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Section III – Supplementary Information

Financial Highlights

Condensed Statement of Financial Position
As at March 31, 2011 ($ thousands)

	% Change	2010-11	2009-2010 (Restated)
Total Assets	-3.1%	12,603	13,011
Total Liabilities	6.6%	19,084	18,576
Equity of Canada	16.5%	(6,481)	(5,565)
Total	-3.1%	12,603	13,011

Condensed Statement of Operations
For the year ended March 31, 2011 ($ thousands)

	% Change	2010-11	2009-10
Total Expenses	-1.3%	79,029	80,067
Total Revenues	-9.7%	76,527	84,803
Net Cost of Operations		2,502	(4,736)

Assets

Total assets were $12.6 million at the end of 2010-11, a decrease of $0.4 million (-3.1%) over the previous year’s total assets of $13.0 million. Tangible capital assets represented $6.8 million (53.7%), accounts receivable represented $5.6 million (44.1%) and other assets represented $0.3 million (2.2%).

Liabilities

Total liabilities were $19.8 million at the end of 2010-11, an increase of $1.2 million (6.6%) over the previous year’s total liabilities of $18.6 million. Employee severance benefits represented the largest portion of liabilities at $12.7 million or 66.3% of total liabilities. Accounts payable (including salaries, vacation and overtime) represented $6.3 million (33.0%) while Deferred Revenues made up 0.7% of total liabilities.

In 2010-11, the Canadian Grain Commission was required to change its accounting policy for employee severance benefits. Entitlements for the period prior to April 1, 1995, the Fund inception date, were funded by Treasury Board, and continued to be for a period of 15 years. Effective April 1, 2010, employee severance benefits related to the pre April 1, 1995 period are now recorded as a liability of the Fund. In accordance with Treasury Board Guidelines for Revolving Funds section 6140, Termination Benefits, all changes are applied retrospectively as a change in accounting policy. Accordingly, the Fund has retrospectively restated its financial position as at March 31, 2010 and accumulated surplus for the year then ended. As a result of this change, the 2009-2010 opening accumulated surplus balance decreased by $1.3 million and the employee severance benefits increased by $1.3 million as of March 31, 2010.

Expenses

Overall, total expenses for the Canadian Grain Commission were $79.0 million in 2010-11. The majority of funds, $62.7 million or 79.3%, were spent on salaries and benefits; while the remaining $16.3 million or 20.7% were operating expenses (e.g. rent, professional services, travel, amortization and repairs). Expenses decreased in comparison to 2009-10 by only -1.3% and remain consistent with the prior year. The Canadian Grain Commission initiated no significant program changes during 2010-11.

Revenues

The Canadian Grain Commission’s total revenues amounted to $76.5 million for 2010-11, a decrease of 8.3 million over previous year’s total revenues of $84.8 million. Revenues are split between appropriation dollars received and service fees generated. Service fees revenue including contract revenue and licence fees remained consistent with the prior year. In fiscal 2010-11 appropriation dollars decreased by $8.4 million due to a change in the Canadian Grain Commission’s source of funds. This expenditure framework was frozen at current planned expenditures as per Budget 2010 Cost Containment measures. The Canadian Grain Commission identified it had a surplus of $11.4 million available as a source for funds for 2010-11. Access to accumulated surplus for 2009-10 was $8.0 M. With reduced planned expenditures and a larger accumulated surplus available, the Canadian Grain Commission required less ad-hoc appropriation, $26.0 million in 2010-11 versus $34.4 million in 2009-10.

Financial Statements

Fiscal year 2010-11 Canadian Grain Commission audited financial statements can be accessed using the following link: http://www.grainscanada.gc.ca/cgc-ccg/cr-rm/crm-mrm-eng.htm

Audited Financial Statements are prepared in accordance with Section 6.4 of the Treasury Board of Canada’s policy on special revenue spending authorities.

List of Supplementary Information Tables

All electronic supplementary information tables found in the 2010–11 Departmental Performance Report can be found on the Treasury Board of Canada Secretariat's website at: http://www.tbs-sct.gc.ca/dpr-rmr/2010-2011/index-eng.asp.

• Sources of Respendable Revenue
• User Fee Reporting
• Green Procurement
• Response to Parliamentary Committees and External Audit Internal
• Audits and Evaluations

Other Items of Interest

Organizational Contact Information

Rémi Gosselin
Manager, Corporate Information Services
Canadian Grain Commission
Telephone: 204-983-2749
Email: remi.gosselin@grainscanada.gc.ca

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¹ Grain refers to any seed designated by regulation as a grain for the purposes of the Canada Grain Act. This includes barley, beans, buckwheat, canola, chick peas, corn, fababeans, flaxseed, lentils, mixed grain, mustard seed, oats, peas, rapeseed, rye, safflower seed, solin, soybeans, sunflower seed, triticale and wheat.

² Source:  Global Trade Atlas Navigator: http://www.gtis.com/

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