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Future-oriented Financial Statements
For the year ended March 31, 2011

Table of Contents

Statement of Management Responsibility

Treasury Board of Canada Secretariat (Secretariat) management is responsible for these future-oriented financial statements, including responsibility for the appropriateness of the assumptions on which these statements were prepared. These statements are based on the best information available and assumptions adopted as at February 14, 2011 and reflect the plans described in the Report on Plans and Priorities.

 

 

Future-oriented Statement of Financial Position
As at March 31

($ thousands)

	Estimated Results 2011	Forecast 2012
Contingent liabilities (Note 10) Contractual obligations (Note 11) The accompanying notes form an integral part of these future-oriented financial statements.
Assets
Financial assets
Due from Consolidated Revenue Fund (Note 4c)	147,423	105,872
Accounts Receivable and Advances (Note 6)	383,142	421,775
Total financial assets	530,565	527,647
Non-financial assets
Tangible capital assets (Note 8)	14,624	11,716
Total non-financial assets	14,624	11,716
Total assets	545,189	539,363
Liabilities
Accounts payables and accrued liabilities (Note 7)	602,954	673,945
Vacation pay and compensatory leave	9,443	9,342
Employee future benefits (Note 9)	36,656	36,263
Sub	649,053	719,550
Equity of Canada	(103,864)	(180,187)
total lialibites and equity	545,189	539,363

Future-oriented Statement of Operations
For the Year Ending March 31

($ thousands)

	Estimated Results 2011	Forecast 2012
Segmented information (Note 13) The accompanying notes form an integral part of these future-oriented financial statements.
Expenses
Government-wide Funds and Public Service Employer Payments	2,293,315	2,458,425
Management Frameworks	77,256	79,670
People Management	73,152	71,608
Expenditure Management	41,545	39,984
Financial Management	38,594	36,183
Internal Services	93,891	88,256
Total Expenses	2,617,753	2,774,126
Revenues
Government-wide Funds and Public Service Employer Payments	10,227	9,010
Expenditure Management	7,846	7,800
Internal Services	2	2
Total Revenues	18,075	16,812
Net Cost of Operations	2,599,678	2,757,314

Future-oriented Statement of Equity of Canada
For the Year Ending March 31

($ thousands)

	Estimated Results 2011	Forecast 2012
Equity of Canada, beginning of year	297,481	(103,864)
Net cost of operations	(2,599,678)	(2,757,314)
Net cash provided by Government	2,263,286	2,697,924
Change in due from the Consolidated Revenue Funds	(88,857)	(41,552)
Service provided without charge by other government departments (Note 12)	23,904	24,619
Equity of Canada, end of year	(103,864)	(180,187)

Future-oriented Statement of Cash Flow
For the Year Ending March 31

($ thousands)

	Estimated Results 2011	Forecast 2012
The accompanying notes form an integral part of these future-oriented financial statements.
Operating activities
Net cost of operations	2,599,678	2,757,314
Non-cash items:
Amortization of capital assets	(3,482)	(3,830)
Service provided without charge by other government departments	(23,904)	(24,619)
Variations in Statement of Financial Position:
Increase (Decrease) in accounts receivable and advances	(276,312)	38,633
Increase (Decrease) in prepaid expenses	(64)	-
Decrease (Increase) in accounts payable and accrued liabilities	(36,179)	(70,990)
Decrease (Increase) in vacation pay and compensatory leave	694	101
Decrease (Increase) in employee severance benefits	(530)	393
Cash used in operating activities	2,259,901	2,697,002
Capital investing activities
Acquisition of tangible capital assets	3,385	922
Cash used in capital investing activities	3,385	922
Net cash provided by the Government of Canada	2,263,286	2,697,924

Notes to Future-oriented Financial Information

1. Authority and Objectives

Under the broad authority of sections 5 to 13 of the Financial Administration Act, the Secretariat supports the Treasury Board as a committee of ministers in its role as the general manager and employer of the core public administration. It is headed by a Secretary, who reports to the President of the Treasury Board.

