Statistics Canada: Financial statements March 31, 2012

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Financial statements March 31, 2012 Statement of Management Responsibility March 31, 2012 Statistics Canada (referred to hereafter as the agency) management is responsible for these Future-oriented Financial Statements, including responsibility for the appropriateness of the assumptions on which these statements are prepared. These statements are based on the best information available and assumptions adopted as at December 31, 2010, and reflect the plans described in the Report on Plans and Priorities. The Departmental Audit Committee (DAC) ensures that the Chief Statistician has independent, objective advice, guidance on the adequacy of the agency’s risk-management, control and governance processes. It does this by exercising active oversight on core areas of the agency's control and accountability in an integrated and systematic way. The DAC has an oversight responsibility for the Future-oriented Financial Statements of the organization. The DAC reviewed the 2011-12 Future-oriented Financial Statements for information purposes. The DAC will review the 2012-13 Future-oriented Financial Statements and significant accounting estimates and determine their acceptability. The Future-oriented Financial Statements of Statistics Canada have not been audited. The original version was signed by Wayne R. Smith, Chief Statistician and by Michel Cloutier, Chief Financial Officer.

Future-oriented Statement of Financial Position (Unaudited) As at March 31 (in thousands of dollars) Estimated Results 2011

ASSETS Financial assets Due from Consolidated Revenue Fund Accounts receivable and advances (Note 7)

Forecast 2012

46,905 8,169

43,263 8,308

Total financial assets

55,074

51,571

Non-financial assets Prepaid expenses Inventory (Note 8) Tangible capital assets (Note 9)

4,392 3,309 156,810

4,857 3,216 157,935

164,511

166,008

219,585

217,579

50,265 24,388 5,000 938 84,833

46,711 24,923 5,000 666 85,439

Equity of Canada

165,424

162,739

54,161

54,840



219,585

217,579

Total non-financial assets LIABILITIES AND EQUITY OF CANADA Liabilities Accounts payable and accrued liabilities (Note 10) Vacation pay and compensatory leave Deferred revenue (Note 11) Lease obligation for tangible capital assets (Note 12) Employee future benefits (Note 13)

Information for the year ended March 31, 2011 includes actual amounts from April 1, 2010 to December 31, 2010. Contingent Liabilities (Note 14) Contractual Obligations (Note 15) The accompanying notes form an integral part of these Future-oriented Financial Statements.

Future-oriented Statement of Operations (Unaudited) For the Year Ending March 31 (in thousands of dollars) Estimated Results 2011



Forecast 2012

Expenses Economic Statistics Social Statistics Census, Demography and Aboriginal Statistics Internal Services Total Expenses Revenues Economic Statistics Social Statistics Census, Demography and Aboriginal Statistics Internal Services

229,662 209,384 203,769 93,663

255,025 218,636 382,899 98,322

736,478

954,882

22,390 51,895 19,505 3,725

27,851 50,181 32,866 4,146

97,515

115,044

638,963

839,838

Total Revenues Net Cost of Operations Information for the year ended March 31, 2011 includes actual amounts from April 1, 2010 to December 31, 2010. Segmented Information (Note 17) The accompanying notes form an integral part of these Future-oriented Financial Statements.

Future-oriented Statement of Equity of Canada (Unaudited) For the Year Ending March 31 (in thousands of dollars) Estimated Results 2011

Equity of Canada, beginning of year Net cost of operations Net cash provided by Government Change in Due from the Consolidated Revenue Fund Services provided without charge by other government departments (Note 16)

Forecast 2012 47,146

54,161

(638,963) 573,116 1,675 71,187

(839,838) 764,411 (3,642) 79,748

54,161

54,840

Equity of Canada, end of year Information for the year ended March 31, 2011 includes actual amounts from April 1, 2010 to December 31, 2010. The accompanying notes form an integral part of these Future-oriented Financial Statements.

