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:
- 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
- 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 Less: Lapsed Appropriations: Operating (8,077) Contributions (179,466) Current year authorities used 405,603 0
4. Accounts receivable and advances
|Receivables from other government departments and agencies||1,136|
|Receivables from external parties||1|
5. Loans Receivable
Repayable Contributions relate to Contributions made to outside parties which are repayable based on the recipient having met certain conditions.
6. Tangible Capital Assets
|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|
7. Accounts payable and accrued liabilities
|Payables to other government departments and agencies||1,052||8,525|
|Payables to external parties||186,129||90,809|
8. Employee future benefits
- 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.
- 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
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