Future-Oriented Financial Statement (unaudited) as of March 31, 2013 and 2014

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Publication author : Canada Economic Development for Quebec Regions

Publish date : March 28, 2013

Summary :

This report presents Canada Economic Development's future-oriented financial statements (unaudited) as of March 31, 2013 and 2014.

Financial Position

Statement of management responsibility

Responsibility for the compilation, content, and presentation of the future-oriented financial information accompanying the results for the years ending March 31, 2013 and 2014 rests with the management of the Canada Economic Development for the Regions of Quebec Agency. These financial statements were prepared by management in accordance with Treasury Board accounting policies, which are consistent with Canadian generally accepted accounting principles for the public sector. The future-oriented financial information and accompanying notes are submitted in Part III of the Main Estimates (Report on Plans and Priorities), and will be used in the Agency’s Departmental Performance Report to compare with actual results.

These forecasts and future projections are based upon information available and known to management at the time of development. They reflect current business and economic conditions, assume a continuation of current governmental priorities and are consistent with the Agency’s mandate and strategic objectives. Much of the future-oriented financial information uses best estimates, assumptions and judgment to derive forecasts and future projections while giving due consideration to materiality. At the time of preparation of this information, management believes these estimates and assumptions to be reasonable. The assumptions were adopted as at November 30th, 2012, and reflect the plans described in the Report on Plans and Priorities. However, as with any use of estimates and assumptions, there is a measure of uncertainty surrounding them. This uncertainty increases as the forecast horizon extends. Furthermore, to fulfill its accounting and reporting responsibilities, management maintains a set of accounts that provides a centralized record of the Agency’s financial transactions.

The Agency’s future-oriented financial statements have not been audited.

____________________________
Guy Mc Kenzie,
Deputy Head/President

____________________________
Pierre Bordeleau,
Chief Financial Officer

Montreal, Canada

____________________________
Date

Future-Oriented Statement of Financial Position (Unaudited)
As at March 31
(in thousands of dollars)
Statement of results Planned
results
2014
Estimated
results
2013
Liabilities
Accounts payable and accrued liabilities (note 6) $49,301 $51,466
Vacation pay and compensatory leave 1,506 1,709
Employee future benefits (note 7) 2,986 3,389
Total gross liabilities 53 793 56,564
Liabilities held on behalf of Government
Accounts payable and accrued liabilities (note 6) (14,770) (15,542)
Total liabilities held on behalf of Government (14,770) (15,542)
Total net liabilities 39,023 41,022
Financial assets
Due from Consolidated Revenue Fund 34,430 35,828
Accounts receivable and advances (note 8) 857 985
Loans receivable (note 9) 281,524 260,598
Total gross financial assets 316 811 297,411
Financial assets held on behalf of Government
Accounts receivable and advances (note 8) (665) (784)
Loans receivable (note 9) (281,524) (260,598)
Total financial assets held on behalf of Governement (282,189) (261,382)
Total net financial assets 34,622 36,029
Departmental net debt 4,401 4,993
Non-financial assets
Prepaid expenses 469 486
Tangible capital assets (note 10) 751 995
Total non-financial assets 1,220 1,481
Departmental net financial position $ (3,181) $ (3,512)

Contractual obligations (note 11)

Information for the year ending March 31, 2013, includes actual amounts from April 1, 2012, to November 30, 2012.

The accompanying notes form an integral part of the future-oriented financial statements.

