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The financial highlights presented within the Agency's Performance Report are intended to serve as a general overview of the CFIA's financial position and operations. Financial statements are prepared in accordance with accrual accounting principles, Treasury Board accounting policies and year-end instructions issued by the Office of
the Comptroller General which are consistent with Canadian generally accepted accounting principles for the public sector as required under Section 31 of the Canadian Food Inspection Agency Act. The Agency has been audited since its creation and has always received an unqualified opinion.
Condensed Statement of Financial Position As at March 31 |
% Change | 2011 | 2010 |
---|---|---|---|
Assets | |||
Total Assets | 11.54% | 317,851 | 284,961 |
Total | 11.54% | 317,851 | 284,961 |
Liabilities | |||
Total Liabilities | 10.94% | 221,338 | 199,515 |
Equity | |||
Total Equity | 12.95% | 96,513 | 85,446 |
Total | 11.54% | 317,851 | 284,961 |
Condensed Statement of Operations Year ended March 31 |
% Change | 2011 | 2010 |
---|---|---|---|
EXPENSES | |||
Total Expenses | 3.78% | 839,043 | 808,476 |
REVENUES | |||
Total Revenues | 1.48% | 56,570 | 55,743 |
Net Cost of Operations | 3.95% | 782,473 | 752,733 |
Total assets at the end of 2010-2011 were $318 million, an increase of $33 million (12%) over previous year's total assets of $285 million. The $33 million increase in total assets was caused by a $25 million increase in non-financial assets from major acquisitions that included mostly leasehold improvements of buildings. The amount of Due from Consolidated Revenue Fund (CRF) also increased of $6 million from last year, which is in line with the increase in payables and accrued salaries at year end. Tangible assets represented the largest portion of total assets, at $233 million (73%) of total assets, while Due from CRF represented 23% at $74 million. Accounts receivable only represented 3%, followed by inventory which represented less than 1% of total assets.
Total liabilities at the end of 2010-2011 were $221 million, an increase of $21 million (11%) over the previous year's total liabilities of $200 million. The $21 million increase is explained by the increase of $11 million in non-pay accounts payables, $2 million in accrued liabilities and $8 million in employee severance benefits due to an increase in the Treasury Board employee base rate. Employee severance benefits represented 48% of total liabilities, at $106 million, followed by the accounts payable which represented 38% of total liabilities, at $84 million. Vacation pay represented $29 million (13%), while deferred revenue represented less 1% of total liabilities.
The total expenses for CFIA were $839 million in 2010-2011, an increase of $31 million (4%) compare to last year. The CFIA increase in budgetary expenses for 2011 was for the most part caused by an increase in the salary base which represented approx $23 million along with an $8 million increase in the employee severance benefits due to an overall increase in the Treasury Board employee base rate. The majority of the expenses, $433 million (52%), was under Strategic Outcome 1. Strategic Outcome 2 represented $184 million (22%) of total expenses, while Internal Services expenses represented $157 million (19%) of total expenses. Approximately 8% of all expenses were derived from Strategic Outcome 3.
The Agency's total revenues amounted to $57 million for 2010-2011. Revenues for 2010-2011 remained fairly constant with the revenues earned in 2009-2010. More than half of the revenue was derived from the Strategic Outcome 1. Strategic Outcome 3 represented 28% of all revenues ($16 million), where 14% ($8 million), were derived from Strategic Outcome 2. Less than 2% of all revenues were from Internal Services.
Section III information tables listed 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/inst/ica/ica00-eng.asp
Section IV information listed in the 2010-11 Departmental Performance Report can be found on the Canadian Food Inspection Agency's website at http://www.inspection.gc.ca/english/corpaffr/ar/2010-11dpr/sect4e.shtml
1 This number includes active, employees on leave status, and suspended employees.
2 Strategic outcome: Long-term and enduring benefit to Canadians that stems from the Agency’s vision and mission. It represents the difference the Agency intends to make for Canadians.
3 Type is defined as follows: Previously committed to—committed to in the first or second fiscal year before the subject year of the report; Ongoing—continuing or permanent commitment; and New—newly committed to in the reporting year of the DPR.
4 Risk areas have been derived from the CFIA’s Corporate Risk Profile (CRP). For more information on the CRP and its risk areas, please refer to Section 1.5.
5 The wording of this indicator changed from the 2010–11 RPP. It no longer includes registered food products. The accuracy of nutrition information concerning registered food products is verified as part of the inspections for federally registered establishments, and their performance is reported in Table 2-2.
6 Monitoring approach: Inspections, sampling and tests are conducted in such a way that the resulting compliance rates are representative of the CFIA-regulated population. Monitoring programs provide an adequate overview of industry competence in general.
7 Targeted approach: In cases where monitoring has identified specific compliance problems, the CFIA takes a targeted approach to inspections, sampling, and testing by focusing on the problem area and areas of highest risk. Non-compliant establishments or products are often sought out for the targeted approach to better define problem areas and reasons for non-compliance. For this reason, compliance rates of targeted programs are typically lower. Improved compliance is promoted through enforcement actions.
8 Investigative approach: Compliance is assessed for the purposes of prosecution for non-compliance. Investigations involve gathering evidence and information from a variety of sources considered relevant to a suspected violation or offence.
9 For 2010–11, reporting was done by calendar year instead of fiscal year.
10 The wording of this indicator changed from the 2010–11 RPP from the following: “Percentage of regulatory initiatives that meet publication requirements for publication in either the Canada Gazette, Part I or Part II to cover all publishing requirements.”
11 The wording of this indicator changed from the 2010–11 RPP. It no longer includes registered food products. The accuracy of net quantity, composition, labelling, and advertising of registered food products is inspected as part of the inspections for Federally Registered Establishments, and performance is reported in Table 2-7.
12 Pulse: The edible seeds of various crops (as peas, beans, or lentils) of the legume family.
13 The final policy and a summary of comments received from stakeholders can be viewed at: http://www.inspection.gc.ca/english/agen/manges/mangese.shtml
14 The Authorities and Actual Spending figures of Canada’s Economic Action Plan (CEAP) are inclusive of Employee Benefit Plans (EBP).