Liabilities 143,542 108,581
 
Equity of Canada (119,528) (83,710)
 
Total Liabilities and Equity of Canada 24,014 24,871
 
Contractual Obligations (Note 12)    
Contingent Liabilities (note 14)    

 


Western Economic Diversification Canada
Statement of Equity of Canada
(unaudited)
At March 31, 2008
(in thousands of dollars)
  2008 2007
     
     
Equity of Canada, beginning of year (83,710) (49,680)
Net cost of operations (244,891) (338,979)
Current year appropriations used (note 3) 247,160 339,009
Revenue not available for respending (11,010) (5,255)
Change in net position in the Consolidated Revenue Fund (note 3-c)  (31,663) (33,504)
Services provided without charge by other government departments (note 13-a) 4,586 4,699
     
Equity of Canada (119,528) (83,710)

 


Western Economic Diversification Canada
Statement of Cash Flow
(unaudited)
For the Year Ended March 31, 2008
(in thousands of dollars)
  2008 2007
Operating transactions    
Net cost of operations 244,891 338,979
Non-Cash Items:    
Amortization of tangible capital assets (337) (142)
Gain (Loss) on disposal of tangible capital assets 11 (13)
Services provided without charge by other government departments (note 13 (a)) (4,586) (4,699)
 
Variations in Statement of Financial Position:    
Increase (decrease) in receivables (81) (401)
Increase (decrease) in repayable contributions (1,528) (1,413)
Increase (decrease) in prepayments (30) (286)
Increase (decrease) in prepaid expenses 110 -
Decrease (increase) in accounts payable and accrued liabilities (35,027) (31,853)
Decrease (increase) in vacation pay and employee severance benefits 66 (772)
Cash used by operating activities 203,489 299,400
 
Capital investment activities     
Acquisitions of tangible capital assets (Note 9) 1,013 850
Proceeds from disposal of tangible capital assets (15) -
Cash used by capital investment activities 998 850
 
Financing Activities    
Net Cash Provided by Government of Canada (204,487) (300,250)

 


Western Economic Diversification Canada

Notes to the Financial Statements (Unaudited)

For the Year Ended March 31,2008

1. Authority and Objectives

Western Economic Diversification Canada (WD), a department of the Government of Canada operates under the authority of the Western Economic Diversification Act of 1988 that works to strengthen Western Canada's economy and advance its interests in national economic policy.

Through the Act, WD is mandated to:

  • promote the development and diversification of the western Canadian economy;
  • coordinate federal economic activities in the West; and
  • reflect western Canadian interests in the formation of national economic policy.

Working in partnership with provincial and municipal governments, as well as other organizations, WD's programs and initiatives contribute to the Government of Canada's agenda for building a 21st Century economy in the West.

WD's headquarters and Deputy Minister are located in Edmonton, Alberta. In close cooperation with western stakeholders, WD's objective is to more effectively guide federal government policies, regulations and resources so that they become more constructive instruments of western economic growth and diversification. WD's efforts are concentrated in three distinct but interrelated areas leading to the following strategic outcomes:

  • policies and programs that support the development of Western Canada (Policy, Advocacy & Coordination);
  • economically viable communities in Western Canada with a high quality of life (Community Economic Development); and
  • a competitive and expanded business sector in Western Canada and a strengthened western Canadian innovation system (Entrepreneurship and Innovation).

As part of WD's mandate to co-ordinate federal economic activities in the West, WD implements some programs on behalf of other federal departments and agencies. These programs are implemented under Memoranda of Understanding where the other federal department provides the authorities and funding from Parliament. Related costs are reported in the accounts of other federal departments, they are not reflected as expenses in these Financial Statements.

2. Summary of Significant Accounting Policies

The financial statements have been prepared in accordance with accounting standards issued by the Treasury Board of Canada Secretariat which are consistent with Canadian generally accepted accounting principles for the public sector.