Future-oriented Statement of Cash Flows (Unaudited) For the Year Ending March 31 (in thousands of dollars) Estimated Results 2011

Operating activities Net cost of operations Non-cash items: Amortization of tangible capital assets Services provided without charge by other government departments (Note 16) Variations in Statement of Financial Position: Increase (decrease) in accounts receivable and advances Increase (decrease) in prepaid expenses Increase (decrease) in inventory Decrease (increase) in accounts payable and accrued liabilities Decrease (increase) in vacation pay and compensatory leave Decrease (increase) in deferred revenue Decrease (increase) in employee future benefits Cash used in operating activities Capital investment activities Net acquisitions of tangible capital assets

Forecast 2012

638,963

839,838

(35,958) (71,187)

(39,655) (79,748)

1,516 (931) 30 (3,871) 528 744 (2,785)

139 465 (93) 3,554 (535) (606)

527,049

723,359

46,546

40,780

46,546

40,780

(479)

272

(479)

272

573,116

764,411

Cash used in capital investing activities Financing activities Decrease (increase) in lease obligation for tangible capital assets Cash used in financing activities Net cash provided by Government of Canada Information for the year ended March 31, 2011 includes actual amounts from April 1, 2010 to December 31, 2010. The accompanying notes form an integral part of these Future-oriented Financial Statements.

