2013-2014
Departmental Performance Report - Section 3
Section III: Supplementary Information
The financial highlights presented within this Departmental Performance Report are intended to serve as a general overview of Infrastructure Canada's Statement of Operations and Departmental Net Financial Position and Statement of Financial Position as presented in Infrastructure Canada's unaudited financial statements. These are prepared in accordance with accrual accounting principles and, therefore, are different from the information published in the Public Accounts of Canada, which are prepared on appropriation-based reporting.
3.1 Financial Highlights
| 2013-2014 Planned Results | 2013-2014 Actual | 2012-2013 Actual | Difference (2013-2014 Actual Minus 2013-2014 Planned) | Difference (2013-2014 Actual Minus 2012-2013 Actual) | |
|---|---|---|---|---|---|
| Total expenses | 3,926,201,000 | 3,507,960,842 | 3,750,210,190 | (418,240,158) | (242,249,348) |
| Total revenues | - | - | - | - | |
| Net cost of operations before government funding and transfers | 3,926,201,000 | 3,516,194,867 | 3,750,210,190 | (410,006,133) | (234,015,323) |
| Departmental net financial position | 3,487,000 | 3,174,955 | 2,808,346 | (312,045) | 366,609 |
Expenses by Strategic Outcomes
Total departmental expenses have decreased by $242 million or 6.5 percent, from $3,750 million in 2012-2013 to $3,508 million in the current year. This decrease resulted from 2013-2014 being a transition year to the New Building Canada Fund and with the winding down of program activities under the original Building Canada Fund, while the newly announced initiatives were largely in the formulation stages. Three programs saw a year-over-year increase in expenses: the Gas Tax Fund ($142 million), the Municipal Rural Infrastructure Fund ($68 million) and the Border Infrastructure Fund ($21 million) while spending in the remaining programs declined by an aggregate of $473 million.
Total expenses for 2013-2014 are lower by $418 million or 10.7 percent than the planned results reported in INFC's 2013-2014 Future-Oriented Financial Statements. The variance arose due to lower than expected spending for all funds with the exception of the Gas Tax Fund, as initial spending estimates received from investment partners exceeded amounts actually expended during the year.
Transfer payments comprise the vast majority of the Infrastructure Canada's expenses (99 percent, or $3,716 million), while Internal Services were the source of the rest of the expenses (1 percent, or $28 million).
The following charts outline Infrastructure Canada's Expenses by Strategic Outcome:
The ratios of expenses by Strategic Outcome for 2013-2014 were similar in scale to 2012-2013. Strategic Outcome 1 "Provinces, territories and municipalities have federal financial support for their infrastructure priorities"
had a slightly larger percentage in 2013-2014, and this is a reflection of the stability of the Gas Tax Fund expenses year over year, while other programs cycled down slightly.
| 2013-2014 | 2012-2013 | Difference (2013-2014 Minus 2012-2013) | |
|---|---|---|---|
| Total net liabilities | 308,074,519 | 411,113,138 | (103,038,619) |
| Total net financial assets | 305,438,489 | 407,885,906 | (102,447,417) |
| Departmental net debt | 2,636,030 | 3,227,232 | (591,202) |
| Total non-financial assets | 5,810,986 | 6,035,578 | (224,592) |
| Departmental net financial position | 3,174,955 | 2,808,346 | 366,609 |
Total net liabilities decreased by $103 million, as lower program payables reduced the amounts owing by over $102 million.
Total net financial assets have decreased by $102 million as a result of the lower program payables reducing the associated amount due from the Consolidated Revenue Fund. Accounts Receivable rose by over $100 million year over year due to higher recoverable advances for Grants & Contributions, but the category impact is offset in the amount due from the Consolidated Revenue Fund account. The following charts outline Infrastructure Canada's net liabilities and net financial assets.
3.2 Financial Statements
Infrastructure Canada's Financial Statementsvi can be found on the departmental website.
3.3 List of Supplementary Information Tables
The following Supplementary Information Tablesvii can be found on Infrastructure Canada's website.
- Details of Transfer Payment Programs
- Horizontal Initiatives
- Departmental Sustainable Development Strategy
- Response to Parliamentary Committees and External Audits
- Internal Audits and Evaluations
3.4 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 Evaluationsviii 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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