Archived — 2014–15 Report on Plans and Priorities

Archived information

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Section III: Supplementary Information

Future-Oriented Statement of Operations

The future-oriented condensed statement of operations presented in this subsection is intended to serve as a general overview of FedDev Ontario's operations. The forecasted financial information on expenses and revenues are prepared on an accrual accounting basis to strengthen accountability and to improve transparency and financial management.

Because the future-oriented statement of operations is prepared on an accrual accounting basis and the forecast and planned spending amounts presented in other sections of this report are prepared on an expenditure basis, amounts will differ.

A more detailed future-oriented statement of operations and associated notes, including a reconciliation of the net costs of operations to the requested authorities, can be found on FedDev Ontario's websiteFootnote vii.

Future-Oriented Condensed Statement of Operations
For the Year Ended March 31 (dollars)
Financial information Estimated Results
2013–14
Planned Results
2014–15
Change
Total expenses 206,083,676 153,516,672 (52,567,004)
Total revenues 0 0 0
Net cost of operations 206,083,676 153,516,672 (52,567,004)

The change of $52.6 million in estimated results for fiscal year 2013–14 compared to planned results 2014–15 is partially composed of a decrease in Gs&Cs payments due to the conclusion of the CIIF program and the Southern Ontario Advantage Initiatives. Additionally, the decrease in expenditures in 2014–15 is partially attributed to a planned increase in the repayable loan portfolio of the Agency, which results in these expenditures impacting the Agency's financial position, and not directly impacting the statement of operations. These decreases are mitigated by anticipated expenditures in support of the Southern Ontario Prosperity Initiatives (SOPI) and Advanced Manufacturing Fund (AMF).

List of Supplementary Information Tables

The supplementary information tables listed in the 2014–15 Report on Plans and Priorities can be found on FedDev Ontario's websiteFootnote viii. This includes:

Tax Expenditures and Evaluations

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 EvaluationsFootnote xiii publication. The tax measures presented in the Tax Expenditures and Evaluations publication are the sole responsibility of the Minister of Finance.

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