Future-oriented statement of operations: 2020-21 and 2021-22
For the Years Ending March 31, 2021 and March 31, 2022
Leaders' Debate Commission
Future-Oriented Statement of Operations (unaudited)
for the year ending March 31
(in thousands of dollars)
| Forecast results 2020–21 |
Planned results 2021–22 |
||
|---|---|---|---|
| Expenses | |||
| Organize Leaders' Debates for federal general elections | 5,806 | 4,857 | |
| Net cost of operations before government funding and transfers | 5,806 | 4,857 | |
| The accompanying notes form an integral part of the Future-Oriented Statement of Operations. | |||
Notes to the Future-Oriented Statement of Operations (unaudited)
1. Methodology and significant assumptions
The Future-Oriented Statement of Operations has been prepared on the basis of government priorities and departmental plans as described in the Departmental Plan.
The information in the forecast results for fiscal year 2020-21 is based on actual results as at November 10, 2020 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for fiscal year 2021–22.
The main assumptions underlying the forecasts are as follows:
- The department's activities will change significantly from the previous year since the mission of the Leaders' Debate Commission is organizing two leaders' debates during the federal elections. This year is not a federal election year; therefore, activities have been reduced significantly.
- Expenses, including the determination of amounts internal and external to the government, are based on past experience. The general historical pattern is expected to continue.
These assumptions are made as at November 10, 2020.
2. Variations and changes to the forecast financial information
Although every attempt has been made to forecast final results for the remainder of 2020–21 and for 2021-22, actual results achieved for both years are likely to differ from the forecast information presented, and this variation could be material.
In preparing this Future-Oriented Statement of Operations, the Leaders' Debate Commission has made estimates and assumptions about the future. These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are based on past experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and are continually evaluated.
Factors that could lead to material differences between the Future‑Oriented Statement of Operations and the historical statement of operations include:
- The implementation of new collective agreements;
- Other changes to the operating budget, such as new initiatives or technical adjustments later in the fiscal year.
After the Departmental Plan is tabled in Parliament, the Leaders' Debate Commission will not be updating the forecasts for any changes in financial resources made in ensuing supplementary estimates. Variances will be explained in the Departmental Results Report.
3. Summary of significant accounting policies
The Future-Oriented Statement of Operations has been prepared using the Government of Canada's accounting policies in effect for fiscal year 2020–21, and is 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:
a) Expenses
Expenses are generally recorded when goods are received or services are rendered and include expenses related to personnel, professional and special services, repair and maintenance, utilities, materials and supplies, as well as amortization of tangible capital assets. Provisions to reflect changes in the value of assets or liabilities, such as provisions for bad debts, loans, investments and advances and inventory obsolescence, as well as utilization of inventories and prepaid expenses, and other are also included in other expenses.
4. Parliamentary authorities
The department is financed by the Government of Canada through parliamentary authorities. Financial reporting of authorities provided to the department differs from financial reporting according to generally accepted accounting principles because authorities are based mainly on cash flow requirements. Items recognized in the Future-Oriented Statement of Operations in one year may be funded through parliamentary authorities in prior, current or future years. Accordingly, the department has different net cost of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables:
| Forecast results 2020–21 |
Planned results 2021–22 |
||
|---|---|---|---|
| Net cost of operations before government funding and transfers | 5,806 | 4,857 | |
| Adjustment for items affecting net cost of operations but not affecting authorities: | |||
| Services provided without charge by other government departments | (12) | (20) | |
| Decrease / (Increase) in vacation pay and compensatory leave | (149) | (2) | |
| Decrease / (Increase) in employee future benefits | (4) | 4 | |
| Refunds of previous years' expenditures | (13) | (4) | |
| Total items affecting net cost of operations but not affecting authorities | (178) | (22) | |
| Requested authorities forecasted to be used | 5,628 | 4,835 | |
| Forecast results for 2020–21 |
Planned results for 2021–22 |
|
|---|---|---|
| Authorities provided/requested | ||
| Vote 1: Operating expenditures | 5,374 | 4,696 |
| Statutory amounts | 254 | 139 |
| Total authorities provided/requested | 5,628 | 4,835 |
| Less: Estimated unused authorities and other adjustments | - | - |
| Requested authorities forecasted to be used | 5,628 | 4,835 |
The authorities presented reflect current forecasts of statutory items; approved initiatives included in Estimates documents; and estimates of amounts to be allocated from Treasury Board Central Votes.