Archived — FedDev Ontario Financial Statements (Unaudited) – For the Year Ended March 31, 2011

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3. Parliamentary Appropriations

FedDev Ontario receives its funding through annual Parliamentary authorities. Items recognized in the statement of operations and the statement of financial position in one year may be funded through Parliamentary authorities in prior, current or future years. Accordingly, FedDev Ontario 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:

  1. Reconciliation of net cost of operations to current year authorities used (in thousands of dollars)
    Table 3a.  Reconciliation of net cost of operations to current year authorities used (in thousands of dollars)
      2011 2010
    Net cost of operations 341,698 209,997
    Adjustments for items affecting net cost of operations but not affecting authorities:
    Amortization of tangible capital assets (36) (13)
    Services provided without charge by other government departments (3,269) (1,172)
    Increase in vacation pay and compensatory leave (624) (64)
    Increase in employee future benefits (1,859) (995)
    Refunds of previous year's expenditures 70 -
    Adjustment of previous year's Accounts Payable 2,699 -
    Repayment of conditionally repayable Contributions 8  
      338,687 207,753
    Adjustments for items not affecting net cost of operations but affecting authorities:
    Acquisitions of tangible capital assets 84 68
    Increase in advances 66,832 14,456
    Authorities used to transfer in from Industry Canada   222,277
    Current year authorities used 405,603 444,554
  2. Authorities provided and used
    Table 3b.  Authorities provided and used (in thousands of dollars)
      2011 2010
    Vote 55 – Operating Expenditures 37,666  
    Vote 60 – Contributions 510,611  
    Statutory Amounts    
    Employee Benefit Plan 2,374  
    Community Adjustment Fund 42,495  
    Lapsed Appropriations:    
    Operating (8,077)  
    Contributions (179,466)  
    Current year authorities used 405,603 0

4. Accounts receivable and advances

Table 4.  Accounts receivable and advances (in thousands of dollars)
  2011 2010
Receivables from other government departments and agencies 1,136  
Receivables from external parties 1  
Employee advances 2  
Total 1,139  

(Return to reference 4)

5. Loans Receivable

Table 5.  Loans Receivable (in thousands of dollars)
  2011 2010
Repayable Contributions 81,264 14,456
Total 81,264 14,456

Repayable Contributions relate to Contributions made to outside parties which are repayable based on the recipient having met certain conditions.

6. Tangible Capital Assets

Table 6.  Tangible Capital Assets (in thousands of dollars)
Cost 2011 Accumulated amortization 2011    
Capital asset class Opening balance Acquisitions Disposals and write-offs Closing balance Opening balance Amortization Disposal and write-offs Closing balance 2011 Net book value 2010 Net book value
Machinery and equipment   41 - 41     -   41  
Vehicles 243 43 - 286 118 35 - 153 133 125
Computer hardware 10   - 10 6 1 - 7 3 4
Total 253 84 - 337 124 36 - 160 177 129

(Return to reference 6)

7. Accounts payable and accrued liabilities

Table 7.  Accounts payable and accrued liabilities (in thousands of dollars)
  2011 2010
Payables to other government departments and agencies 1,052 8,525
Payables to external parties 186,129 90,809
Accrued Liabilities 47  
Total 187,228 99,334

(Return to reference 7)

8. Employee future benefits

  1. Pension benefits:

    FedDev Ontario's employees participate in the Public Service Pension Plan, which is sponsored and administered by the government. Pension benefits accrue up to a maximum period of 35 years at a rate of two percent per year of pensionable service times the average of the best five consecutive years of earnings. The benefits are integrated with Canada/Québec Pension Plans benefits and they are indexed to inflation.

    Both the employees and FedDev Ontario contribute to the cost of the plan. The 2010–11 expense amounts to $1,985,112 ($995,199 in 2009–10), which represents approximately 1.9 times (1.9 in 2009–10) the contributions by employees.

    FedDev Ontario's responsibility with regard to the plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, as the plan's sponsor.

  2. Severance benefits

    FedDev Ontario 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 authorities. Information about the severance benefits, measured as at March 31, is as follows:

    Table 8b.  Severance benefits (in thousands of dollars)
      2011 2010
    Accrued benefit obligation, beginning of year 995  
    Expense for the year 1,986  
    Benefits paid during year (127)  
    Adjustment for transfer from Industry Canada   995
    Accrued benefit obligation, end of year 2,854 995

    (Return to reference 8)

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