Notes to the Future-oriented Financial Statements (Unaudited) For the Year Ending March 31 1. Authority and Objectives Statistics Canada (the agency) was established in 1918 pursuant to the Statistics Act. The agency received full departmental status by order-in-council in 1965. The agency is a division of the public service named in Schedule I.1 of the Financial Administration Act. The minister currently responsible for Statistics Canada is the Minister of Industry, who represents the agency in Parliament and Cabinet. The agency’s mandate derives primarily from the Statistics Act. The act requires the agency, under the direction of the Minister, to collect, compile, analyze and publish statistical information on the economic, social and general conditions of the country and its citizens. Statistics Canada’s mandate also provides for co-ordination and leadership of the country’s statistical system. The agency’s mandate has two primary objectives: to provide statistical information and analysis of the economic and social structure and functioning of Canadian society as a basis for the development, operation and evaluation of public policies and programs, for public and private decision-making and for the general benefit of all Canadians; to promote the quality, coherence and international comparability of Canada’s statistics through collaboration with other federal departments and agencies, with the provinces and territories and in accordance with sound scientific standards and practices. To facilitate the understanding of the agency’s program activity architecture, its activities have been grouped into four program activities: Economic Statistics, Social Statistics, Census, Demography and Aboriginal Statistics, and Internal Services. The Economic Statistics activity provides information and analysis on the entire spectrum of Canadian economic activity, both domestic and international, through a set of macro-economic statistics and focuses on the business and trade sectors of the Canadian economy. The Social Statistics activity provides information on the economic and social characteristics of individuals, families and households in Canada, and on the major factors that can contribute to their well-being. The Census, Demography and Aboriginal Statistics activity (called Census Statistics prior to 2008-09) provides benchmark information on the structure of the Canadian population, its demographic characteristics and conditions, and their change over time. The Internal Services activity supports the entire agency in areas such as finance, human resources, communications and client services. 2. Significant Assumptions The Future-oriented Financial Statements have been prepared on the basis of the government priorities and the plans of the agency described in the Report on Plans and Priorities. The main assumptions are as follows: The agency’s activities will remain substantially the same as in the previous year, with the exception of the activities related to the Censuses and National Household Survey, which will represent a significant fluctuation in expenses in 2011-12; Expenses and revenues, including the determination of amounts internal and external to the government, are based on historical trends and known cyclical changes. Estimated year-end information for 2010-11 is used as the opening position for the 2011-12 forecasts. These assumptions were adopted as at December 31, 2010. 3. Variations and Changes to the Forecast Financial Information While every attempt has been made to accurately forecast final results for the remainder of 2010-11 and for 2011-12, actual results achieved for both years are likely to vary from the forecast information presented, and this variation could be material. In preparing these financial statements, the agency has made estimates and assumptions concerning the future. These estimates and judgments may differ from the subsequent actual results. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Factors that could lead to material differences between the Future-oriented Financial Statements and the historical financial statements include a. the timing and amounts of acquisitions and disposals of equipment may affect gains/losses and amortization expense b. economic conditions may affect both the amount of revenue earned and the collectability of receivables c. further changes to the operating budget through additional initiatives or technical adjustments later in the year. Once the Report on Plans and Priorities is presented, Statistics Canada will not be updating the forecasts for any changes to appropriations or forecast financial information made in ensuing supplementary estimates. Variances will be explained in the Departmental Performance Report. 4. Summary of Significant Accounting Policies The Future-oriented Financial Statements have been prepared in accordance with Treasury Board accounting policies stated below, which are based on Canadian generally accepted accounting principles for the public sector. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian generally accepted accounting principles. Significant accounting policies are as follows: a. Parliamentary appropriations — the agency is financed by the Government of Canada through parliamentary appropriations. The cash accounting basis is used to recognize transactions affecting parliamentary appropriations. The Future-oriented Financial Statements are based on accrual accounting. Consequently, items presented in the Future-oriented Statement of Operations and the Future-oriented Statement of Financial Position are not necessarily the same as those provided through appropriations from Parliament. Note 6 reconciles the bases of reporting. b. Net Cash Provided by Government — The agency operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada. All cash received by the agency is deposited to the CRF, and all cash disbursements made by the agency are paid from the CRF. The net cash provided by Government is the difference between all cash receipts and all cash disbursements, including transactions between departments of the federal government. c. Amounts due from/to the CRF are the result of timing differences at year-end between the moment a transaction affects authorities and when it is processed through the CRF. Amounts due from the CRF represent the net amount of cash that the agency is entitled to draw from the CRF without further appropriations to discharge its liabilities. d. Revenues are presented on an accrual basis: Revenues from regulatory fees are recognized in the accounts based on the services provided in the year. Funds received from external parties for specified purposes are recorded upon receipt as deferred revenues. These revenues are recognized in the period in which the related expenses are incurred. Funds that have been received are recorded as deferred revenue, provided the agency has an obligation to other parties for the provision of goods, services or the use of assets in the future. Other revenues are accounted for in the period in which the underlying transaction or event occurred that gave rise to the revenues. e. Expenses are presented on an accrual basis: Contributions are recognized in the year in which the recipient has met the eligibility criteria or fulfilled the terms of a contractual transfer agreement, provided that the transfer is authorized and a reasonable estimate can be made. Vacation pay and compensatory leave are accrued as the benefits are earned by employees under their respective terms of employment. Services provided without charge by other government departments for accommodation, employer’s contribution to the health and dental insurance plans, legal services and workers’ compensation are recorded as operating expenses at their estimated cost. f. Employee future benefits Pension benefits: Eligible employees participate in the Public Service Pension Plan, a multiemployer pension plan administered by the Government of Canada. The agency’s contributions to the plan are charged to expenses in the year incurred and represent the total departmental obligation to the plan. Current legislation does not require the agency to make contributions for any actuarial deficiencies of the plan. Severance benefits: Employees are entitled to severance benefits under labour contracts or conditions of employment. These benefits are accrued as employees render the services necessary to earn them. The obligation relating to the benefits earned by employees is calculated using information derived from the results of the actuarially determined liability for employee severance benefits for the Government as a whole. g. Accounts receivable are stated at the lower of cost and net recoverable value. h. Contingent liabilities — Contingent liabilities are potential liabilities which may become actual liabilities when one or more future events occur or fail to occur. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense recorded. If the likelihood is not determinable or an amount cannot be reasonably estimated, the contingency is disclosed in the notes to the future-oriented financial statements. i. Inventories — Inventories are recorded as an asset until issued for consumption or sale, at which time they are expensed. The agency records two types of inventories: Inventories held for resale — These are publications and special statistical services that will be sold in the future in the ordinary course of business to parties outside of the government reporting entity. They are valued at their average production cost. Inventories held for consumption — These are inventories held for future program delivery and not intended for resale. They are valued at their acquisition cost. If they no longer have service potential, they are valued at the lower of cost or net realizable value. j. Tangible capital assets — All tangible capital assets and leasehold improvements having an initial cost of $10,000 or more are recorded at their acquisition cost. The agency does not capitalize intangibles, works of art and historical treasures that have a cultural, aesthetic or historical value, assets located on Indian reserves and museum collections. Amortization of tangible capital assets is done on a straight-line basis over the estimated useful life of the asset as follows: Asset class

