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ARCHIVED - Treasury Board of Canada Secretariat - 2012–13 Departmental Performance Report

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Financial Statements Highlights

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

The variance between the figures that follow and the figures provided in other sections of this report relate to such items as non-respendable revenues, services without charge received from other government departments, amortization, severance and vacation pay liability adjustments.

The Secretariat's assets consist mainly of accounts receivable from other government departments and agencies, whereas its liabilities are mainly for accounts payable to these organizations, as well as for payables related to the employer's share of public service insurance. Expenses include $2.5 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 $10.5 million consist mainly of government-wide parking revenues, internal support services and recovery of pension administration costs.

Condensed Statement of Operations and Departmental Net Financial Position (Unaudited)
As at March 31, 2013
($ thousands)
  2012–13 Planned Results (Restated) See endnote 4* 2012–13 Actual 2011–12 Actual (Restated) See endnote 4* $ Change (2012–13 Actual vs. Planned) $ Change (2012–13 Actual vs. 2011–12 Actual)
* Refer to financial statements for further details.
Total expenses 2,583,283 2,786,054 2,457,175 202,771 328,879
Total net revenues 13,044 10,525 12,410 (2,519) (1,885)
Net cost of operations before government funding and transfers 2,570,239 2,775,529 2,452,091 205,290 323,438
Departmental net financial position (40,746) (23,759) (30,463) 16,987 6,704

The increase in total actual expenses in 2012–13 of $329 million as compared with 2011–12 actuals and the increase of $203 million over 2012–13 planned results are both mainly due to an increase in payments to fund actuarial deficits in the Public Service Pension Plan. The increase is partially offset by a one-time payment that was made to a disability plan in 2011–12 only and due to reductions attributable to the 2012 Budget's review of departmental spending.

The decrease in total actual revenues of $2.5 million as compared with 2011–12 is mainly due to a decrease in government-wide parking fees. Public Works and Government Services Canada no longer has the responsibility to provide parking at some locations across the country. Employees must make their own arrangements with private sector companies. This change is being implemented on a site-by-site basis, and the parking revenue is expected to decline gradually over the next few years.

Condensed Statement of Financial Position (Unaudited)
As at March 31, 2013
($ thousands)
  2012–13 2011–12 (Restated) See endnote 5* $ Change
* Refer to financial statements for further details.
Total liabilities 478,639 471,316 7,323
Total net financial assets 446,774 425,794 20,980
Departmental net debt 31,865 45,522 (13,657)
Total non-financial assets 8,106 15,059 (6,953)
Departmental net financial position (23,759) (30,463) 6,704

Total net financial assets increased by $21 million mainly due to an increase in the Due from Consolidated Revenue Fund (CRF) account, which represents the net amount of cash that the Secretariat is entitled to draw from the CRF without further authorities to discharge its liabilities.

Departmental net debt, calculated as the difference between total liabilities and net financial assets, has decreased by $14 million in 2012–13. The change is mainly due to expenses that were accrued in 2011–12 but only funded in 2012–13 when the expenses were paid, thereby reducing the net debt. The departmental net financial position (deficit) has decreased for the same reason, but the decrease was partially offset by a capital asset write-down.

Financial Statements

See the complete Treasury Board of Canada Secretariat Financial Statements (Unaudited) for the Year Ended March 31, 2013, which includes the Statement of Management Responsibility Including Internal Control Over Financial Reporting and its Annex for fiscal year 2012–13, at their designated page on the Secretariat's website.