Archived — 2015–16 Report on Plans and Priorities

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Section III: Supplementary Information

Future-Oriented Statement of Operations

The future-oriented condensed statement of operations provides a general overview of FedDev Ontario's operations. The forecast of financial information on expenses and revenues is prepared on an accrual accounting basis to strengthen accountability and to improve transparency and financial management.

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

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

Future-Oriented Condensed Statement of Operations
For the Year Ended March 31 (dollars)
Financial information 2014–15
Estimated Results
2015–16
Planned Results
Difference
Total expenses 141,882,261 154,283,870 12,401,608
Total revenues 0 0 0
Net cost of operations 141,882,261 154,283,870 12,401,608

FedDev Ontario's condensed statement of operations demonstrates an anticipated increase in total expenses year-over-year, which aligns with the 2014–15 to 2015–16 spending pattern as presented in Section I of this document. While the trend is consistent, the increase above is not as significant as compared to the totals in the Budgetary Planning Summary table in Section I due to an anticipated increase in FedDev Ontario's repayable contribution portfolio in 2015–16. For the purposes of the future-oriented statement of operations, repayable contributions (loans) are considered to be FedDev Ontario assets given the fact that recipients are obligated to repay the funds they received over a specified period of time upon completion of the project. As FedDev Ontario is forecasting the value of its repayable contribution agreements provided in 2015–16 to be more than double those provided in 2014–15, this higher asset total offsets total expenses.

Supplementary Information Tables

The supplementary information tables listed in the 2015–16 Report on Plans and Priorities can be found on FedDev Ontario's website.Endnote v

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 Canada publishes cost estimates and projections for these measures annually in the Tax Expenditures and EvaluationsEndnote vi publication. The tax measures presented in the Tax Expenditures and Evaluations publication are the responsibility of the Minister of Finance.

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