Amortization period

Computer hardware

5 years

Computer software

5 years

Other equipment

5 years

Motor vehicles

7 years

Leasehold improvements

25 years

Software under development

Once in service

Leased tangible capital assets

Term of lease

Assets under construction are recorded in the applicable capital asset class in the year that they become available for use, and are not amortized until they become available for use. 5. Measurement Uncertainty The preparation of these Future-oriented Financial Statements in accordance with Treasury Board accounting policies, which are consistent with Canadian generally accepted accounting principles for the public sector, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses reported in the Future-oriented Financial Statements. At the time of preparation of these statements, management believes the estimates and assumptions to be reasonable. Actual results could differ significantly from those estimated. Management’s estimates are reviewed periodically and, as adjustments become necessary, they are recorded in the Future-oriented Financial Statements in the year they become known. 6. Parliamentary Appropriations The agency receives most of its funding through expenditure authorities provided by Parliament. Items recognized in the Statement of Operations and Statement of Financial Position in one year may be funded through parliamentary authorities in prior, current or future years. Accordingly, the agency has different net results 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. Authorities provided and to be used Estimated Results 2011

Vote 105 — Operating expenditures Statutory amounts

Forecast 2012

(in thousands of dollars) 523,288 81,923

700,198 90,305

605,211

790,503

(30,484)

(29,785)

574,727

760,718

Less lapsed appropriations: Operating Forecast authorities to be used b. Reconciliation of net cost of operations to authorities to be used

Estimated Results 2011



Forecast 2012

(in thousands of dollars)

Net cost of operations Adjustments for items affecting net cost of operations but not affecting authorities: Amortization of tangible capital assets Services provided without charge by other government departments Vacation pay and compensatory leave Employee future benefits Reversal of prior year prepaid expenses Inventory usage

638,963

839,838

(35,958) (71,187) 528 (2,785) (5,323) 30

(39,655) (79,748) (535) (606) (4,392) (93)

Adjustments for items not affecting net cost of operations but affecting authorities: Decrease (increase) in lease obligations for tangible capital assets Acquisitions of tangible capital assets Increase in prepaid expenses

524,268

714,809

(479) 46,546 4 ,392 50,459

272 40,780 4,857 45,909

Forecast authorities to be used

574,727

760,718

7. Accounts Receivable and Advances The following table presents details of the accounts receivable and advances. Estimated Results 2011



Forecast 2012

(in thousands of dollars) 3,233 4,809 127

Receivables from other government departments and agencies Receivables from external parties Employee advances

3,320 4,861 127

8,169

Total

8,308

8. Inventory The following table presents details of the inventory. Estimated Results 2011



Forecast 2012

(in thousands of dollars) 477 2,262 570

Inventory held for consumption — StatCan Store (office supplies) Inventory held for consumption — warehouse (furniture) Inventories for resale — publications

559 2,162 495

3,309



3,216

9. Tangible Capital Assets 10. Accounts Payable and Accrued Liabilities The following table presents details of the agency’s accounts payable and accrued liabilities. Estimated Results 2011



Forecast 2012

(in thousands of dollars) 31,351 13,177 5,737

Accounts payable external parties Accounts payable to other Federal Government departments and agencies Accrued salaries and wages

26,784 10,866 9,061

50,265

Total accounts payable and accrued liabilities

46,711

11. Deferred Revenue Deferred revenue represents the balance at year-end of unearned revenues stemming from amounts received from external parties that are restricted to fund the expenses related to specific projects and amounts received for fees prior to services being performed. Revenue is recognized in the period in which these expenses are incurred or the service is performed. Details of the transactions related to this account are as follows: Estimated Results 2011

Opening balance Amount expected to be received Revenues recognized

Forecast 2012

(in thousands of dollars) 5,744 96,771 (97,515)

5,000 115,044 (115,044)