Significant accounting policies are as follows:

  1. Parliamentary appropriations - WD is financed by the Government of Canada through Parliamentary appropriations. Appropriations provided to WD do not parallel financial reporting according to Canadian generally accepted accounting principles since appropriations are primarily based on cash flow requirements. Consequently, items recognized in the Statement of Operations and the Statement of Financial Position are not necessarily the same as those provided through appropriations from Parliament. Note 3 provides a high-level reconciliation between the two bases of reporting.
  2. Net Cash Provided by Government - WD operates within the Consolidated Revenue Fund (CRF). The Receiver General for Canada administers the CRF. All cash received by WD is deposited to the CRF and all cash disbursements made by WD are paid from the CRF. Net cash provided by Government is the difference between all cash receipts and all cash disbursements including transactions between departments of the federal government.
  3. Change in net position in the CRF is the difference between the net cash provided by government and appropriations used in a year, excluding the amount of non-respendable revenues recorded by WD. It results from timing differences between when a transaction affects appropriations and when it is processed through the CRF.
  4. Revenues
    1. Revenues from regulatory fees are recognized in the accounts based on the services provided in the year.
    2. Other revenues are accounted for in the period in which the underlying transaction or event occurred that gave rise to the revenues.
      • Sources of revenues include:
        1. Interest charges on repayment of contributions.
  5. Expenses are recorded on the accrual basis:
    1. Transfer Payments:
      • Grants are recognized in the year in which the conditions for payment are met.
      • Contributions are recognized in the year in which the recipient has met the eligibility criteria or fulfilled the terms of a contractual transfer agreement.
    2. Vacation pay and compensatory leave are expensed as the benefits accrue to employees under their respective terms of employment.
    3. Services provided without charge by other government departments for accommodation, the employer's contribution to the health and dental insurance plans, workers' compensation and legal services are recorded as operating expenses at their estimated cost.
  6. Employee future benefits

    1. Pension benefits: Eligible employees participate in the Public Service Pension Plan (The Public Service Superannuation Act), a multi-employer plan administered by the Government of Canada. WD's contributions to the plan are charged to expenses in the year incurred and represent the total departmental obligations to the plan. Current legislation does not require WD to make contributions for any actuarial deficiencies of the plan.
    2. Severance benefits: Employees are entitled to severance benefits under labour contracts or conditions of employment. These benefits are accrued as employees render the services necessary to earn them. The obligation relating to the benefits earned by employees is calculated using information derived from the results of the actuarially determined liability for employee severance benefits for the government as a whole.
  7. Accounts receivables and advances. These are stated at amounts expected to be ultimately realized; a provision is made for receivable where recovery is considered uncertain.
  8. Loss Support Contributions and Investment Program - are agreements with financial institutions whereby the financial institutions authorize and issue loans using their own capital, and WD contributes to a loss support contribution, equal to between 10 and 20% of the value of the loans issued. These reserves may be used to offset a portion (up to 80%) of net losses on defaulted loans, but may not exceed WD's total contribution.
  9. Transfer Payments are payments that are made on the basis of an appropriation for which no goods or services are directly received (but may require the recipient to provide a report or other information subsequent to receiving payments). WD administers two types of transfer payments:

    • Grants: transfer payments made to an individual or organization that is not subject to being accounted for or audited, but for which eligibility and entitlement may be verified or the recipient may need to meet pre-conditions.
    • Contributions: conditional transfer payments made to an individual or organization for a specified purpose pursuant to a contribution agreement that is subject to being accounted for and audited.

      Within the Contributions category, WD is authorized to make both non-repayable and repayable contributions. Repayable contributions are contributions whereby the recipient is expected to repay the amount advanced. Depending on their nature, they are classified as either unconditionally repayable or conditionally repayable and are accounted for differently. Normally, these contributions are provided at no interest.

      1. Unconditionally repayable contributions are contributions that must be repaid without qualification. Due to their concessionary nature, they are recorded on the Statement of Financial Position as loans at their estimated present value. A portion of the unamortized discount is brought into income each year to reflect the change in the present value of the contributions outstanding. Appropriate allowances for uncollectible amounts are also established based on an individual appraisal of accounts. Interest revenue on outstanding receivables is recognized in the year that they are earned.
      2. Conditionally repayable contributions are contributions that all or part of which becomes repayable if conditions specified in the contribution agreement come into effect. Accordingly, they are not recorded on the Statement of Financial Position until such time as the conditions specified in the agreement are satisfied at which time they are then recorded as a receivable and a reduction in transfer payment expenses. Appropriate allowances for uncollectible amounts are also established based on an individual appraisal of accounts.