The mission of the Secretariat is to ensure that the rigorous stewardship of public resources achieves results for Canadians.

The core business of the Secretariat is currently organized into the following key areas of program activity:

a) Government-wide funds and public service employer payments

The Government-wide Funds and Public Service Employer Payments program activity accounts for funds that are held centrally by the Secretariat to supplement other appropriations, and from which payments and receipts are made on behalf of other federal organizations. These funds supplement the standard appropriations process and meet certain responsibilities of the Treasury Board as employer of the core public administration.

b) Management Frameworks

In support of Treasury Board's role as management board, the Secretariat provides the framework for the management of government operations. It does so by developing specific policies, regulations, directives, and guidelines that, once approved by the Treasury Board, provide the parameters within which deputy heads manage their departments. The Secretariat also helps build understanding and capacity by reaching out to the different communities within departments and agencies (e.g., finance, human resources) that support deputy heads in implementing Treasury Board policies.

c) People Management

The Treasury Board's people management role is supported by the Secretariat's People Management program activity. The Secretariat provides analysis and recommendations to Treasury Board to ensure that deputy heads across government have the policies and guidance they need to manage all aspects of human resources within their departments and agencies. This program activity also includes the Secretariat's responsibilities for overseeing collective bargaining, labour relations, and pension and benefits plans.

d) Expenditure Management

Of all the Treasury Board's roles, the budget office is probably the best known. It is supported by two program activities: Expenditure Management and Financial Management. Through the Expenditure Management program activity, the government balances its books each year. The Secretariat provides analysis and support to the President of the Treasury Board to report to Parliament first on the funding estimated for government operations in a specific year and then on the amounts actually expended. The Expenditure Management program activity also includes the Secretariat's responsibility for managing public sector compensation (i.e., the costs of pay and benefits), as well as its role in reviewing, analyzing, and challenging departmental spending proposals to ensure a focus on results and values for Canadians.

e) Financial Management

The Financial Management program activity is the other aspect of the budget office function. Through this program activity, the Secretariat develops policies and guidance to ensure that the financial management community across government has the right direction to carry out its financial responsibilities. The quality of financial management across departments is important for maintaining the accuracy and integrity of the government's financial records and accounts. This program activity also includes the Secretariat's efforts to build capacity within the financial and audit communities, as well as its audit responsibilities.

f) Internal Services

The Secretariat must implement Treasury Board policies to ensure the smooth running of its internal operations. Efforts in this area are captured in the Internal Services program activity. These include support functions such as communications, financial and human resources management, real property, information technology, and procurement. These services support all the Secretariat's other program activities.

2. Underlying Assumptions

The future-oriented statements have been prepared on the basis of the government priorities and the plans of the department as described in the Report on Plans and Priorities.

The main assumptions are as follow:

1. The Secretariat activities will remain substantially the same as for the previous year.
2. Expenses and revenues, including the determination of amounts internal and external to the government, are based on historical experience. The general historical pattern is expected to continue. The impact of the Budget 2010 freeze on departmental operating budgets is factored in the calculation of the forecasts.
3. Estimated year end information for 2010-2011 is used as the opening position for the 2011-2012 forecasts.

These assumptions are adopted as at February 14, 2011.

3. Variations and Changes to the Forecast Financial Information

While every attempt has been made to accurately forecast final results for the remainder of 2010-11 and for 2011-2012, actual results achieved for both years are likely to vary from forecast information presented, and this variation could be material.

In preparing these financial statements the Secretariat has made estimates and assumptions concerning the future. These estimates and judgments may differ form the subsequent actual results. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Factors that could lead to material differences between the future-oriented financial statements and the historical financial statements include further changes to the operating budget through additional new initiatives, the results of the announced Strategic Review of the Treasury Board Secretariat, or technical adjustments later in the year.

Once the Report on Plans and Priorities is presented, the Secretariat will not be updating the forecasts for any changes to appropriations or forecast financial information made in ensuing supplementary estimates. Variances will be explained in the Secretariat's Performance Report.

