Supplementary Information

Previous Page | Table of Contents | Next Page

 

Section III: Supplementary Information

Financial Statements Highlights

Over the course of 2014-15, 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 2014-15 Estimates. Typically the differences stem from the accounting treatment of capital expenditures and accounts receivable. 

Condensed Statement of Operations (unaudited)
For the Year Ended March 31, 2015
(dollars)
Financial Information 2014–15
Planned
Results
2014–15
Actual
2013–14
Actual
Difference (2014–15 actual minus 2014–15 planned) Difference (2014–15 actual minus 2013–14 actual)
Total expenses 145,969,315 144,810,235 141,861,746 (1,159,080) 2,948,489
Total revenues 145,031,624 143,865,177 140,916,688 (1,166,447) 2,948,489
Net cost of operations
before government
funding and transfers
(937,691) (945,058) (945,058) (7,367) 0

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.

Revenue by Type

graph2

Total expenses were $144.8 million, a $2.9 million or 2.1% increase from the previous year, and $6.7 million lower than planned. The year-over-year growth was primarily driven by costs associated with OSFI’s ITR initiatives and rental costs for new space acquired in the Toronto and Ottawa offices. The lower spend than planned was largely due to the curtailment of spending in discretionary expenses and savings in personnel costs resulting from decisions to either defer staffing or not fill certain positions.

Expenses by Type

graph3
Condensed Statement of Financial Position (unaudited)
As at March 31, 2015
(dollars)
Financial Information 2014–15 2013–14 Difference
(2014–15 minus
2013–14)
Total net liabilities 46,683,000 38,933,000 7,750,000
Total net financial assets 51,752,000 42,596,000 9,156,000
Departmental net debt 5,069,000 3,663,000 1,406,000
Total non-financial assets 19,919,000 21,325,000 (1,406,000)
Departmental net financial position 24,988,000 24,988,000 0

Total net financial assets at the end of 2014-15 were $51.8 million, an increase of $9.2 million over the previous year’s assets, mostly driven by an increase in the Cash Entitlement account, which represents the amount OSFI is entitled to withdraw from the Consolidated Revenue Fund without further authority.

Financial Assets by Type

graph4

Total net liabilities were $46.7 million at the end of 2014-15, which was $7.8 million higher than the previous year. The growth was attributed primarily to an increase in the liability related to salaries and benefits due to the Government of Canada’s move to pay in arrears, and to an increase in Unearned Base Assessments as a result of lower than planned spend of $6.7 million as discussed above.

Liabilities by Type

graph5

Financial Statements

OSFI’s Audited Financial Statements, which are published in the Annual Report can be found on OSFI’s web site.

Supplementary Information Tables

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

▶ Departmental Sustainable Development Strategy;

▶ Internal Audits; and

▶ User Fees, Regulatory Charges and External Fees.

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

 

Previous Page | Table of Contents | Next Page