        Prior to 1995 repayable contributions were regularly used to assist in the delivery of WD's mandate. Since 1995 they have only been used in limited circumstances. However, these repayable contributions will continue to be recorded on the financial statement and will continue to be until they are repaid or all reasonable attempts to collect have been taken and the accounts written-off.
      3. Non-Repayable contributions are contributions that are not repayable unless default conditions in the agreement are exercised.
  10. Prepayments (note 8) - WD follows the Treasury Board Transfer Payment Policy, Article 7.6 Cash Management Policy: Instalments of Grants and Advance Payments of Contribution, Section 3 - advance payments are only provided or limited to the immediate cash requirement based on a monthly cash flow forecast from the recipient.
  11. Contingent liabilities (note 14) are potential liabilities, which may become actual liabilities when one or more future event(s) occurs or fails to occur. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense recorded. If the likelihood is not determinable or an amount cannot be reasonably estimated, the contingent liability is disclosed in the notes to the financial statements.
  12. Tangible capital assets (note 9) - All tangible assets and leasehold improvements having an initial cost of $10,000 or more are recorded at their acquisition cost.

    WD does not capitalize intangibles, works of art and historical treasures that have cultural, aesthetic or historical value.

    Amortization of tangible capital assets is done on a straight-line basis over the estimated useful life of the asset as follows:


    Asset class Sub-asset class Amortization period
    Machinery and equipment Computer equipment 3 years
      Computer software 3 - 7 years
      Other equipment 10 years
    Vehicles   5 years
    Leasehold improvements   Term of the lease

  13. Measurement uncertainty - The preparation of these financial statements in accordance with accounting standards issued by the Treasury Board of Canada Secretariat which are consistent with Canadian generally accepted accounting principles for the public sector requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses reported in the financial statements. At the time of preparation of these statements, management believes the estimates and assumptions to be reasonable. The most significant items where estimates are used are allowance for doubtful accounts, the liability for employee severance benefits, the useful life of tangible capital assets and unamortized discount related to unconditionally repayable contributions. Actual results could differ from those estimated. Management's estimates are reviewed periodically and, as adjustments become necessary, they are recorded in the financial statements in the year they become known.

3. Parliamentary Appropriations

WD receives most of its funding through annual Parliamentary appropriations. Items recognized in the Statement of Operations and the Statement of Financial Position in one year may be funded through Parliamentary appropriations 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 between net cost of operations and appropriations are reconciled in the following tables.

(a) Reconciliation of net cost of operations to current year appropriations used:


  2008 2007
  ( in thousands of dollars )
     
Net cost of operations 244,891 338,979
     
Adjustments for items affecting net cost of operations but not affecting appropriations:    
     
Add (Less):    
Amortization of tangible capital assets (337) (142)
Services provided without charge by other government departments - note 13(a) (4,586) (4,699)
Revenue not available for respending 11,010 5,255
Refund of prior years expenditures; 3,816 1,835
Gain (Loss) on disposal of tangible capital assets 11 (13)
Decrease (increase) in vacation and compensatory leave (39) (52)
Decrease (increase) in employee severance benefits 105 (720)
Other: (8,694) (1,998)
  1,286 (534)
     
Adjustments for items not affecting net cost of operations, but affecting appropriations:    
     
Add (less):    
(Decrease) increase in prepayments (30) (286)
Acquisitions of tangible capital assets 1,013 850
  983 564
     
Current year appropriations used 247,160 339,009

(b) Appropriations provided and used:


  2008 2007
  ( in thousands of dollars )
     
Vote 1 - Operations 50,706 49,009
Vote 5 - Transfer Payments 270,983 320,027
Statutory amounts 5,034 4,924
Total Appropriations 326,723 373,960
Less:     
Appropriations available for future years (11) -
Lapsed / Unused appropriations: - Operating Expenditures incl EBP (5,689) (7,515)
Lapsed / Unused appropriations: - Transfer Payments * (73,863) (27,436)
  (79,563) (34,951)
Total Appropriations Used 247,160 339,009
     
*WD received approval from TB to reprofile 37,301 K of unused appropriations to 08/09 & 09/10 through the 2008/09 ARLU process. Reprofiling of the remaining balance will done through Supplementary Estimates.

