Treasury Board of Canada Secretariat
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ARCHIVED - Treasury Board of Canada Secretariat - 2011-12 Departmental Performance Report

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Financial Highlights

The financial highlights presented in this section are drawn from the Secretariat's financial statements. These financial statements have been prepared using Government of Canada accounting policies, which are based on Canadian public sector accounting standards.

The Secretariat's assets consist mainly of accounts receivables from other government departments and agencies, whereas its liabilities are mainly for accounts payable to these government organizations, as well as for payables related to the employer's share of public service insurance. Expenses include $2.1 billion for government-wide programs such as the employer's share of the Public Service Health Care Plan, the Public Service Dental Care Plan, and other insurance and pension programs. Revenues of $12 million consist mainly of government-wide parking revenues, internal support services and recovery of pension administration costs.


Condensed Statement of Financial Position (Unaudited)
As at March 31, 2012
($ thousands)
  Change % 2011-12 2010-11
Total net liabilities -18.5% 471,316 578,466
Total net financial assets -31.2% 330,203 480,235
Departmental net debt +43.7% 141,113 98,231
Total non-financial assets -42.3% 8,826 15,300
Departmental net financial position +59.5% (132,287) (82,931)

The decrease in total liabilities of $107 million is mostly attributable to a decrease in accounts payable outstanding as at March 31 to external parties for the Public Service Health Care Plan, the Public Service Dental Care Plan, the Pensioners' Dental Services Plan and year-end adjustments for other government departments' share of employee benefit plans.

The decrease of $150 million in net financial assets is related to a decrease in receivables. Almost all of the decrease in receivables is related to year-end adjustments for other government departments' share of employee benefit plans. Most of these receivables from other government departments are cleared within the first two months of the new fiscal year.

Departmental net debt, calculated as the difference between total liabilities less net financial assets, has increased by $42 million compared to the previous year. The net debt indicator represents future revenue requirements to pay for past transactions and events, and is one indicator of a department's financial position. The change in the net debt indicator relates to departmental spending that was in excess of departmental revenues (appropriations received) during the 2011–12 fiscal year. Net debt will fluctuate from year to year in accordance with the level and timing of both departmental spending and revenues received through appropriations.

Total non-financial assets have decreased by $6 million mainly because of the transfer of tangible capital assets to Shared Services Canada.

The overall changes in assets and liabilities are reflected in the departmental net financial position.


Condensed Statement of Operations and Departmental Net Financial Position (Unaudited)
For the Year Ended March 31, 2012
($ thousands)
  Change % 2011-12 2010-11
Total expenses +8.0% 2,469,452 2,286,344
Total revenues -27.8% 12,801 17,733
Net cost of operations before government funding and transfers +8.3% 2,456,651 2,268,611
Departmental net financial position +59.5% (132,287) (82,931)

The increase in total expenses of $183 million is attributable mostly to increases in costs for the various health, dental and insurance plans, and related provincial health care premiums and taxes. Although these expenses are for public servants across all departments and agencies, the costs are recorded by the Secretariat.

The decrease in total revenues of $5 million is due to a decrease in government-wide parking fees and a decrease in revenues from Internal Support Services. Effective April 1, 2011, Public Works and Government Services Canada no longer has the responsibility of providing parking at some locations across the country. Instead, employees make their own arrangements with private sector companies. The change to the policy is being implemented on a site-by-site basis and, therefore, the parking revenue is expected to continue to decline gradually over the next few years. The decline in revenue attributable to Internal Support Services is mainly related to the transition of the Secretariat's Information Management and Technology Directorate from a shared services model to a dedicated model.

The overall changes in expenses and revenues are reflected in the net cost of operations and in the departmental net financial position.

Financial Statements

See the complete Treasury Board of Canada Secretariat Financial Statements for the Year Ended March 31, 2012, which include the Statement of Management Responsibility Including Internal Control Over Financial Reporting and its Annex for fiscal year 2011–12, at their designated page on the Secretariat's website.