____________________________
Guy Mc Kenzie
Deputy Head/President

____________________________
Pierre Bordeleau,
Chief Financial Officer

Montreal, Canada

____________________________
Date

Future-Oriented Statement of Operations and Departmental Net Financial Position (Unaudited)
For the Year Ended March 31
(in thousands of dollars)
Statement of results Planned
results
2014
Estimated
results
2013
Expenses
Business Development $102,869 $101,107
Regional Economic Development 39,565 20,570
Strengthening Community Economies 41,572 79,303
Internal Services 16,775 20,979
Expenses incurred on behalf of the Government (13,138) (28,596)
Total expenses 187,643 193,363
Revenues
Interest income 620 379
Miscellaneous revenues 198 144
Revenues earned on behalf of Government (818) (523)
Total revenues 0 0
Net cost of operations before government funding 187,643 193,363
Government funding
Net cash provided by Government 183,857 243,811
Change in due from Consolidated Revenue Fund (1,398) (53,988)
Services provided without charge by other government departments (note 12 a)) 5,515 5,828
Net cost of operations after government funding (331) (2,288)
Departmental net financial position – Beginning of year (3,512) (5,800)
Departmental net financial position – End of year $ (3,181) $ (3,512)

Segmented information (note 13)

Information for the year ending March 31, 2013, includes actual amounts from April 1, 2012, to November 30, 2012.

The accompanying notes form an integral part of these financial statements.

Future-Oriented Statement of Change in Departmental Net Debt (Unaudited)
For the Year Ended March 31
(in thousands of dollars)
Statement of results Planned
results
2014
Estimated
results
2013
Net cost of operations after government funding $ (331) $ (2 288)
Change due to tangible capital assets
Acquisition of tangible capital assets (note 10) 243 259
Amortization of tangible capital assets (note 10) (480) (590)
Proceeds from disposal of tangible capital assets (7) (7)
Total change due to tangible capital assets (244) (338)
Change due to prepaid expenses (17) 226
Net decrease in departmental net debt (592) (2,400)
Departmental net debt – Beginning of year 4,993 7,393
Departmental net debt – End of year $4,401 $4,993

Information for the year ending March 31, 2013, includes actual amounts from April 1, 2012, to November 30, 2012.

The accompanying notes form an integral part of these financial statements.

Future-Oriented Statement of Cash Flow (Unaudited)
For the Year Ended March 31
(in thousands of dollars)
Statement of results Planned
results
2014
Estimated
results
2013
Operating activities
Net cost of operations before government funding $187,643 $193,363
Non-cash items:
Amortization of tangible capital assets (note 10) (480) (590)
Services provided without charge by other government departments (note 12 a)) (5,515) (5,828)
Variations in Statement of Financial Position:
Increase (decrease) in accounts receivable and advances (9) 18
Increase (decrease) in prepaid expenses (17) 226
Decrease in accounts payable and accrued liabilities 1,393 53,968
Decrease in vacation pay and compensatory leave 203 106
Decrease in future employee benefits 403 2,296
Cash used in operating activities 183,261 243,559
Capital investing activities :
Acquisition of tangible capital assets (note 10) 243 259
Proceeds from disposal of tangible capital assets (7) (7)
Cash used in capital investing activities 236 252
Net cash provided by Government of Canada $183,857 $243,811

Information for the year ending March 31, 2013, includes actual amounts from April 1, 2012, to November 30, 2012.

The accompanying notes form an integral part of these financial statements.

Notes to the Future-Oriented Financial Statements (Unaudited)

1. Authority and Objectives

Under the Economic Development Agency of Canada for the Regions of Quebec Act, which came into force on October 5, 2005, the mission of the Agency is to promote the long-term economic development of the regions of Quebec by giving special attention to those regions where slow economic growth is prevalent or where opportunities for productive employment are inadequate. In carrying out its mission, the Agency shall take such measures that will promote co-operation and complementarity with Quebec and the communities of Quebec.

To carry out its mandate, the Agency works toward a strategic outcome: Quebec’s regions have a growing economy. To attain this strategic outcome, the Agency uses the following four program activities:

2. Underlying assumptions

The future-oriented statements were prepared on the basis of government policies and priorities and according to the requirements of Treasury Board Accounting Policies which are based on Canadian generally accepted accounting principles for the public sector. They were prepared on the assumption that the resources provided will enable the Agency to deliver the expected results specified in the Report on Plans and Priorities. The forecasting of future results was compiled on the basis of historical costs and trends. The information in the estimated results for fiscal year 2012-2013 is based on actual results as at November 30,2012 and forecasts for the remainder of the fiscal year. The assumptions, adopted as at November 30, 2012, are as follows:

3. Variations and changes to the forecast financial information

In preparing these financial statements, the Economic Development Agency of Canada for the Regions of Quebec has made estimates and assumptions concerning the future. These estimates and hypotheses may differ from the subsequent actual results. Estimates and hypotheses are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

While every effort has been made to accurately forecast final results for the 2012-2013 and 2013-2014 fiscal years, actual results for the two fiscal years may vary from the forecast information presented and this variation could be material.

Factors which could lead to material differences between the future-oriented financial statements and the historical statements include:

Once the Report on Plans and Priorities is presented, the Agency will not be updating the forecasts for any changes to appropriations or financial forecast made in supplementary estimates. Variances will be explained in the Departmental Performance Report.

4. Summary of significant accounting policies

These financial statements have been prepared using the Government's accounting policies stated below, which are 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:

  1. Parliamentary authorities - The Agency is financed by the Government of Canada through Parliamentary authorities. Financial reporting of authorities provided to the Agency do not parallel financial reporting according to generally accepted accounting principles since authorities are primarily based on cash flow requirements. Consequently, items recognized in the Statement of Operations and Departmental Net Financial Position and in the Statement of Financial Position are not necessarily the same as those provided through authorities from Parliament. Note 5 provides a reconciliation between the bases of reporting.
  2. 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 Government.
  3. Amounts due from or to the CRF are the result of timing differences at year-end between when 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 Department is entitled to draw from the CRF without further authorities to discharge its liabilities.
  4. Revenues - Revenues are accounted for in the period in which the underlying transaction or event occurred that gave rise to the revenues, except for the item listed below. Loans are non-interest bearing and, due to the uncertainty as to ultimate collection, interest income is only charged on overdue amounts when received. Other revenues consist of other fees and gains on the disposal of capital and non-capital assets.

    Revenues that are non-respendable are not available to discharge the Agency’s liabilities. While the Deputy Head is expected to maintain accounting control, he has no authority regarding the disposition of non-respendable revenues. As a result, non-respendable revenues are considered to be earned on behalf of the Government of Canada and are therefore presented in reduction of the entity’s gross revenues.
  5. Expenses - Expenses are recorded on the accrual basis:
    • Transfer payments are recorded as expenses when authorization for the payment exists and the recipient has met the eligibility criteria or the entitlements established for the transfer payment program. In situations where payments do not form part of an existing program, transfer payments are recorded as expenses when the Government announces a decision to make a non-recurring transfer, provided the enabling legislation or authorization for payment receives parliamentary approval prior to the completion of the financial statements. Transfer payments that become repayable as a result of conditions specified in the contribution agreement that have come into being are recorded as a reduction to transfer payment expense and as a receivable.
    • 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 contributions to the health and dental insurance plans, legal services and workers' compensation are recorded as operating expenses at their estimated cost.
  6. Employee future benefits
    1. Pension benefits: Eligible employees participate in the Public Service Pension Plan, a multiemployer pension plan administered by the Government. The Agency's contributions to the Plan are charged to expenses in the year incurred and represent the Agency’s total obligation to the Plan. The Agency's responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, the Plan's sponsor.
    2. Severance benefits: Employees entitled to severance benefits under labour contracts or conditions of employment earn these benefits as services necessary to earn them are rendered. 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.
  7. Accounts and loans receivable are stated at the lower of cost and net recoverable value. The present value of these contributions is not estimated, since insufficient conditions of a concessionary nature are attached to them. Transfer payments that are unconditionally repayable are recognized as loans receivable. A valuation allowance is recorded for accounts and loans receivable where recovery is considered uncertain.
  8. Tangible capital assets - All tangible capital assets and leasehold improvements having an initial cost of $5,000 or more are recorded at their acquisition cost. The Agency does not capitalize intangibles, works of art and historical treasures that have 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

    Computer hardware

    Amortization period

    3 to 7 years

    Asset class

    Computer software

    Amortization period

    3 to 6 years

    Asset class

    Other equipment

    Amortization period

    5 to 10 years

    Asset class

    Motor vehicles

    Amortization period

    6 to 8 years

    Asset class

    Leasehold improvements

    Amortization period

    The remainder of the term of the 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. Parliamentary authorities

The Agency receives most of its funding through annual parliamentary authorities. Items recognized in the Statement of Operations and Departmental Net Financial Position and the 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. These differences are reconciled in the following tables:

a) Reconciliation of net cost of operations to current year authorities used:
Parliamentary authorities Planned
results
2014
Estimated
results
2013
(in thousands of dollars)
Net cost of operations before government funding $187,643 $193,363
Adjustments for items affecting net cost of operations but not affecting authorities:
Services provided without charge by other government departments (note 12a)) (5,515) (5,828)
Amortization of tangible capital assets (note 10) (480) (590)
Vacation pay and compensatory leave 203 106
Employee future benefits (note 7) 403 2,296
Repayment of previous years’ contributions and expenses 5,725 11,027
Other 480 660
Total items affecting net cost of operations but not affecting authorities 816 7,671
Adjustments for items not affecting net cost of operations but affecting authorities:
Acquisition of tangible capital assets (note 10) 243 259
New loans (note 9) 66,229 67,483
Total items not affecting net cost of operations but affecting authorities 66,472 67,742
Current year authorities used $254,931 $268,776

b) Authorities provided and used
Authorities Planned
results
2014
Estimated
results
2013
(in thousands of dollars)
Authorities provided :
Vote 1- Operating expenditures $38,535 $45,692
Vote 5 – Grants and contributions 211,467 261,638
Statutory amounts 4,929 5,529
  254,931 312,859
Less :
Lapsed: Operating and Grants and contributions 0 44,083
Current year authorities used $254,931 $268,776

6. Accounts payable and accrued liabilities

The following table presents details on accounts payable and accrued liabilities by category:

Accounts payable and accrued liabilities Planned
results
2014
Estimated
results
2013
(in thousands of dollars)
Accounts payable – Other government departments and agencies $737 $777
Accounts payable – External parties 2,045 1,737
Total accounts payable 2,782 2,514
Accrued liabilities 46,519 48,952
Gross accounts payable and accrued liabilities 49,301 51,466
Accounts payable held on behalf of the Government (14,770) (15,542)
Net accounts payable and accrued liabilities $34,531 $35,924

7. Employee future benefits

  1. Pension benefits: The Agency's employees participate in the Public Service Pension Plan, which is sponsored and administered by the Government. 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/Québec Pension Plans benefits and they are indexed to inflation.

    Both the employees and the Agency contribute to the cost of the Plan. In 2013-2014, the estimated expenses amount to $3,121 thousand ($3,637 thousand in 2012-2013) approximately 1.8 times the contributions by employees.

    The Agency’s responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, as the Plan’s sponsor.
     
  2. Severance benefits: The Agency provides severance benefits for 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.

    As part of collective agreement negotiations with certain employee groups, and changes to conditions of employment for executives and certain non-represented employees, the accumulation of severance benefits under the employee severance pay program ceased for these employees commencing in 2012. Employees subject to these changes have been given the option to be immediately paid the full or partial value of benefits earned to date or collect the full or remaining value of benefits on termination from the public service. These changes have been reflected in the calculation of the outstanding severance benefit obligation.

    As of March 31, severance benefits totaled:

    Employee future benefits  Planned
    results
    2014
    Estimated
    results
    2013
    (in thousands of dollars)
    Accrued benefit obligation - Beginning of year $3,389 $5,685
    Expense for the year (171) (476)
    Benefits paid during the year (232) (1,820)
    Accrued benefit obligation - End of year $2,986 $3,389

8. Accounts receivable and advances

The following table provides details on accounts receivable and advances balances :

Accounts receivable and advances  Planned
results
2014
Estimated
results
2013
(in thousands of dollars)
Receivables - Other government departments and agencies $84 $80
Receivables - External parties 7,402 7,530
Employee advances 17 18
Subtotal 7,503 7,628
Allowances for doubtful accounts on receivables from external parties (6 646) (6,643)
Gross accounts receivable 857 985
Accounts receivables held on behalf of Government (665) (784)
Net accounts receivable $192 $201

Expected receipts with regard to conditionally repayable contributions totalled $4,312 thousand in fiscal 2013-2014 ($10,209 thousand in fiscal 2012-2013). The Agency expects to write off $1,381 thousand in fiscal 2013-2014 ($3,736 thousand in 2012-2013) for these accounts deemed uncollectable.

9. Loans

Loans (unconditionally repayable contributions) are transfer payments made to eligible recipients to carry out a project. The contribution agreement sets out strict conditions for repayment which determine the dates and amounts of payments. In general, the repayment schedule does not exceed five years, beginning no later than 24 to 48 months after the project completion date. The expected amounts to be collected in respect to unconditionally repayable contributions total $32,348 thousand in fiscal 2013-2014 ($34,588 thousand in fiscal 2012-2013). The Agency expects to write off $7,873 thousand in fiscal 2013¬-2014 for these accounts deemed uncollectable ($11,259 thousands in 2012-2013). All loans are held on behalf of Government, since the Deputy Head has no authority with regard to their disposal.

The following table presents the details of the Agency’s loans and transfer payments recoverable balances:

Loans and transfer payments Planned
results
2014
Estimated
results
2013
(in thousands of dollars)
Repayable contributions at the beginning of the year $424,197 $383,383
New contributions paid 66,229 67,483
Repayments received and other credits (32,166) (26,669)
Subtotal : Repayable contributions at year end 458,260 424,197
Less: Allowance for uncollectability (176,736) (163,599)
Total loans receivable $281,524 $260,598

10. Tangible capital assets

Tangible capital assets (in thousands of dollars)
Assets Cost Accumulated amortization Net Book Value
Capital Asset class Opening balance Acqui-
sitions
Disposals Closing balance Opening balance Amorti-
zation
Disposals Closing balance 2014 2013
Computer hardware $258 $0 $0 $258 $134 $44 $0 $178 $80 $124
Computer software 4,933 193 0 5,126 4,408 367 0 4,775 351 525
Other equipment 61 0 0 61 44 6 0 50 11 17
Motor vehicles 523 50 50 523 298 44 43 299 224 225
Leasehold improvements 168 0 0 168 64 19 0 83 85 104
TOTAL $5,943 $243 $50 $6,136 $4,948 $480 $43 $5,385 $751 $995

11. Contractual obligations

The nature of the Agency’s activities result in some large multi-year contracts and obligations whereby the Agency will be obligated to make future payments in order to carry out its transfer payment programs. Significant contractual obligations that can be reasonably estimated are summarized as follows:

Contractual obligations(in thousands of dollars) 2015 2016 2017 2018 2019 and subsequent years Total
Transfer payments $94,775 $74,372 $60,539 $42,505 $12,829 $285,020
Loans and advances 25,095 5,392 0 0 0 30,487
Total $119,870 $79,764 $60,539 $42,505 $12,829 $315,507

12. Related party translations

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 services which were obtained without charge from other government departments as disclosed below.

a) Common services provided without charge by other government departments:

During the year, the Agency received services without charge from certain common service organizations, related to accommodation, legal services, the employer's contribution to the health and dental insurance plans and workers' compensation coverage. These services provided without charge have been recorded in the Agency's Statement of Operations and Departmental Net Financial Position as follows:

Common services  Planned
Results
2014
Estimated
Results
2013
(in thousands of dollars)
Accommodation $2,805 $2,798
Employer’s contribution to the health and dental insurance plans 2,408 2,733
Legal Services 302 297
Total $5,515 $5,828

The Government has centralized some of its administrative activities for efficiency, cost-effectiveness purposes and economic delivery of programs to the public. As a result, the Government uses central agencies and common service organizations so that one department performs services for all other departments and agencies without charge. The costs of these services, such as the 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 in the Department's Statement of Operations and Departmental Net Financial Position.

b) Administration of programs on behalf of other government departments

Under memoranda of understanding with Infrastructure Canada (INFC), the Agency administers and delivers infrastructure programs through federal-provincial agreements with the province of Quebec. Expenses related to federal contributions for these agreements are reflected in the future-oriented financial statements of INFC and not those of the Agency.

Among the agreements covered by these memorandums of understanding are those of the Municipal Rural Infrastructure Fund (MRIF). In the 2013-2014 fiscal year, the Agency expects to incur $50,000 thousand in charges ($21,000 thousand in 2012-2013). Under the agreement on the Canada Strategic Infrastructure Fund (CSIF), the Agency expects to incur $11,619 thousand in charges in 2013-2014 ($25,078 thousand in 2012-2013). In terms of the agreement on the Building Canada Fund, the Agency expects to incur $61,920 thousand in charges in 2013-2014 ($57,023 thousand in 2012-2013). To administer these agreements, the Agency receives additional operating funds in its own appropriations through budget processes, and these expenses are included in this financial statement.

Under a memorandum of understanding signed on July 5, 2012, with the Department of Foreign Affairs and International Trade under the North American Platform Program (NAPP), the Agency administers part of the funds for projects for which it is responsible as a partner. During the fiscal year, the Agency expects to incur expenses of $147 thousand, which are included in the financial statements of the Department of Foreign Affairs and International Trade.

c) Other transactions with related parties :

Other transactions  Planned
Results
2014
Estimated
Results
2013
(in thousands of dollars)
Expenses – Other government departments and agencies $2,120 $1,754

The charges listed in section (c) do not include common services for free that are listed in section (a).

13. Segmented information

Presentation by segment is based on the Agency's Program Activity Architecture. The presentation by segment is based on the same accounting policies as described in the Summary of significant accounting policies in note 4. The following table presents the forecasted expenses and revenues for the main program activities, by major expense object and by major type of revenue. The segment results for the period are as follows:

Expenses and revenus (in thousands of dollars)
  Business Development Regional Development Strenthening Community Economies Internal Services Total planned 2014 Total estimated 2013
Expenses
Transfer payments
Non-repayable payments
Not-profit organizations $70,078 $32,704 $22,130 $0 $124,912 $135,941
Other levels of Government 188 1,395 12,913 0 14,496 26,382
Industry 6,191 317 1,615 0 8,123 10,131
Conditional repayments
Industry 3,805 0 884 0 4,689 (390)
Subtotal 80,262 34,416 37,542 0 152,220 172,064
Expenses incurred on behalf of Government (11,298) 0 (1 ,840) 0 (13,138) (28,596)
Total – Transfer payments 68,964 34,416 35,702 0 139,082 143,468
Operating expenses
Salaries and employee benefits 16,366 4,203 3,402 11,062 35,033 38,034
Professionnal and special services 2,311 350 233 2,115 5,009 4,072
Rentals 1,717 260 173 1,572 3,722 3,559
Travel and communications 942 143 95 862 2,042 1,688
Equipment and furniture 589 89 59 539 1,276 1,116
Amortization 221 34 22 203 480 591
Information 283 43 28 259 613 507
Supplies and procurement 94 14 9 86 203 169
Repairs and maintenance 47 7 5 43 102 84
Other 37 6 4 34 81 75
Total – Operating expenses 22,607 5,149 4,030 16,775 48,561 49,895
Total - Expenses 91,571 39,565 39,732 16,775 187,643 193,363
Revenues
Interest – accounts receivable 616 0 4 0 620 379
Miscellaneous revenues 195 0 0 3 198 144
Revenues earned on behalf of the Government (811) 0 (4) (3) (818) (523)
Total revenues 0 0 0 0 0 0
Net cost from continuing operations $91,571 $39,565 $39,732 $16,775 $187,643 $193,363

 

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