(c) Reconciliation of net cash provided by Government of Canada to current year appropriations used:


  2008 2007
  ( in thousands of dollars )
     
Net Cash provided by government 204,487 300,250
     
Revenue not available for respending 11,010 5,255
     
Total Change in net position    
Refund of prior years expenditures 3,816 1,835
Change in net position in the Consolidated Revenue Fund:    
(Increase) decrease in accounts receivable 81 401
(Increase) decrease in repayable contributions 1,528 1,413
(Increase) decrease in prepaid expenses (110)  
Increase (decrease) in accounts payable and accrued liabilities 35,027 31,853
Increase (decrease) in proceeds from disposal of tangible capital assets 15 -
Other adjustments: (8,694) (1,998)
Total Change in net position 31,663 33,504
     
Current year appropriations used 247,160 339,009

 

4. Expenses

The following table presents details of expenses by category:


  2008 2007
  (in thousands of dollars)
Transfer Payments    
Transfer Payments 193,647 292,765
Total Transfer Payments 193,647 292,765
     
Operating Expenses    
Salaries 29,568 29,003
Employee benefits 6,997 7,982
Transportation & Communications 3,530 3,150
Information 500 445
Professional and special services 6,933 5,578
Rentals 993 775
Repairs, utilities, materials and supplies 895 1,097
Acquisition of machinery and equipment 1,106 741
Accommodation 2,392 2,319
Bad Debts 8,294 (210)
Amortization of tangible capital assets 337 142
Other 320 (36)
Total Operating Expenses 61,865 50,986

 

5. Revenues

The following table presents details of revenues by category:


  2008 2007
  (in thousands of dollars)
     
Interest 1,311 576
Amortization of discount on repayable contributions 372 173
Revenues from Conditionally repayable contributions 8,835 902
Compensatory Repayments 89 3,114
Other 14 7
Total Revenues 10,621 4,772

 

6. Accounts Receivable - External Parties


  2008 2007
  (in thousands of dollars)
     
Accrued Interest  954 468
Receivable from the Province of British Columbia 1,491 1,851
Non-Repayable Contributions 94 1,114
Other Receivables 11,533 3,591
Employee Advances 5 5
Gross External Parties Account Receivable 14,077 7,029
Allowance for Doubtful Accounts (11,445) (4,748)
Total External Parties Receivable 2,632 2,281

 

7. Accounts Receivable - Repayable Contributions


  2008 2007
  (in thousands of dollars)
     
Unconditionally Repayable Contributions  24,120 31,477
Unamortized Discount on Unconditionally Repayable Contributions (612) (985)
Allowance for Doubtful - Repayable Contributions (15,358) (21,092)
Net Unconditionally Repayable Contributions  8,150 9,400
Accrued Interest -Unconditionally Repayable Contributions  5,885 7,024
Allowance for Doubtful Accounts - Accrued Interest Receivable (5,808) (6,669)
Total Repayable Contributions 8,227 9,755

 

8. Prepayments


  2008 2007
  (in thousands of dollars)
     
Loss Support Contributions 12,390 12,590
Allowance for Losses on Loss Support Contributions (2,371) (2,636)
Net Loss Support Contributions 10,019 9,954
Non-Repayable and Conditionally Repayable Contributions 910 1,005
Total Prepayments 10,929 10,959

 

9. Tangible Capital Assets


  Machinery & Equipment Vehicles Leasehold Improvement Total
  (in thousands of dollars)
Cost        
Opening balance 2,204 119 428 2,751
Acquisitions 699 19 34 752
Work in Progress 261 - - 261
Disposals -436 -49 0 -485
Accumulated amortization        
Opening balance -1,162 -82 -336 -1,580
Amortization -269 -7 -61 -337
Disposals 436 44 0 480
Closing balance -995 -45 -397 -1,437
2008 Net book value 1733 44 65 1,842
2007 Net book value 1,041 37 92 1,170