4. Summary of Significant Accounting Policies

The future-oriented financial statements have been prepared in accordance with Treasury Board accounting policies stated below, which are based on Canadian generally accepted accounting principles for the public sector. The presentation and results using the stated accounting policies do not result in any significant differences from the Canadian generally accepted accounting principles.

Significant accounting policies are as follows:

a) Parliamentary appropriations

The Secretariat is financed by the Government of Canada through parliamentary appropriations. The cash accounting basis is used to recognize transactions affecting parliamentary appropriations. The future-oriented financial statements are based on accrual accounting. Consequently, items presented in the Future-oriented Statement of Operations and the Future-oriented Statement of Financial Position are not necessarily the same as those provided through appropriations from Parliament. Note 5 provides a reconciliation between the bases of reporting.

b) Net Cash Provided by Government

The Secretariat operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada.  All cash received by the Secretariat is deposited to the CRF and all cash disbursements made by the Secretariat are paid from the CRF.  The net cash provided by Government of Canada is the difference between all cash receipts and all cash disbursements, including transactions between departments of the federal government.

c) Amounts due from/to the CRF

Amounts due from/to the CRF are the result of timing differences at year-end between when a transaction affects authorities and when it is processed through the CRF. The amounts due from the CRF represent the net amount of cash that the Secretariat is entitled to draw from the CRF without further appropriations to discharge its liabilities.

d) Revenues 

Revenues are accounted for in the period in which the underlying transactions or event that give rise to the revenues occurred.

e) Expenses

Expenses are presented on an accrual basis:

• Contributions are recognized in the year in which the recipient has met the eligibility criteria or fulfilled the terms of a contractual transfer agreement.
• Vacation pay and compensatory leave are expensed as the benefits accrue to employees under their respective terms of employment.
• Services provided without charge by other government departments for accommodation and legal services are recorded as operating expenses at their estimated cost.

f) Government-wide employee benefits

Eligible public service employees participate in the Public Service Pension Plan sponsored by the Government of Canada. Contributions to the Plan for all departments and agencies, including additional contributions in respect of any actuarial deficiencies, are funded by the Secretariat as centrally managed funds, and they are expensed in the year incurred. The Secretariat recovers a portion of the pension contributions from other departments and agencies.

The Government of Canada also sponsors a variety of other benefit plans that the Secretariat is responsible for administering and/or funding through its centrally managed funds. These benefits are recognized as expenses when they become due. A portion of these benefits is also recovered from other departments and agencies.

For the pension benefits and other future employee benefits covered by these plans, actuarially determined liabilities and related disclosure are presented in the financial statements of the Government of Canada, the ultimate sponsor of these benefits. As administrator of the centrally managed funds, the Secretariat expenses these benefits or contributions as they become due and records no accruals for future benefits. This treatment is consistent with the funding provided to the department through parliamentary appropriations.

g) Departmental employee future benefits

Pension benefits: Eligible employees of the Secretariat participate in the Public Service Pension Plan. The Secretariat's share of contributions pertaining to the current service cost of its employees is allocated to the program activities which incur salary expenses.

Severance benefits: Employees are entitled to severance benefits, as provided for under labour contracts or conditions of employment. These benefits are accrued as employees render the services necessary to earn them. The obligation relating to the benefits earned by employees of the Secretariat is calculated using information derived from the results of the actuarially determined liability for employee severance benefits for the Government of Canada as a whole.

h) Accounts receivable and advances

Accounts receivable and advances are stated at amounts expected to be ultimately realized.

i) Contingent liabilities

Contingent liabilities are potential liabilities which may become actual liabilities when one or more future events occur or fail to occur. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense recorded. If the likelihood is not determinable or an amount cannot be reasonably estimated, the contingency is disclosed in the notes to the future-oriented financial statements.

j) Tangible capital assets

All tangible capital assets and leasehold improvements having an initial cost of $10,000 or more are recorded at their acquisition cost. The Secretariat does not capitalize intangibles, works of art, and historical treasures that have cultural, aesthetic, or historical value.

