Archived – Financial highlights

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Table 1 Condensed Statement of Operations and Departmental Net Financial Position (Unaudited)
For the Year Ended March 31, 2013
(thousands of dollars)
This table shows, in thousands of dollars, planned results for 2012/2013, actual results for 2012/2013 2011/2012 and 2011/2012 2012/2013, the difference in dollars between planned and actual results for 2012/2013, as well as the difference in dollars between actual results for 2012/2013 and 2011/2012, for total expenses, total revenues, net cost of operations before government funding and transfers and the departmental net financial position.
  2012/2013 Planned Results 2012/2013 Actual 2011/2012 Actual Footnote * $ Change (2012/2013 Planned vs. Actual) $ Change (2012/2013 Actual vs. 2011/2012 Actual)
Total expenses 667,695 631,138 985,929 36,557 (354,791)
Total revenues 97,748 91,825 112,657 5,923 (20,832)
Net cost of operations before government funding and transfers 569,947 539,313 873,272 30,634 (333,959)
Departmental net financial position 46,743 59,372 (5,304) (12,629) 64,676

The net cost of operations, before government funding and transfers, was $539.3 million, a decrease of $333.9 million, or 38.2%, from $873.2 million in 2011/2012. This decrease is mostly due to the completion of the census collection activities. There is also a decrease of $30.6 million, or 5.4%, from $569.9 planned for 2012/2013, to the actual, $539.3 million. The difference between Planned and Actual Spending is partially a result of the implementation of changes announced in Budget 2012.

Table 2 Condensed Statement of Financial Position (Unaudited)
As of March 31, 2013
(thousands of dollars)
This table shows, in thousands of dollars, total net liabilities, total net financial assets, the departmental net debt, total non-financial assets and the departmental net financial position for 2012/2013 and 2011/2012, and presents the difference in dollars between 2012/2013 and 2011/2012.
  2012/2013 2011/2012 $ Change
Total net liabilities 107,433 188,572 (81,139)
Total net financial assets 40,093 41,802 (1,709)
Departmental net debt 67,340 146,770 (79,430)
Total non-financial assets 126,712 141,466 (14,754)
Departmental net financial position 59,372 (5,304) 64,676

The departmental net financial position was $59.3 million at the end of 2012/2013, an increase of $64.7 million from -$5.3 million in 2011/2012. This increase is mostly due to two factors: the decrease in net liabilities resulting from an decrease in accrued liabilities as a result of payments for the workforce adjustment, $35.9 million or 86.7%; and the decrease in employee future benefits as a result of severance liquidation related to the signing of collective agreements, $36.8 million or 44.4%.

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