Archived — Departmental Performance Report 2012–13

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Section III: Supplementary Information

Financial Statements Highlights

Condensed Statement of Operations and Departmental Net Financial Position

Federal Economic Development Agency for Southern Ontario
Condensed Statement of Operations and Departmental Net Financial Position (Unaudited)
For the Year Ended March 31, 2013
($ thousands)
  2012–13
Planned
Results
2012–13
Actual
2011–12
Actual
$ Change
(2012–13
Planned vs.
Actual)
$ Change
(2012–13
Actual vs.
2011–12
Actual)
Total expenses 124,294 173,394 195,991 49,100 (22,597)
Total revenues 0 0 3 0 (3)
Net cost of operations before government funding and transfers 124,294 173,394 195,988 49,100 (22,594)
Departmental net financial position   (2,146) (2,945)   799

Total Expenditures

Total expenditures in 2012–13 were $173.4 million, a decrease of $22.6 million compared to 2011–12. The decrease is largely due to the sunset of the Recreational Infrastructure Canada program.

Expenditures by PAA

The chart below summarizes FedDev Ontario's expenditures by program as presented in its 2012–13 PAA. The chart identifies how the Agency directed its funding towards improving the economic competitiveness of the southern Ontario economy through strategic partnerships and investments in the research and development of new and emerging technologies. FedDev Ontario also directed resources towards the continued development of communities and infrastructure through the Community Economic Development program. In 2012–13, this program included the newly created CIIF, which is a two-year program that supports the repair, improvement, and expansion of existing community infrastructure.

Expenses by Program Activity
Programs
Community Economic Development Business Development Technological Innovation Internal Services
A pie chart summarizing FedDev Ontario's expenditures in 2012–13 by program. Community Economic Development is 18%; Business Development is 37%; Technological Innovation is 33%; and Internal Services is 12%.
Funding (%) 18% 37% 33% 12%

Expenditures by Type

The chart below summarizes FedDev Ontario's expenditures in 2012–13 by type. As the Agency continued to provide support to businesses and communities, primarily through transfer payments in this fiscal year, they continued to make up the largest expenditure type.

Expenses by Program Type
Programs
Transfer Payments Salary and Employee Benefits Other Operating Expenses
A pie chart summarizing FedDev Ontario's expenditures in 2012–13 by type. Transfer payments is 80%; salary and employee benefits is 15%; and other operating expenses is 5%.
Funding (%) 80% 15% 5%

Condensed Statement of Financial Position

Federal Economic Development Agency for Southern Ontario
Condensed Statement of Financial Position (Unaudited)
As at March 31, 2013
($ thousands)
  2012–13 2011–12 $ Change
Total net liabilities 121,465 112,347 9,118
Total net financial assets 119,118 109,219 9,899
Departmental net debt (2,347) (3,128) 781
Total non-financial assets 201 183 18
Departmental net financial position (2,146) (2,945) 799

Net Liabilities

FedDev Ontario's total net liabilities at the end of 2012–13 were $121.5 million, an increase of $9.1 million compared to 2011–12. This increase was due to an increase in liabilities to support higher spending in SOA initiatives, particularly related to TDP and PI and the new CIIF program, to support the improvement of existing community infrastructure.

Net Financial Assets

In 2012–13, the Agency's total net financial assets were $119.1 million, which were an increase of $9.9 million compared to 2011–12. This increase is largely due to the increase in loans receivable by the Agency related to payments made to projects under IBI and PI.

Non-Financial Assets

Total non-financial assets in 2012–13 were $201,000 for FedDev Ontario, an increase of $18,000 over 2011–12. This increase is largely related to the acquisition of two new motor vehicles to support the delivery of the Agency's core mandate.

Financial Statements

FedDev Ontario's complete Financial Statements (unaudited) for 2012–13, including the Statement of Management Responsibility Including Internal Control over Financial Reporting, can be found on FedDev Ontario's website.[Footnote iii]

Supplementary Information Tables

All electronic supplementary information tables listed in the 2012–13 Departmental Performance Report can be found on FedDev Ontario's websiteFootnote iv.

Tax Expenditures and Evaluations Report

The tax system can be used to achieve public policy objectives through the application of special measures such as low tax rates, exemptions, deductions, deferrals and credits. The Department of Finance publishes cost estimates and projections for these measures annually in the Tax Expenditures and Evaluations publication.Footnote v The tax measures presented in the Tax Expenditures and Evaluations publication are the sole responsibility of the Minister of Finance.

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