Amortization of tangible capital assets is done on a straight-line basis over the estimated useful life of the asset as follows:

Asset class	Amortization period
Machinery and equipment	3 to 10 years
Motor vehicles	3 years
Leasehold improvements	Term of lease
Assets under construction	Once in service, in accordance with asset class

5. Parliamentary Appropriations

The Secretariat receives most of its funding through expenditure authorities provided by Parliament. Items recognized in the Future-oriented Statement of Operations and Future-oriented Statement of Financial Position in one year may be funded through parliamentary appropriations in prior, current, or future years.  Accordingly, the Secretariat has different net results of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables: 

a) Authorities requested:

($ thousands)

	Estimated Results 2011	Forecast 2012
Authorities requested:
Vote 1 - Program expenditures	264,532	249,895
Vote 5 - Government contingencies	750,000	750,000
Vote 10 - Government-wide initiatives	6,215	8,511
Vote 15 - Compensation adjustments	-	-
Vote 20 - Public service insurance	2,287,094	2,452,205
Vote 25 - Operating budget carry forward	1,200,000	1,200,000
Vote 30 - Paylist requirements	600,000	600,000
Vote 33 - Capital budget carry forward	-	600,000
	5,107,841	5,860,611
Statutory authorities:
President of Treasury Board - salary & motor car allowance	79	78
Contribution to employee benefit plans	29,592	32,452
Payments under the Public Service Pension Adjustment Act	20	20
Payments for the pay equity settlement pursuant to section 30 of the Crown Liability and Proceedings Act	-	-
Unallocated employer contributions made under the Public Service Superannuation Act, other retirement acts & the Employment Insurance Act	6,200	6,200
	35,891	38,750
Authorities to transfer or lapse:
Vote 5 - Government contingencies	(750,000)	(750,000)
Vote 10 - Government-wide initiatives	(6,215)	(8,511)
Vote 15 - Compensation adjustments	-	-
Vote 25 - Operating budget carry forward	(1,200,000)	(1,200,000)
Vote 30 - Paylist requirements	(600,000)	(600,000)
Vote 33 - Capital budget carry forward	-	(600,000)
	(2,556,215)	(3,158,511)
Forecasted authorities available	2,587,517	2,740,850

Forecast authorities requested for the year ending March 31, 2012 are the planned spending amounts presented in the 2011-2012 Report on Plans and Priorities. Estimated authorities requested for the year ending March 31, 2011 include amounts presented in 2010-2011 Main Estimates and Supplementary Estimates (A) and (B), planned for presentation in Supplementary Estimates (C) and estimates of amounts to be allocated at year-end from Treasury Board central votes.

b) Reconciliation of net cost of operations to requested authorities:

($ thousands)

	Estimated Results 2011	Forecast 2012
Net cost of operations	2,599,678	2,757,314
Adjustment for items affecting net cost of operations but not affecting authorities:
Add (Less):
Services provided without charge by other government departments	(23,904)	(24,619)
Revenue not available for spending	11,740	10,569
Decrease (Increase) in vacation pay and compensatory leave	694	101
Decrease (Increase) in employee severance benefits	(530)	393
Amortization of tangible capitals assets	(3,482)	(3,830)
	(15,482)	(17,386)
Adjustment for items not affecting net cost of operations but affecting appropriations:
Acquisition of tangible assets	3,385	922
Prepaid Expenses	(64)
Forecast authorities available	2,587,517	2,740,850

6. Accounts receivable and advances

($ thousands)

	Estimated Results 2011	Forecast 2012
Receivables from other government departments and agencies	382,530	420,981
Receivables from external parties	612	794
	383,142	421,775

The bulk of receivables from other government departments and agencies are related to receivables established as a result of employee benefit plans.

7. Accounts payable and accrued liabilities

($ thousands)

	Estimated Results 2011	Forecast 2012
Accounts payable to other government department and agencies	350,046	385,342
Accounts payable to external parties	252,908	288,603
	602,954	673,945

The bulk of payables to other government departments and agencies are related to receivables established as a result of employee benefit plans.