Amortization expense for the year ending March 31, 2008 is $336,538 ($141,656 for the year ending March 31, 2007

10. Accounts Payable and Accrued Liabilities - External Parties


  2008 2007
  (in thousands of dollars)
     
Transfer Payments * 130,667 98,083
Operating 2,944 514
Accrued Salaries and Wages 928 737
Total Accounts Payable and Accrued Liabilities-External Parties 134,539 99,334
     
* Included in Transfer Payments for 2007/08 is 43,873 K of Canadian Strategic Infrastructure Fund and Municipal Rural Infrastrucure Fund OGD projects. In previous fiscal years, these accrued liabilities were reported by Infrastructure Canada.


11. Pension and Severance Benefits

(a)Pension benefits: WD's employees participate in the Public Service Pension Plan, which is sponsored and administered by the Government of Canada. Pension benefits accrue up to a maximum period of 35 years at a rate of 2 percent per year of pensionable service, times the average of the best five consecutive years of earnings. The benefits are integrated with Canada/Qubec Pension Plans benefits and they are indexed to inflation.

Both the employees and WD contribute to the cost of the Plan. The 2007-08 expense amounts to $3,657,215 $3,624,004 in fiscal year 2006-07), which represents approximately 2.1 (2.2 - 2006-07) times the contributions by employees.

WD's responsibility with regard to the plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, as the plan's sponsor.

(b)Severance benefits: WD provides severance benefits to its employees based on eligibility, years of service and final salary. These severance benefits are not pre-funded. Benefits will be paid from future appropriations. Information about theseverance benefits, measured as at March 31, is as follows:


  2008 2007
  (in thousands of dollars)
     
Accrued benefit obligation, beginning of year 6,594 5,874
Expense for the year 419 1,405
Benefits paid during the year to March 31 (524) (685)
     
Accrued Benefit Obligations, end of year 6,489 6,594

 

12. Contractual Obligations

The nature of the WD's activities can result in some large multi-year contracts and obligations, whereby WD will be obligated to make future payments when the conditions under the agreement are met. Significant commitments that can be reasonably estimated are summarized as follows:


  2009 2010 2011 2012 2013 and thereafter Total
    (in thousands of dollars)
Transfer Payment  
Infrastructure Canada 16,632 571 - - - 17,203
Alberta & Saskatchewan Centenaries 12,105 17,700 - - - 29,805
Mountain Pine Beetle 19,530 - - - - 19,530
VIDO/InterVac- U of Sask 18,382 21,306 5,382 - - 45,070
Rick Hansen Foundation 2,133 2,135 - - - 4,268
Core Programming 114,514 72,345 20,244 5,075 1,550 213,728
             
Total Estimated Future Commitments 183,296 114,057 25,626 5,075 1,550 329,604

 

13. Related party transactions

WD is related as a result of common ownership to all Government of Canada departments, agencies and Crown corporations. WD enters into transactions with these entities in the normal course of business and on normal trade terms. Also, during the year, WD received services, which were obtained without charge from other Government departments as presented in part (a).

(a) Services provided without charge:

During the 2007-08 fiscal year, WD received without charge from other departments, accommodation services, legal fees, workers' compensation and the employer's contribution to the health and dental insurance plans. These services without charge have been recognized in WD's Statement of Operations as follows:


  2008 2007
  (in thousands of dollars)
     
Services provided without charge    
Accommodation 2,392 2,319
Employer's contribution to the health insurance plan and    
employee benefits plans 2,087 2,343
Legal Services 67 8
Worker's compensation 40 29
     
Total services provided without charge 4,586 4,699

The government has structured some of its administrative activities for efficiency and cost-effectiveness purposes so that one department performs these on behalf of all without charge. The costs of these services, which include payroll and cheque issuance services provided by Public Works and Government Services Canada, are not included as an expense in the WD's Statement of Operations.

(b) Administration of programs on behalf of other government departments.