5,000

5,000

Closing balance 12. Lease Obligation for Tangible Capital Assets

Statistics Canada has entered into agreements to lease all photocopiers under capital lease with a cost of $1,154,095 and accumulated amortization of $497,884 as at March 31, 2012 ($1,095,557 and $546,844, respectively, as at March 31, 2011). The obligations for the coming years include the following: Estimated Results 2011 Maturing year

Forecast 2012

(in thousands of dollars) 289 256 203 146 81 7

2012 2013 2014 2015 2016 2017 and thereafter

256 203 146 81 7

Total future minimum lease payments Less: imputed interest

982 (44)

693 (27)

Balance of obligations

938

666

13. Employee Future Benefits a. Pension benefits: The agency's employees participate in the Public Service Pension Plan, which is sponsored and administered by the Government of Canada. Pension benefits accrue up to a maximum period of 35 years at a rate of 2 percent per year of pensionable service, times the average of the best five consecutive years of earnings. The benefits are integrated with Canada/Quebec Pension Plan benefits, and they are indexed to inflation. Both the employees and the agency contribute to the cost of the plan. The forecast expense amounts are $55,582,526 in 2010-11 and $55,582,526 in 2011-12. The agency's responsibility with regard to the plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the Future-oriented Financial Statements of the Government of Canada, the plan's sponsor. b. Severance benefits: The agency provides severance benefits to its employees based on eligibility, years of service and final salary. These severance benefits are not pre-funded. Benefits will be paid from future authorities. Information about the severance benefits, estimated as at the date of this statement, is as follows: Estimated Results 2011

Accrued benefit obligation, beginning of year Expense or adjustment for the year Expected benefit payments during the year

Forecast 2012

(in thousands of dollars) 82,047 10,634 (7,848)

84,833 8,454 (7,848)

84,833

85,439

Accrued benefit obligation, end of year 14. Contingent Liabilities Contingent liabilities arise in the normal course of operations, and their ultimate disposition is unknown. Claims and litigation

Claims have been made against the agency in the normal course of operations. These claims include items with pleading amounts and other for which no amount is specified. Some of these potential liabilities may become actual liabilities when one or more future events occur or fail to occur. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense is recorded in the Future-oriented Financial Statements. 15. Contractual Obligations The nature of the agency’s activities can result in some large multi-year contracts and obligations whereby it will be obligated to make future payments when the services/goods are received. Significant contractual obligations that can be reasonably estimated are summarized as follows:

(in thousands of dollars)

2012

2013

2014

2016 and thereafter

2015

Total

Software, licences and/or certificates (PWGSC) Language training Other

2,100 373 871

2,100 292

2,100 166

-

-

6,300 373 1,329

Total

3,344

2,392

2,266

-

-

8,002

16. Related Party Transactions The agency is related as a result of common ownership to all government departments, agencies, and Crown corporations. The agency enters into transactions with these entities in the normal course of business and on normal trade terms. During the year, the agency received common services that were obtained without charge from other government departments, as disclosed below. Common services provided without charge by other government departments During the year, the agency is forecast to receive without charge from other departments, accommodation, legal services, the employer’s contribution to the dental and health insurance plans and worker’s compensation coverage. These services provided without charge have been recognized in agency’s Future-Oriented Statement of Operations as follows:

Accommodation Employer's contribution to the health and dental insurance plans Worker's compensation Legal services Total

Estimated Results 2011

Forecast 2012

(in thousands of dollars) 33,726 37,192 158 111 71,187

38,418 41,076 143 111 79,748

The Government has structured some of its administrative activities for efficiency and cost effectiveness purposes so that one department performs these on behalf of all without charge. The costs of these services, which include payroll and cheque issuance services provided by Public Works and Government Services Canada and audit services provided by the Office of the Auditor General, are not included as an expense in the agency’s Statement of Operations. 17. Segmented Information Date Modified: 2011-06-09

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Statistics Canada: Financial statements March 31, 2012

Home > Financial statements March 31, 2012 Statement of Management Responsibility March 31, 2012 Statistics Canada (referred to hereafter as the agen...

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