8. Tangible Capital Assets

The following table presents the details of Tangible Capital Assets:

($ thousands)	Cost				Accumulated amortization				Forecast Net Book Value
Capital asset class	Opening balance	Acquisitions/ Transfers	Disposals and write-offs	Closing balance	Opening balance	Amortization	Disposals and write-offs	Closing balance	2012	2011
Machinery and equipment	28,206	922	-	29,128	13,623	3,800	-	17,423	11,705	14,583
Motor vehicles	125	-	-	125	84	30	-	114	11	41
Leasehold improvements	1,952	-	-	1,952	1,952	-	-	1,952	-	-
Total	30,283	922	-	31,205	15,659	3,830	-	19,489	11,716	14,624

9. Employee Benefits

a) Pension benefits

Eligible public service employees participate in the Public Service Pension Plan, which is sponsored and administered by the Government of Canada. Pension benefits accrue up to a maximum period of 35 years at a rate of 2 per cent per year of pensionable service, times the average of the best five consecutive years of earnings. The benefits are integrated with the Canada/Quebec Pension Plans benefits and they are indexed to inflation.

The Secretariat funds the employer contributions to the Public Service Pension Plan, including additional contributions in respect of actuarial deficiencies, on behalf of all government departments and agencies, and recovers a portion of those costs.

The Secretariat estimates $20,773thousand in 2011 and $23,365 thousand in 2012 in respect of its own employees.

b) Severance benefits

The Secretariat provides severance benefits to its employees based on eligibility, years of service and final salary. These severance benefits are not pre-funded. Benefits will be paid from future appropriations.

Information about the severance benefits, estimated as at the date of these statements.

($ thousands)

	Estimated Results 2011	Forecast 2012
Accrued benefit obligation, beginning of year	36,126	36,656
Accrued expense for the year	530	(393)
Accrued benefit obligation, end of year	36,656	36,263

10. Contingent liabilities

Claims and Litigations

Claims have been made against the Secretariat in the normal course of operations. Legal proceedings for claims carry a potential liability of approximately $67 billion. Some of these potential liabilities may become actual liabilities when one or more future events occur or fail to occur. As the likelihood of these future events occurring is undeterminable and the estimate of losses is not estimable, no accrual for these contingent liabilities has been made in the financial statements.

The most significant of these legal actions is described as follows:

In September 1999, the Public Sector Pension Investment Board Act (Bill C-78) was passed by Parliament, providing for improvements in the financial management of federal public service pension plans, including the Public Service (PSSA), RCMP (RCMPSA), and Canadian Forces (CFSA) superannuation plans. The new Act authorized the President of the Treasury Board to debit the accounts in order to reduce the amount of certain excess balances in the superannuation accounts. In late 1999, the major public service unions and pensioner associations launched three lawsuits against the Crown challenging the validity of the legislation. On November 20, 2007, the plaintiffs' actions were dismissed. In February 2008, all 3 plaintiffs appealed the decisions. The appeal was heard in April 2010.  On October 7, 2010, the Ontario Court of Appeal dismissed the plaintiff's appeal. In December 2010, all three plaintiffs applied for Leave to Appeal to the Supreme Court of Canada.

11. Contractual obligations

The nature of the Secretariat's activities can result in some large multi-year contracts and obligations whereby the Secretariat could be obligated to make future payments when the services/goods are received.  Significant contractual obligations that can be reasonably estimated are summarized as follows:

($ thousands)	2011	2012	2013	2014	2015 and there-after	Total
Public Service Health/Dental Plans	31,414	32,599	23,471	25,232	27,407	140,123
Other professional services	6,611	3,276	32	-	-	9,919
Management consulting	2,522	1,149	-	-	-	3,671
Protection services	1,173	-	-	-	-	1,173
Computer Services	3,245	288	-	-	-	3,533
Total	44,965	37,312	23,503	25,232	27,407	158,419

