ARCHIVED - Office of the Superintendent of Financial Institutions Canada

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SECTION III: SUPPLEMENTARY INFORMATION

Financial Highlights

OSFI is funded mainly through asset-based, premium-based or membership-based assessments on the financial institutions and private pension plans that it regulates and supervises, and through a user-pay program for selected services. OSFI also receives revenues for cost-recovered services and a parliamentary appropriation for actuarial services relating to public sector employee pension and insurance plans.

OSFI operates on a full accrual accounting basis according to Canadian Generally Accepted Accounting Principles (GAAP) for the private sector. Overall, OSFI recovered all its expenses for the fiscal year 2008-2009. The tables and charts below provide highlights from OSFI's balance sheet, statement of operations and comprehensive income, as presented in its audited financial statements. As such, there are differences between these tables and those presented in other sections of the Departmental Performance Report, which are prepared on the modified cash basis of accounting. Typically the differences result from the accounting treatment of capital expenditures and accounts receivable.

Further details on OSFI's finances are detailed in its Audited Financial Statements, which are published in the Annual Report. OSFI's annual reports can be accessed on its Web site under About OSFI/ Reports/ Annual Reports.

($ thousands)

Condensed Balance Sheet At End of Year (March 31, 2009)	% Change	2009	2008
Assets
Total Assets		62,296	57,017
Total ASSETS	9.3%	62,296	57,017
Liabilities
Total Liabilities	17.9%	34,758	29,479
EQUITY OF CANADA
Total Equity of Canada	0.0%	27,538	27,538
TOTAL LIABILITIES AND EQUITY OF CANADA	9.3%	62,296	57,017

The change in OSFI's total assets is predominantly related to OSFI's Cash Entitlement account. Cash increased due to a current year surplus in pension plan fees, higher interim assessment billings than actual costs (which resulted in a liability as at March 31, 2009, to be credited to paying stakeholders during 2009-2010), and receipts related to a Specified Purpose Account for insurance company liquidations.

The change in OSFI's total liabilities is mainly attributed to increases in unearned revenues (base assessments and pension plan fees), and accrued salaries and benefits. The unearned revenues represent amounts collected in advance of the incurrence of costs, in accordance with billing formulae in the Assessment of Financial Institutions Regulations, 2001 and Pension Benefits Standards Regulations, 1985. The increase in accrued salaries and benefits is related to an increase in the Employee Benefit and Health Plans rate, an additional day of unpaid salary over the year end, and an amount payable in accordance with collective agreements.

($ thousands)

Condensed Statement of Operations and Comprehensive Income At End of Year (March 31, 2009)	% Change	2009	2008
Revenues
Total Revenues	7.8%	93,253	86,513
Expenses
Total Expenses	7.8%	93,253	86,513
NET RESULTS OF OPERATIONS AND COMPREHENSIVE INCOME	0%	0	0

OSFI matches its revenue to its operating costs. The increase of 7.8% in OSFI's expenses is largely related to the growth in full-time equivalents as explained in the "Expenditure Profile" section of this report.

Financial Statements

OSFI's Audited Financial Statements, which are published in the Annual Report can be accessed on its Web site under About OSFI/ Reports/ Annual Reports.

List of Supplementary Information Tables

In keeping with TBS guidelines, the following tables are only available electronically, and can be found on the Treasury Board of Canada's Web site:

• Table: Sources of Respendable and Non-Respendable Revenue
• Table: User Fees/External Fees
• Table: Green Procurement
• Table: Internal Audits and Evaluations

Other Items of Interest

• Link to page with OSFI's 2008-2009 Annual Report

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