Section III: Supplementary Information

Previous Page | Table of Contents | Next Page

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 OSFI’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 OSFI’s website.

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 142,106,000 145,969,000 3,863,000
Total revenues 142,106,000 145,969,000 3,863,000
Net cost of operations 0 0 0

OSFI matches its revenues to its costs. The difference between the figures above and the planned spending amounts provided in other sections of the RPP is due to a different basis of accounting and relate to such items as non-respendable revenues, amortization, severance pay liability adjustment and accrued interest costs. The year-over-year increase of $3,863,000 or 2.7%, in revenues and expenses in 2014-15 is largely related to the full year impact of new resources added in 2013-14 and to annual merit and inflationary increases. For more information, refer to the future-oriented statement of operations found on OSFI’s Web site.

List of Supplementary Information Tables

The supplementary information tables listed in the 2014-15 Report on Plans and Priorities can be found on OSFI’s website.

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

Previous Page | Table of Contents | Next Page