12. Related-Party Transactions

The Secretariat is related as a result of common ownership to all Government of Canada departments, agencies, and Crown corporations. The Secretariat enters into transactions with these entities in the normal course of business and on normal trade terms. In addition, the Secretariat has the responsibility to administer and fund the employer's contribution to the Public Health and Dental insurance plans through its centrally managed funds. During the year, the Secretariat forecasted to receive and provide common services as disclosed below.

a) Common Services provided without charge by other government departments

During the year, the Secretariat is forecasted to receive without charge from other government departments accommodation and legal fees. These services without charge have been recognized in the Secretariat future-oriented Statement of Operations as follows:

($ thousands)

	Estimated Results 2011	Forecast 2012
Forecast for 2012 does not add due to rounding.
Accommodation	19,780	20,157
Legal services	4,124	4,461
Total	23,904	24,619

The government has structured some of its administrative activities for efficiency and cost-effectiveness purposes so that one department performs these on behalf of all departments without charge. The costs of these services, which include payroll and cheque issuance services provided by Public Works and Government Services Canada (PWGSC), are not included as an expense in the Statement of Operations.

b) Administration of programs on behalf of other government departments

During the year, the Secretariat forecasted to provide services without charge to other government departments, related to the provision of the employer's contribution to the health, dental and other employee insurance plans and payroll benefits in the amount of $1,565,936 ($1,581,595 in 2011-2012).

13. Segmented information

a) The following table presents details of expenses by category and by program activity:

($ thousands)

	Estimated Results 2011 Total	GF & PSEP	MF	PM	EM	FM	IS	Forecast 2012 Total
Legend: GF & PSEP – Government-wide Funds and Public Service Employer Payments MF – Management Framework PM – People Management EM – Expenditure Management FM – Financial Management IS – Internal Services
Transfer payment	200	-	-	-	-	-	-	-
Operating Expenses:
Government-wide funds and publics service employer payments	2,293,315	2,458,425	-	-	-	-	-	2,458,425
Salary & employee benefits	214,595	-	51,166	50,529	27,408	23,337	59,521	211,961
Professional & Special Services	69,973	-	18,455	12,497	7,172	8,245	17,239	63,608
Accommodation	19,781	-	4,941	4,342	2,738	2,331	5,805	20,157
Transport & telecommunications	7,804	-	1,589	1,272	798	680	1,713	6,052
Machinery, equipment, parts & tools	1,402	-	942	828	522	444	1,107	3,843
Repair & maintenance	506	-	336	296	186	159	395	1,372
Utilities, materiel & supplies	2,520	-	507	419	265	225	564	1,980
Information	1,222	-	357	230	142	121	315	1,165
Rentals	1,477	-	344	287	181	154	384	1,350
Amortization	3,482	-	939	825	520	443	1,103	3,830
Other subsidies & payment	1,476	-	94	83	52	44	110	383
Total Expenses	2,617,753	2,458,425	79,670	71,608	39,984	36,183	88,256	2,774,126
Revenues
Revenue Credited to the vote	(6,335)	-	-	(6,243)	-	-	-	(6,243)
Other Revenues	(11,740)	(9,010)	-	(1,557)	-	-	(2)	(10,569)
Total Revenues	(18,075)	(9,010)	-	(7,800)	-	-	(2)	(16,812)
Net Cost of Operations	2,599,678	2,449,415	79,670	63,808	39,984	36,183	88,254	2,757,314

b) Government-wide funds and public service employer payments

The Government of Canada sponsors defined benefit pension plans covering most of its employees. The Secretariat funds the employer's contributions to the Public Service Pension Plan and Retirement Compensation Arrangement, including additional contributions in respect of actuarial deficiencies.

The Secretariat also funds payments to or in respect of:

• the employer's share of contributions to the Public Service Death Benefit Account;
• the employer's share of Canada/Quebec Pension Plan contributions and Employment Insurance premiums;
• the employer's share of health, disability, and life insurance premiums and related Quebec sales tax;
• claims and related costs under the Public Service Dental Care Plan and the Pensioners' Dental Services Plan;
• provincial payroll taxes;
• pension, benefit, and insurance plans for employees engaged locally outside Canada by Canadian missions abroad; and
• returns to certain employees of their share of the Employment Insurance premium reduction.