  2008 2007
  (in thousands of dollars)
     
Urban Aboriginal Strategy (UAS) - Indian and Northern Affairs 10 9,646
Canada Strategic Infrastructure Fund - Infrastructure Canada 188,639 111,401
Municipal Rural Infrastructure Fund - Infrastructure Canada 27,989 16,197
Enhanced Representation Initiative - Foreign Affairs 205 166
TOTAL 216,843 137,410

Part of WD's mandate is to coordinate federal economic activities in the West. In this regard, WD implements programs on behalf of other federal departments and agencies. The following is a list of programs valued at greater than one million dollars in federal contributions administered by WD over the last two fiscal years. These expenses are reflected in the financial statements of the other government departments and not those of WD.

14. Contingent liabilities

Claims have been made against WD in the normal course of operations. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense recorded in the financial statement.

WD is named as a co-defendant in a suit. The outcome of this claim is not determinable at this time. The potential financial impact of this case cannot be estimated but could be significant. No accrual for this contingency has been made in the financial statements.

 


[1] Total Authorities are greater than Planned Spending as $65.5M was received through Supplementary Estimates ($16.5M grant for BC Flood Risk Structure Mitigation, $16.6M contribution re-profile for Infrastructure Canada Program, $15.2M contribution transfer for Mountain Pine Beetle initiatives, $12M contribution transfer for International Vaccine Centre's (InterVac) Biosafety Level III Containment Facility, and $5.2M for other items).

[2] Actual Spending is lower than Total Authorities, primarily due to the transfer of contractual commitments under ICP, MPB initiatives, Alberta and Saskatchewan Centenaries Initiative and InterVac.

[3] A new priority is one being introduced for the planning period; an ongoing priority is considered to have no end date; and an updated commitment is a previous priority that has been updated.

[4] Performance status on the expected result for each Departmental Priority is rated as "successfully met", "not met", or "exceeded expectations".

[5] Performance status on the expected result for each Program Activity is rated as "successfully met", "not met", or "exceeded expectations".

[6] Includes information, advisory and training services.

[7] Self-reported results.

[8] Includes loans provided by WCBSN members as well as loans provided through the LI Program.

[9] Since April 1, 2005, all G&C projects funded by WD have at least one standard performance indicator target at the sub-activity level. These figures reflect the impact of all projects reporting results through to June 25, 2008, excluding core funding of WCBSN members.

[10] This includes $49M in federal funding approved for Intervac's Biosafety Level III Containment Facility in Saskatoon, which is positioned within the Knowledge Infrastructure sub-activity. The average WD contribution per Innovation project excluding Intervac was $914K.

[11] Impacts reflect projects reporting results through to June 25, 2008.

[12] The national figure represents immigration to Canada only.

[13] Increase in FTE is primarily due to the funding recorded for the delivery of the CEDI.

[14] Impacts reflect projects reporting results through to June 25, 2008, excluding core funding of WCBSN members.

[15] Planned and Actual Spending to not include G&C resources administered by WD on behalf of INFC (MRIF,CSIF) as this amount (approx. $216.6M in actual spending) is reported by INFC.

[16] Impacts reflect projects reporting benefits from October 2000 to March 31, 2008.

[17] Private sector capital investment figure is based upon a Pricewaterhouse Coopers study completed in January 1999 and relates to the period of 1998-2004.

[18] Includes WEPA and UDA G&C expenditures.

[19] The negative variance between Authorities and Actual Spending of $361,000 is covered by the surplus variance against the Research and Analysis program activity.

[20] Total Authorities are greater than Planned Spending as $65.5M was received through Supplementary Estimates ($16.5M grant for BC Flood Risk Structure Mitigation, $16.6M contribution re-profile for Infrastructure Canada Program, $15.2M contribution transfer for Mountain Pine Beetle initiatives, $12M contribution transfer for International Vaccine Centre's (InterVac) Biosafety Level III Containment Facility, and $5.2M for other items).

[21] Actual Spending is lower than Total Authorities, primarily due to the transfer of contractual commitments under the Infrastructure Canada Program, Mountain Pine Beetle initiatives, Alberta and Saskatchewan Centenaries Initiative and InterVac’s Biosafety Level III Containment Facility in Saskatoon to future years.

[22] All outcomes reported exclude Unexpected Benefits.