ARCHIVED – National Energy Board – 2013-14 Departmental Performance Report – Section III: Supplementary Information
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Section III: Supplementary Information
Financial Statements Highlights
The National Energy Board operates on a full accrual accounting basis according to Treasury Board’s policy for reporting based on generally accepted accounting principles (GAAP). The tables below provide highlights from the NEB’s Statement of Operations and Departmental Net Financial Position and Statement of Financial Position, as presented in its 2013-14 financial statements. As such, differences do exist between these tables and those presented in other sections of the Departmental Performance Report, which are prepared on the modified cash basis of accounting.
Prior to 2013-14, the NEB prepared unaudited fiscal financial statements for inclusion in the Public Accounts of Canada as well as audited calendar financial statements in accordance with the NEB Cost Recovery Regulations. Beginning in 2013-14 the NEB transitioned the audited statements from calendar year to the fiscal year accounting period. This has resulted in one set of audited financial statements for inclusion in the Public Accounts of Canada that also meets the requirements of the NEB Cost Recovery Regulations. The following condensed statements are taken from the 2013-14 audited fiscal financial statements. The comparative 2012-13 numbers include minor adjustments from those previously reported as a result of this one time transition.
| 2013–14 Planned Results |
2013-13 Actual |
2012-13 Actual |
Difference (2013-14 actual minus 2013–14 planned) |
Difference (2013-14 actual minus 2012-13 actual) |
|
|---|---|---|---|---|---|
| Total expenses | 76,076,000 | 82,149,942 | 78,061,795 | 6,073,942 | 4,088,147 |
| Total revenues | - | - | - | - | - |
| Net cost of operations before government funding and transfers | 76,076,000 | 82,149,942 | 78,061,795 | 6,073,942 | 4,088,147 |
| Departmental net financial position | (3,966,000) | 5,287,449 | (3,110,482) | 9,253,449 | 8,397,931 |
The variance between planned and actual spending for 2013-14 is approximately $6.0 million. Salary costs account for just over $4.0 million of this difference. This increase is related to a new collective agreement that was signed in 2013-14. Expenses for rental of office space were also higher than planned in 2013-14 in preparation for a complete office move to Center 10 in the first quarter of 2014-15.
The following graph presents NEB expenses by program.
Text description of this graph
NEB Expenses by Program
This pie chart shows the National Energy Board’s expenses by percentage and program:
- Energy Regulation: 69%
- Energy Information: 9%
- Internal Services: 22%
| 2013-14 | 2012-13 | Difference (2013-14 minus 2012-13) |
|
|---|---|---|---|
| Total net liabilities | 19,896,326 | 20,394,532 | (498,206) |
| Total net financial assets | 9,346,755 | 9,764,009 | (417,254) |
| Departmental net debt | 10,549,571 | 10,630,523 | (80,952) |
| Total non-financial assets | 15,837,020 | 7,520,041 | 8,316,979 |
| Departmental net financial position | 5,287,449 | (3,110,482) | 8,397,931 |
The NEB’s liabilities include short-term accounts payable and accrued liabilities of just over $9.0 million. There is also $10.5 million in employee leave and severance allowances. Net financial assets are comprised of funds to be received from the Consolidated Revenue Fund to cover the short-term accounts payable and accrued liabilities as well as a small amount of short-term accounts receivable. There was a significant increase in non-financial assets in 2013-14 due to expenditures related to the relocation to new office facilities in 2014-15.
Financial Statements
The NEB’s Financial Statements can be found on the NEB’s website.
Supplementary Information Tables
The supplementary information tables listed in the 2013-14 Departmental Performance Report can be found on the National Energy Board’s website.
- Departmental Sustainable Development Strategy;
- Internal Audits and Evaluations;
- Response to Parliamentary Committees and External Audits;
- Sources of Respendable and Non-Respendable Revenue; and
- User Fees Reporting
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 sole responsibility of the Minister of Finance.
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