Section III: Supplementary Information

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Financial Statements Highlights

Over the course of 2013-14, OSFI continued to operate on a full accrual accounting basis, in accordance with International Financial Reporting Standards.

The tables below provide highlights from OSFI’s Statement of Financial Position and Statement of Operations, as presented in its audited financial statements. As such, there are differences between these tables and those presented in other sections of the Departmental Performance Report, which are prepared on the appropriation (i.e. modified cash) basis of accounting, in accordance with the Guide to the Preparation of Part III of the 2013-14 Estimates. Typically the differences stem from the accounting treatment of capital expenditures and accounts receivable.

Office of the Superintendent of Financial Institutions
Condensed Statement of Operations and Departmental Net Financial Position (unaudited)
For the Year Ended March 31, 2014
(dollars)
  2013–14
Planned
Results
2013–14
Actual
2012–13
Actual
Difference (2013–14 actual minus 2013–14 planned) Difference (2013–14 actual minus 2012–13 actual)
Total expenses 143,298,000 141,861,746 127,734,502 (1,436,254) 14,127,244
Total revenues 142,389,369 140,916,688 126,825,133 (1,472,681) 14,091,555
Net cost of operations before government funding and transfers (909,369) (945,058) (909,369) (35,689) (35,689)
Departmental net financial position 24,988,000 24,988,000 24,988,000 0 0

Revenue by Type Chart 

[ text version ]

OSFI is funded mainly through asset-based, premium-based or membership-based assessments on the financial institutions and private pension plans that OSFI regulates and supervises, and a user-pay program for selected services. OSFI also receives revenues for cost-recovered services and a very small parliamentary appropriation for actuarial services relating to public sector employee pension and insurance plans. Overall, on an accrual basis, OSFI recovered all its expenses for the year.

Expenses by Type Chart 

[ text version ]

Total expenses were $141.9 million, a $14.1 million, or 11.1%, increase from the previous year, and $1.0 million lower than planned. Human resources costs, the main driver of OSFI’s expenses, rose by $11.1 million, or 11.4%. This was a result of an increase in personnel, including staffing vacant positions across all sectors, the full year impact of the previous year’s incremental new hires, and planned growth in employee compensation in accordance with collective agreements.

Office of the Superintendent of Financial Institutions
Condensed Statement of Financial Position (unaudited)
As at March 31, 2014
(dollars)
  2013–14 2012–13 Difference
(2013–14 minus
2012–13)
Total net liabilities 38,933,000 46,218,000 (7,285,000)
Total net financial assets 42,596,000 54,974,000 (12,378,000)
Departmental net debt 3,663,000 8,756,000 (5,093,000)
Total non-financial assets 21,325,000 16,232,000 5,093,000
Departmental net financial position 24,988,000 24,988,000 0

Financial Assets by Type - Chart 

[ text version ]

Total net financial assets at the end of 2013-14 were $42.6 million, a decrease of $12.4 million over the previous year’s assets, mostly driven by a decrease in the Cash Entitlement account, which represents the amount OSFI is entitled to withdraw from the Consolidated Revenue Fund without further authority.

Liabilities by Type - Chart 

[ text version ]

Total net liabilities were $38.9 million at the end of 2013-14, representing a $7.3 million decrease from the previous year. The decrease was primarily driven by a 24.6% decrease in the liability associated with employee future benefits due to the impact of the severance curtailment associated with employees under the Professional Institute of the Public Service of Canada (PIPSC) collective agreement.

Financial Statements

OSFI’s Audited Financial Statements, which are published in the Annual Report can be found on the OSFI website.Endnote viii

Supplementary Information Tables

The supplementary information tables listed in the 2013-14 Departmental Performance Report can be found on OSFI’s websiteEndnote ix.

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 x 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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