Generally, Public Service Pension Plan contributions, Public Service Death Benefit Account contributions, Canada/Quebec Pension Plan contributions, and Employment Insurance premiums are recovered from all departments, agencies, and revolving funds pro-rata, based on salaries and wages incurred. Contributions to health care plans are recovered from certain departments and agencies and all revolving funds, based on a percentage of salaries and wages incurred.

A breakdown by major category is as follows:

($ thousands)

	Estimated Results 2011	Forecast 2012
Expenses:
Public Service Pension Plan & Retirement Compensation Arrangement contributions (Statutory)	2,959,792	3,259,787
Public Service Pension Plan & Retirement Compensation in respect of actuarial deficits (Statutory)	6,200	6,200
Public Service Death Benefit Account contributions (Statutory)	12,516	13,526
Canada/Quebec Pension plan contributions (Statutory)	738,692	818,593
Employment Insurance premiums (Statutory)	296,104	319,245
Employment Insurance premiums reduction (Vote 20)	1,446	1,839
Quebec Parental Insurance Plan premiums (Vote 20)	35,808	37,052
Public Service Health Care Plan premiums (Vote 20)	1,035,487	1,181,630
Public Service Dental Care Plan claims (Vote 20)	275,706	298,016
Pensioners' Dental Services Plan claims (Vote 20)	138,823	150,307
Provincial Health Insurance Plan premiums (Vote 20)	31,809	33,002
Provincial payroll taxes (Vote 20)	530,158	590,381
Group disability and life insurance premiums (Vote 20)	532,668	547,161
Pension & other government employee benefits in respect of locally engaged staff employed in Canadian missions abroad (Vote 20)	67,018	73,820
Pension & similar payments to former government employees (Vote 20)	537	404
Miscellaneous Special Payments (Vote 20)	-	-
Operating expenses (Vote 20)	7,653	7,866
	6,670,417	7,338,829
Recoveries:
Employer's contributions to government employee benefit plans recovered from government departments and agencies (Statutory)	4,007,104	4,411,152
Employer's contributions to government employee insurance plans recovered from government departments and agencies (Vote 20)	161,021	184,170
Employee's contributions to Public Service Health Care Plan recovered from government departments and agencies (Vote 20)	70,688	74,332
Pensioners' contributions to the Pensioners' Dental Services Plan (Vote 20)	138,289	210,750
	4,377,102	4,880,404
Net Expenses	2,293,315	2,458,425

c) Revenues

The following table presents details of revenues by category and by activities:

($ thousand)

	Estimated Results 2011 Total	GF & PSEP	MF	PM	EM	FM	IS	Forecast 2012 Total
Legend: GF & PSEP – Government-wide Funds and Public Service Employer Payments MF – Management Framework PM – People Management EM – Expenditure Management FM – Financial Management IS – Internal Services
Parking Fees	10,187	8,965	-	-	-	-	-	8,965
Recovery of pension admin. Costs	7,846	-	-	7,800	-	-	-	7,800
Other revenues	42	45	-	-	-	-	2	47
Total	18,075	9,010	-	7,800	-	-	2	16,812

14. Adoption of new accounting policies

During the year, the Secretariat adopted the revised Treasury Board Accounting Standard (TBAS) 1.2: Departmental and Agency Financial Statements which is effective for the Secretariat for the 2010-2011 fiscal year. The major change in the accounting policies of the Department required by the adoption of the revised TBAS 1.2 is the recording for amounts due from the Consolidated Revenue Fund as an asset on the future-oriented Statement of Financial position.

The adoption of the new Treasury Board accounting policies have been accounted for retroactively with the impact on the forecast of 2009-2010.

Statement of Financial Position ($ thousands)	2010 As previously stated	Effect of changes	2010 Restated
Assets	674,240	236,279	895,733
Equity of Canada	61,202	236,279	297,481

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