Office of the Superintendent of Financial Institutions
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Budgetary Financial Resources (dollars)
Human Resources (Full-Time Equivalents [FTEs])
Budgetary Performance Summary for Program(s) and Internal Services (dollars)
OSFI’s 2015-16 actual expenditures were $3.7 million or 2.5% lower than planned due to a higher number of vacant positions and longer periods than anticipated to staff them. OSFI’s total expendituresFootnote 3 in the next two years are expected to remain relatively stable, increasing slightly for normal economic and merit adjustments in accordance with collective agreements.
Fluctuations between 2013-14 and 2017-18 are largely due to non-recurring costs. At the program level, the significant changes are as follows:
The graph above represents OSFI’s actual and planned spending from 2013-14 to 2018-19. Statutory expenditures, which are recovered from respendable revenueFootnote 5, represent 99.4% of total expenditures. The remaining 0.6% of OSFI’s spending is funded from a Parliamentary appropriation for actuarial services related to federal public sector pension and benefit plans.
For information on OSFI’s organizational voted and statutory expenditures, consult the Public Accounts of Canada 2016.
Alignment of 2015-16 Actual Spending With the Whole-of-Government Framework (dollars)
Total Spending by Spending Area (dollars)
The financial statements are included in the 2015-16 Annual Report available on OSFI’s website.
Financial Statements Highlights
Over the course of 2015-16, 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 Operations and Statement of Financial Position, 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 2015-16 Estimates. Typically the differences stem from the accounting treatment of capital expenditures and accounts receivable.
OSFI’s Future-Oriented Statement of Operations is available on OSFI’s website.
OSFI is funded mainly through asset-based, premium-based or membership-based assessments on the financial institutions and private pension plans that it regulates and supervises, and a user-pay program for selected services. OSFI also receives revenues for cost-recovered services and a small parliamentary appropriation for actuarial services relating to public sector employee pension and insurance plans. Overall, on an accrual basis of accounting, OSFI recovered all its expenses for the year.
Total expenses were $143.6 million, a $1.3 million or 0.9% decrease from the previous year, and $6.5 million lower than planned. The year-over-year decrease was primarily attributable to lower professional services costs due to the completion in 2014-15 of OSFI’s Information and Technology Renewal Program. These were partially offset by an increase in office rental costs as a result of additional space to accommodate the previous year’s growth in staff and normal annual escalation of existing lease rates.
Total net financial assets at the end of 2015-16 were $51.0 million, a decrease of $0.8 million from the previous year. A decrease in trade and other receivables, driven by lower user fees and charges related to financial institutions assigned a stage rating, was partly offset by an increase in the Cash Entitlement account, which represents the amount that OSFI is entitled to withdraw from the Consolidated Revenue Fund without further authority.
Total net liabilities were $46.0 million at the end of 2015-16, which was $0.7 million lower than the previous year. The reduction was driven by a decrease in unearned base assessments, which represent the difference between billed estimates and actual costs incurred for the year, and a decrease in the severance liability as a result of payments to eligible departing employees. These were partly offset by an increase in accrued salaries and benefits, mainly for the estimated economic adjustments for fiscal year 2015-2016 that are expected to become payable once new collective agreements for that year are reached with OSFI’s two unions.
The difference between Total Authorities Available for Use and Planned Spending represents an available statutory contingency, duly reported in Public Accounts, which is not part of planned spending.
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The majority of OSFI’s expenditures are recovered via respendable revenue. In order to provide an accurate representation of OSFI’s spending, amounts shown reflect gross expenditures.
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The cost of new enabling technology to support OSFI’s updated supervisory methodology and processes has not yet been determined and will be reflected in future budgetary estimates.
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As noted for total expenditures above, the cost of new enabling technology to support OSFI’s updated supervisory methodology and processes has not yet been determined and will be reflected in future budgetary estimates.
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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, cost-recovered services, and a user-pay program for selected services.
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