Future-Oriented Statement of Operations 2017-2018 (Unaudited)

 

Future-Oriented Statement of Operations (Unaudited)

For the year ending March 31
(in dollars)
Forecast Results
2016-2017
Planned Results
2017-2018
Expenses
  • Compliance with access to information obligations
  • Internal Services
  • $12,998,980
  • 3,796,455
  • $10,135,539
  • 3,027,500
Net cost of operations before government funding and transfers $16,795,435 $13,163,039

The accompanying notes form an integral part of the Future-Oriented Statement of Operations.

Notes to the Future-Oriented Statement of Operations (Unaudited)

1. Methodology and significant assumptions

The Future-Oriented Statement of Operations has been prepared on the basis of government priorities and departmental plans as described in the 2017-2018 Departmental Plan.

The information in the forecast results for fiscal year 2016-2017 is based on actual results as at December 31, 2016 and on forecasts for the remainder of the fiscal year. Forecasts have been made for planned results for 2017-2018 fiscal year.

The main assumptions underlying the forecasts are as follows:

  • (a) The Office of the Information Commissioner of Canada (OIC) activities will remain substantially the same as for the previous year.

  • (b) Expenses, including the determination of amounts internal and external to the government, are based on historical costs, trend analysis and other analytical methodologies. The general historical pattern is expected to continue.

  • (c) Estimated year end information for 2016-2017 is used as the opening position for the 2017-2018 planned results.

These assumptions are adopted as at December 31, 2016.

2. Variations and changes to the forecast financial information

While every attempt has been made to accurately forecast final results for the remainder of 2016-2017 and for 2017-2018, actual results achieved for both years are likely to differ from the forecast information presented, and this variation could be material.

In preparing this Future-Oriented Statement of Operations the Office of the Information Commissioner of Canada has made estimates and assumptions concerning the future. These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are based on past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and are continually evaluated.

Factors that could lead to material differences between the Future-Oriented Statement of Operations and the historical statements of operations include:

  • (a) The timing and amounts of acquisitions and disposals of property, plant and equipment may affect gains/losses and amortization expense.

  • (b) Implementation of new collective agreements.

  • (c) Other changes to the operating budget, such as new initiatives or technical adjustments later in the fiscal year.

After the 2017-2018 Departmental plan is tabled in Parliement, the Office of the Information Commissioner of Canada will not be updating the forecasts for any changes in financial resources made in ensuing supplementary estimates. Variances will be explained in the Departmental Results Report.

3. Summary of significant accounting policies

The Future-Oriented Statement of Operations has been prepared using the Government of Canada’s accounting policies in effect for fiscal year 2016-2017, and is based on Canadian public sector accounting standards. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian public sector accounting standards.

Significant accounting policies are as follows:

(a) Expenses

Expenses are recorded on an accrual basis. Expenses for the Office's operations are recorded when goods are received or services are rendered including services provided without charges for accommodation, employee contributions to health and dental insurance plans, legal services and worker’s compensation which are recorded as expenses at their estimated cost. Vacation pay and compensatory leave, as well as severance benefits, are accrued, and expenses are recorded as the benefits are earned by employees under their respective terms of employment.

Expenses also include provisions to reflect changes in the value of assets, including contingent liabilities to the extent the future event is likely to occur and a reasonable estimate can be made.

Expenses also include amortization of tangible capital assets which are capitalized at their acquisition cost. Amortization of tangible capital assets is done on a straight-line basis over the estimated useful life of the asset.

4. Parliamentary authorities

The Office is financed by the Government of Canada through parliamentary authorities. Financial reporting of authorities provided to the Office differs from financial reporting according to generally accepted accounting principles since authorities are primarily based on cash flow requirements. Items recognized in the Future-Oriented Statement of Operations in one year may be funded through parliamentary authorities in prior, current, or future years. Accordingly, the Office has different net cost of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables:

(a) Reconciliation of net cost of operations to requested authorities


(in dollars)
Forecast Results
2016-2017
Planned Results
2017-2018
Net cost of operations before government funding and transfers $16,795,435 $13,163,039
Adjustments for items affecting net cost of operations but not affecting authorities:    
Amortization of tangible capital assets
(391,505) (418,957)
Services provided without charge by other government departments
(1,553,466) (1,587,212)
Decrease (increase) in vacation pay and compensatory leave
29,669 (14,537)
Decrease in employee severance benefits
919 0
Total items affecting net cost of operations but not affecting authorities (1,914,383) (2,020,706)
Adjustments for items not affecting net cost of operations but affecting authorities:    
Acquisitions of tangible capital assets
278,122 52,152
Total items not affecting net cost of operations but affecting authorities 278,122 52,152
Requested authorities $15,159,174 $11,194,485

(b) Authorities requested


(in dollars)
Forecast Results
2016-2017
Planned Results
2017-2018
Authorities requested     
Vote 1 - Program expenditures
$13,574,141 $9,946,659
Statutory amounts: Contributions to employee benefit plans
1,585,033 1,247,826
Requested authorities $15,159,174 $11,194,485
Date modified: