Financial statements as of March 31, 2018

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Publication author : Canada Economic Development for Quebec Regions

Publish date : November 20, 2018

Summary : This report presents the Agency’s financial statements as of March 31, 2018.

Table of Contents

  1. Statement of Management Responsibility Including Internal Control Over Financial Reporting
  2. Statement of Financial Position (Unaudited) as at March 31
  3. Statement of Operations and Departmental Net Financial Position (Unaudited) as at March 31
  4. Statement of Change in Departmental Net Debt (Unaudited) as at March 31
  5. Statement of Cash Flows (Unaudited) as at March 31
  6. Notes to the Financial Statements (Unaudited) as at March 31

Statement of Management Responsibility Including Internal Control Over Financial Reporting

Responsibility for the integrity and objectivity of the accompanying financial statements for the year ended March 31, 2018, and all information contained in these statements rests with the management of Canada Economic Development for Quebec Regions (CED). These financial statements have been prepared by management using the Government of Canada’s accounting policies, which are based on Canadian public sector accounting standards.

Management is responsible for the integrity and objectivity of the information in these financial statements. Some of the information in the financial statements is based on management’s best estimates and judgment, and gives due consideration to materiality. To fulfill its accounting and reporting responsibilities, management maintains a set of accounts that provides a centralized record of CED’s financial transactions. Financial information submitted in the preparation of the Public Accounts of Canada, and included in CED’s Departmental Results Report, is consistent with these financial statements.

Management is also responsible for maintaining an effective system of internal control over financial reporting (ICFR) designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are properly authorized and recorded in accordance with the Financial Administration Act and other applicable legislation, regulations, authorities and policies.

Management seeks to ensure the objectivity and integrity of data in its financial statements through careful selection, training and development of qualified staff; through organizational arrangements that provide appropriate divisions of responsibility; through communication programs aimed at ensuring that regulations, policies, standards and managerial authorities are understood throughout CED and through conducting an annual risk-based assessment of the effectiveness of the system of ICFR.

The system of ICFR is designed to mitigate risks to a reasonable level based on an on-going process to identify key risks, to assess effectiveness of associated key controls, and to make any necessary adjustments.

CED is subject to periodic Core Control Audits performed by the Office of the Comptroller General and uses the results of such audits to comply with the Treasury Board Policy on Financial Management.

A Core Control Audit was performed in 2012-2013 by the Office of the Comptroller General of Canada (OCG). The Audit Report and related Management Action Plan are posted on the departmental web site at: http://dec-ced.gc.ca/eng/resources/publications/index.html.

The financial statements of Canada Economic Development for Quebec Regions have not been audited.

Manon Brassard
President
Montreal, Canada
Guy Lepage
Chief Financial Officer

Date

Statement of Financial Position (Unaudited) as at March 31

2018 2017
(in thousands of dollars)
Liabilities
Accounts payable and accrued liabilities (note 4) 21,806 22,073
Vacation pay and compensatory leave 1,773 1,723
Employee future benefits (note 5) 1,367 1,532
Total gross liabilities 24,946 25,328
Liabilities held on behalf of Government
Accounts payable and accrued liabilities (note 4) (4,992) (2,793)
Total liabilities held on behalf of Government (4,992) (2,793)
Total net liabilities 19,954 22,535
Financial assets
Due from Consolidated Revenue Fund 16,447 17,991
Accounts receivable and advances (note 6) 2,259 3,050
Loans receivable (note 7) 387,189 371,574
Total gross financial assets 405,895 392,615
Financial assets held on behalf of Government
Accounts receivable and advances (note 6) (1,868) (1,756)
Loans receivable (note 7) (387,189) (371,574)
Total financial assets held on behalf of Government (389,057) (373,330)
Total net financial assets 16,838 19,285
Departmental net debt 3,116 3,250
Non-financial assets
Prepaid expenses 131 151
Tangible capital assets (note 8) 996 860
Total non-financial assets 1,127 1,011
Departmental net financial position (1,989) (2,239)

Contractual obligations (note 9)

Contingent assets (note 10)

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

Manon Brassard
President
Montréal, Canada
Guy Lepage
Chief Financial Officer

Date

Statement of Operations and Departmental Net Financial Position (Unaudited) as at March 31

2018
Planned Results
2018 2017
(in thousands of dollars)
Expenses
Business Development 67,620 67,035 73,157
Regional Economic Development 29,855 37,583 35,617
Strengthening Community Economies 103,146 96,149 76,722
Internal services 21,217 21,640 20,823
Expenses incurred on behalf of Government (6,605) (6,225) 9,593
Total expenses 215,233 216,182 196,726
Revenues
Interest revenues 276 869 438
Miscellaneous revenues 82 16 24
Revenues earned on behalf of Government (358) (885) (462)
Total revenues 0 0 0
Net cost of operations before government funding and transfers 215,233 216,182 196,726
Government funding and transfers
Net cash provided by Government 211,945 195,696
Change due from Consolidated Revenue Fund (1,544) (4,989)
Services provided without charge by other government departments (note 10a) 6,031 5,963
Net cost of operations after government funding and transfers (250) 56
Departmental net financial position – Beginning of year (2,239) (2,183)
Departmental net financial position – End of year (1,989) (2,239)

Segmented information (note 12)

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

Statement of Change in Departmental Net Debt (Unaudited) as at March 31

2018 2017
(in thousands of dollars)
Net cost of operations after government funding and transfers (250) 56
Change due to tangible capital assets
Acquisition of tangible capital assets 495 278
Amortization of tangible capital assets (359) (341)
Proceeds from disposal of tangible capital assets 0 (12)
Net (loss) or gain on disposal of tangible capital assets including adjustments 0 (3)
Total change due to tangible capital assets 136 (78)
Change due to prepaid expenses (20) (33)
Net increase (decrease) in departmental net debt (134) 55
Departmental net debt – Beginning of year 3,250 3,305
Departmental net debt – End of year 3,116 3,250

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

Statement of Cash Flows (Unaudited) as at March 31

2018 2017
(in thousands of dollars)
Operating activities
Net cost of operations before government funding and transfers 216,182 196,726
Non-cash items:
Amortization of tangible capital assets (359) (341)
Gain (loss) on disposal of tangible capital assets 0 (3)
Services provided without charge by other government departments (note 11) (6,031) (5,963)
Variations in Statement of Financial Position:
Increase (decrease) in accounts receivable and advances (903) 398
Increase (decrease) in prepaid expenses (20) (33)
Decrease (increase) in accounts payable and accrued liabilities 2,466 4,594
Decrease (increase) in vacation pay and compensatory leave (50) (226)
Decrease (increase) in future employee benefits 165 278
Cash used in operating activities 211,450 195,430
Capital investing activities
Acquisition of tangible capital assets 495 278
Proceeds from disposal of tangible capital assets 0 (12)
Cash used in capital investing activities 495 266
Net cash provided by Government of Canada 211,945 195,696

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

Notes to the Financial Statements (Unaudited) as at March 31

1. Authorities and objectives

The mission of Canada Economic Development for Quebec Regions (CED) is to promote the long-term economic development of the regions of Quebec by according special attention to those regions where slow economic growth is prevalent or where opportunities for productive employment are inadequate. CED exercises its mandate under the provisions of the Economic Development Agency of Canada for the Regions of Quebec Act, which came into force on October 5, 2005. In addition, CED is committed to promoting co-operation and complementarity with Quebec and the communities in Quebec.

Thus, CED aims to foster economic growth through innovation, clean technologies and an inclusive approach. Strategic investments that support transition and diversification and build on competitive regional advantages will set the stage for this renewed vision for the economic development of the regions of Quebec, which is reflected in a single strategic result: Quebec’s regions have a growing economy. To achieve this strategic outcome in 2017-2018, CED has four programs:

2. 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
    CED is financed by the Government of Canada through Parliamentary authorities. Financial reporting of authorities provided to CED 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 3 provides a reconciliation between the bases of reporting. The planned results amounts in the “Expenses” and “Revenues” sections of the Statement of Operations and Departmental Net Financial Position are the amounts reported in the Future-oriented Statement of Operations included in the 2017-2018 Departmental Plan. Planned results are not presented in the “Government funding and transfers” section of the Statement of Operations and Departmental Net Financial Position and in the Statement of Change in Departmental Net Debt as these amounts were not included in the 2017-2018 Departmental Plan.

  2. Net Cash Provided by Government
    CED operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada. All cash received by CED is deposited to the CRF, and all cash disbursements made by CED 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 the CRF
    Amounts due from 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 CED is entitled to draw from the CRF without further authorities to discharge its liabilities.

  4. Revenues
    Revenues are recognized in the period the event that giving rise to the revenue occured, 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 CED’s liabilities. While the President is expected to maintain accounting control, she 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 as a reduction of the entity’s gross revenues.

  5. Expenses
    Transfer payments are recorded as an expense in the year the transfer is authorized and all eligibility criteria have been met by the recipient. 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, and legal services are recorded as operating expenses at their carrying value.

  6. Employee future benefits
    1. Pension benefits - Eligible employees participate in the Public Service Pension Plan, a multiemployer pension plan administered by the Government. CED’s contributions to the Plan are charged to expenses in the year incurred and represent CED’s total obligation to the Plan. CED’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 - The accumulation of severance benefits for voluntary departures ceased for applicable employee groups. The remaining obligation for employees who did not withdraw benefits 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
    Accounts and loans receivable are initially recorded at cost. The value is not discounted, since insufficient conditions of a concessionary nature are attached to them. Transfer payments that are unconditionally repayable are recognized as loans receivable. When necessary, an allowance for valuation is recorded to reduce the carrying value of accounts and loans receivable to amounts that approximate their net recoverable value.

  8. Non-financial assets
    The costs of acquiring land, buildings, equipment and other capital property are capitalized as tangible capital assets and, except for land, are amortized to expense over the estimated useful lives of the assets, as described in Note 8. All tangible capital assets and leasehold improvements having an initial cost of $5,000 or more are recorded at their acquisition cost. Tangible capital assets do not include immovable assets located on reserves as defined in the Indian Act, works of art, museum collection and Crown land to which no acquisition cost is attributable; and intangible assets.

  9. Contingent assets
    Contingent assets are possible assets which may become actual assets when one or more future events occur or fail to occur. If the future event is likely to occur or fail to occur, the contingent asset is disclosed in the notes to the financial statements.

  10. Measurement uncertainty
    The preparation of these financial statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets, liabilities, revenues and expenses reported in the financial statements and accompanying notes at March 31. The estimates are based on facts and circumstances, historical experience, general economic conditions and reflect the Government's best estimate of the related amount at the end of the reporting period. The most significant items where estimates are used are allowances for doubtful accounts, the liability for employee future benefits, the useful life of tangible capital assets and the estimated recoveries for contingent assets. Actual results could significantly differ from those estimated. Management’s estimates are reviewed periodically and, as adjustments become necessary, they are recorded in the financial statements in the year they become known.

  11. Related party transactions
    Related party transactions, other than inter-entity transactions, are recorded at the exchange amount.

    Inter-entity transactions are transactions between commonly controlled entities. Inter-entity transactions, other than restructuring transactions, are recorded on a gross basis and are measured at the carrying amount, except for the following:
    1. Services provided on a recovery basis are recognized as revenues and expenses on a gross basis and measured at the exchange amount.
    2. Certain services received on a without charge basis are recorded for departmental financial statement purposes at the carrying amount.

3. Parliamentary authorities

CED 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, CED 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) Reconciliation of net cost of operations to current year authorities used
2018 2017
(in thousands of dollars)
Net cost of operations before government funding and transfers 216,182 196,726
Adjustments for items affecting net cost of operations but not affecting authorities:
Services provided without charge by other government departments (6,031) (5,963)
Amortization of tangible capital assets (359) (341)
Gain (loss) on disposal of tangible capital assets 0 (3)
Decrease (increase) in vacation pay and compensatory leave (50) (226)
Decrease (increase) in employee future benefits 165 278
Repayment of contributions and previous years’ expenditures 2,351 5,067
Other 1,366 413
Total items affecting net cost of operations but not affecting authorities (2,558) (775)
Adjustments for items not affecting net cost of operations but affecting authorities:
Acquisition of tangible capital assets 495 278
Increase (decrease) in prepaid expenses (20) (33)
New loans (note 7) 97,326 119,277
Other 4 480
Total items not affecting net cost of operations but affecting authorities 97,805 120,002
Current year authorities used 311,429 315,953
b) Authorities provided and used
Authorities provided and used 2018 2017
(in thousands of dollars)
Authorities provided:
Vote 1- Operating expenditures 41,463 40,094
Vote 5- Grants and contributions 268,615 275,462
Statutory amounts 4,293 3,941
Total 314,371 319,497
Less:
Authorities available for use in future years 0 (12)
Lapsed: Operating and Grants and contributions (2,942) (3,532)
Current year authorities used 311,429 315,953

4. Accounts payable and accrued liabilities

The following table presents details of CED’s accounts payable and accrued liabilities:

Accounts payable and accrued liabilities 2018 2017
(in thousands of dollars)
Accounts payable – Other government departments and agencies 502 2,347
Accounts payable – External parties 3,622 6,115
Total accounts payable 4,124 8,462
Accrued liabilities 17,682 13,611
Total gross accounts payable and accrued liabilities 21,806 22,073
Accounts payable on behalf of Government (4,992) (2,793)
Net accounts payable and accrued liabilities 16,814 19,280

5. Employee future benefits

  1. Pension benefits:
    CED’s employees participate in the Public Service Pension Plan (the “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/Québec Pension Plan benefits and they are indexed to inflation.

    Both the employees and CED contribute to the cost of the Plan. Due to the amendment of the Public Service Superannuation Act following the implementation of provisions related to Economic Action Plan 2012, employee contributors have been divided into two groups – Group 1 related to existing plan members as of December 31, 2012 and Group 2 relates to members joining the Plan as of January 1, 2013. Each group has a distinct contribution rate.

    The 2017-2018 expense amounts to $2,915 thousand ($2,708 thousand in 2016-2017). For Group 1 members, the expense represents approximately 1.01 times (1.12 times in 2016-2017) the employee contributions and, for Group 2 members, approximately 1.00 times (1.08 times in 2016-2017) the employee contributions.

    CED’s responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the Consolidated Financial Statements of the Government of Canada, as the Plan’s sponsor.

  2. Severance benefits:
    Severance benefits provided to CED’s employees were previously based on an employee’s eligibility, years of service and salary at termination of employment. However, since 2011 the accumulation of severance benefits for voluntary departures progressively ceased for substantially all employees. Employees subject to these changes were given the option to be paid the full or partial value of benefits earned to date or collect the full or remaining value of benefits upon departure from the public service. By March 31, 2018, substantially all settlements for immediate cash out were completed. Severance benefits are unfunded and, consequently, the outstanding obligation will be paid from future authorities.

The changes in the obligations during the year were as follows:

Severance benefits 2018 2017
(in thousands of dollars)
Accrued benefit obligation - Beginning of year 1,532 1,810
Expense for the year 218 (26)
Benefits paid during the year (383) (252)
Accrued benefit obligation - End of year 1,367 1,532

6. Accounts receivable and advances

The following table presents details of CED’s accounts receivable and advances balances:

Accounts receivable and advances 2018 2017
(in thousands of dollars)
Receivables – Other government departments and agencies 363 1,285
Receivables – External parties 3,971 4,423
Employee advances 28 9
Subtotal 4,362 5,717
Allowance for doubtful accounts on receivables from external parties (2,103) (2,667)
Gross accounts receivable 2,259 3,050
Accounts receivable held on behalf of Government (1,868) (1,756)
Net accounts receivable 391 1,294

Amounts collected in respect to conditionally repayable contributions totalled $2,769 thousand for the 2017-2018 fiscal year ($5,564 thousand in 2016-2017). CED wrote off a total of $2,143 thousand in the 2017-2018 fiscal year for accounts deemed uncollectible ($3,000 thousand in 2016-2017).

7. Loans receivable

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. All loans are held on behalf of Government, since the President has no authority with regard to their disposal.

The following table presents the details of CED’s loans (unconditionally repayable contributions) balances :

Loans 2018 2017
(in thousands of dollars)
Repayable contributions at the beginning of the year 509,852 467,480
New contributions paid 97,326 119,277
Repayments received and other credits (86,535) (76,905)
Subtotal: Repayable contributions at year end 520,643 509,852
Less: Allowance for uncollectiblity (133,454) (138,278)
Total loans receivable 387,189 371,574

The amounts collected in respect to unconditionally repayable contributions totalled $76,559 thousand for the 2017-2018 fiscal year ($71,945 thousand in 2016-2017). CED wrote off a total of $9,778 thousand in 2017-2018 for accounts deemed uncollectible ($4,902 thousand in 2016-2017).

8. Tangible capital assets

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
3 to 5 years
Computer software
3 years
Other equipment
5 years
Motor vehicles
6 years
Leasehold improvements
Over the useful life of the improvement or the lease term, whichever is shorter
Assets under construction
Once in service, in accordance with asset type

Assets under construction are recorded in the applicable capital asset class in the year they are put into service and are not amortized until they are put into service.

Capital Asset Class Cost (in thousands of dollars)
Opening Balance Acquisitions Adjustments (1) Disposals Closing Balance
Computer hardware 539 18 0 (19) 538
Computer software 4,885 113 63 0 5,061
Other equipment 80 0 0 0 80
Motor vehicles 442 0 0 0 442
Leasehold improvements 168 0 36 0 204
Assets under construction 99 364 (99) 0 364
Total 6,213 495 0 (19) 6,689

Tangible capital assets (con't)

Capital Asset Class Accumulated Amortization
(in thousands of dollars)
Net Book Value
(in thousand of dollars)
Opening Balance Amortization Adjustments (1) Disposals and Write-Offs Closing Balance 2018 2017
Computer hardware 372 57 0 (19) 410 128 167
Computer software 4,572 221 0 0 4,793 268 313
Other equipment 70 3 0 0 73 7 10
Motor vehicles 195 58 0 0 253 189 247
Leasehold improvements 144 20 0 0 164 40 24
Assets under construction 0 0 0 0 0 364 99
Total 5,353 359 0 (19) 5,693 996 860

(1) Adjustments include assets under construction of $99 thousand that were transferred to other categories upon completion of the assets.

9. Contractual obligations

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

Contractual obligations 2019 2020 2021 2022 2023 and thereafter Total
(in thousands of dollars)
Transfer payments 188,188 72,203 33,330 11,438 78,409 383,568
Operations and maintenance 4,117 639 20 8 1 4,785
Total 192,305 72,842 33,350 11,446 78,410 388,353

10. Contingent assets

Under the Quebec Economic Development Program (QEDP), conditionally repayable contributions which are outstanding in 2018 total $5,552 thousand ($5,900 thousand in 2017). Repayments are determined by a project’s profitability, and have a maximum repayment period of 20 years. The final payment is due no later than 2029.

Under the Community Futures Program (CFP), conditionally repayable contributions which are outstanding in 2018 total $2,629 thousand ($3,989 thousand in 2017). Repayments are determined by the funds the organization being financed will receive from the loans realized, and have a maximum repayment period of 10 years. The final payment is due no later than 2020.

The estimated recoveries for contingent assets are evaluated at $6,545 thousand ($7,911 thousand in 2017).

11. Related party transactions

CED is related as a result of common ownership to all government departments, agencies and Crown corporations. Related parties also include individuals who are members of key management personnel or close family members of those individuals, and entities controlled by, or under shared control of, a member of key management personnel or a close family member of that individual.

CED enters into transactions with these entities in the normal course of business and on normal trade terms.

a) Common services provided without charge by other government departments

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

Common services 2018 2017
(in thousands of dollars)
Employer’s contribution to the health and dental insurance plans 2,939 2,732
Accommodation 2,639 2,590
Legal Services 453 641
Total 6,031 5,963

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 Services and Procurement Canada and audit services provided by the Office of the Auditor General are not included in the CED’s Statement of Operations and Departmental Net Financial Position.

b) Other transactions with other government departments and agencies

Expenses 2018 2017
(in thousands of dollars)
Expenses 2,262 1,845

The expenses disclosed in section (b) exclude common services provided without charge, which are disclosed in section (a).

12. Segmented information

Presentation by segment is based on CED’s core responsibility. The presentation by segment is based on the same accounting policies as described in the Summary of significant accounting policies in note 2. The following table presents the expenses incurred and revenues generated for the main core responsibilities, by major object of expense and by major type of revenue. The segment results for the period are as follows:

Expenses Business Development Regional Economic Development Strengthening Community Economies Internal services 2018 Total 2017 Total
(in thousands of dollars)
Transfer payments
Non-repayable payments
Non-profit organizations 41,575 31,545 74,366 0 147,486 123,402
Other levels of government 200 3,380 17,274 0 20,854 9,108
Industry 66 0 229 0 295 20,301
Conditional repayments
Industry 440 0 (1,605) 0 (1,165) (1,900)
Other 6,309 (10) (1,652) 0 4,647 8,354
Subtotal 48,590 34,915 88,612 0 172,117 159,265
Expenses incurred on behalf of Government (7,893) 10 1,658 0 (6,225) (9,593)
Total – Transfer payments 40,697 34,925 90,270 0 165,892 149,672
Operating expenses
Salaries and employee benefits 14,695 2,331 6,592 15,381 38,999 35,713
Professional and special services 2,232 113 296 3,126 5,767 5,096
Accommodation 1,036 147 416 1,267 2,866 2,813
Travel and communications 355 56 180 331 922 984
Purchases of equipment and furniture 4 1 1 380 386 963
Amortization of tangible capital assets 35 6 15 303 359 341
Information 43 7 18 161 229 445
Supplies and procurement 34 5 15 313 367 236
Repairs and maintenance 10 2 4 4 20 20
Loss on disposal of tangible capital assets 0 0 0 0 0 3
Other 1 0 0 374 375 440
Total – Operating expenses 18,445 2,668 7,537 21,640 50,290 47,054
Total - Expenses 59,142 37,593 97,807 21,640 216,182 196,726
Revenues
Interest revenues 825 0 44 0 869 438
Miscellaneous revenues 15 0 0 1 16 24
Revenues earned on behalf of Government (840) 0 (44) (1) (885) (462)
Total - Revenues 0 0 0 0 0 0
Net cost from continuing operations 59,142 37,593 97,807 21,640 216,182 196,726
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