Quarterly Financial Report: For the quarter ended December 31, 2025

Statement outlining results, risks and significant changes in operations, personnel and programs

Introduction

This quarterly report has been prepared by management as required by section 65.1 of the Financial Administration Act and in the form and manner prescribed by the Directive on Accounting Standards: GC 4400 Departmental Quarterly Financial Report. This quarterly financial report should be read in conjunction with the 2025-26 Main Estimates. This quarterly report has not been subject to an external audit or review.

Established by Order in Council P.C. 2018-1322, the Leaders’ Debates Commission (“Commission”) is mandated to:

Select and establish a seven-member Advisory Board;
Enter into a contract for the production of the debates;
Ensure the debates are broadcast and distributed widely and free of charge;
Ensure the debates reach as many Canadians as possible, including those living in remote areas, those living in official language minority communities and those living with disabilities;
Engage with political parties and ensure that the criteria for participation of political parties in the debates be applied fairly and in full transparency;
Engage with Canadians to raise awareness about debates;
Ensure the debates are conducted under high journalistic standards; and
Following the general election (and no later than five months after the day on which a general election is held), provide a report to Parliament outlining findings, lessons learned, and recommendations.

Amended by Order in Council P.C. 2020-0871 of November 5, 2020, the Leaders’ Debates Commission is mandated to:

Set participation criteria for the leaders’ debates and ensure that the leader of each political party that meets those criteria is invited to participate in the debates and make them public;
Endeavour to ensure that the leaders’ debates are available in languages other than French and English, and, in doing so, pay special attention to Canada’s Indigenous languages; and
Provide final approval of the format and production of the leaders’ debates, while respecting journalistic independence.

Basis of Presentation

This quarterly report has been prepared by management using an expenditure basis of accounting. The accompanying Statement of Authorities includes the department’s spending authorities granted by Parliament and those used by the department, consistent with the 2025-26 Main Estimates. This quarterly report has been prepared using a special purpose financial reporting framework (cash basis) designed to meet financial information needs with respect to the use of spending authorities.

The authority of Parliament is required before money can be spent by the Government. Approvals are given in the form of annually approved limits through appropriation acts or through legislation in the form of statutory spending authority for specific purposes.

When Parliament is dissolved for the purposes of a general election, section 30 of the Financial Administration Act authorizes the Governor General, under certain conditions, to issue a special warrant authorizing the Government to withdraw funds from the Consolidated Revenue Fund. A special warrant is deemed to be an appropriation for the fiscal year in which it is issued.

The Commission uses the full accrual method of accounting to prepare and present its annual departmental financial statements that are part of the departmental results reporting process. However, the spending authorities voted by Parliament remain on an expenditure basis.

Highlights of Fiscal Quarter and Fiscal Year to Date Results

This section highlights the significant items that contributed to the net increase or decrease in authorities available for the year and actual expenditures for the quarter ended December 31, 2025.

The Commission spent approximately 51% of its authorities by the end of the third quarter, compared to 11% at the end of the same quarter of 2024-25 (see graph 1 below).

Graph 1: Comparison of Total Authorities Available For Use and Total Net Budgetary Expenditures as of Q3 2025-26 and 2024-25

*Details may not add to totals due to rounding

Significant changes to authorities

As per graph 2 below, as at December 31, 2025, and Annex A, presented at the end of this document, the Commission has authorities available for use of $3.5 million in 2025-26 compared to $3.5 million as of December 31, 2024. The authorities of $3.5 million have remained consistent from 2025-26 compared to 2024-25 due to the funding that is accessible to organize leader’s debates should a federal general election be called.

Graph 2: Variance in Authorities as at December 31, 2025

*Details may not add to totals due to rounding

Significant changes to quarter expenditures

Year-to-date expenditures recorded to the end of the third quarter increased by $19,000, or 12% from the same period of the previous year (from $158,000 for 2024-25 to $177,000 for 2025-26). Table 1 below presents budgetary expenditures by standard object.

Table 1 – Material variances to expenditures by standard object quarterly comparison
Material Variances to Expenditures by Standard Object (in thousands of dollars)	Fiscal year 2025-26 Expended during the quarter ended 31-December-2025	Fiscal year 2024-25 Expended during the quarter ended 31-December-2024	Variance $	Variance %
Personnel	85	113	(28)	(25%)
Transportation and communications	-	5	(5)	(100%)
Information	15	4	11	275%
Professional and special services	29	35	(6)	(17%)
Other subsidies and payments	49	0	49	n/a
Total gross budgetary expenditures *	177	158	19	12%

* Details may not add to totals due to rounding

Personnel

The total decrease of $28,000 in personnel is mainly attributed to a reduced secretariat in the third quarter of 2025-26.

Professional and special services

The total increase of $11,000 in information is mainly attributed to expenditures for media monitoring and website management services.

Other Subsidies and Payments

The total increase of $49,000 in other subsidies and payments is mainly attributed to increased legal spending.

Significant changes to year-to-date expenditures

The year-to-date expenditures totaled $1,774,000 for an increase of $1,378,000 (348%) when compared to $396,000 spent during the same period in 2024-25. Table 2 below presents budgetary expenditures by standard object.

Table 2 – Material variances to expenditures by standard object year-to-date comparison
Material Variances to Expenditures by Standard Object (in thousands of dollars)	YTD Expenditures as of 31-December-2025	YTD Expenditures as of 31-December-2024	Variance $	Variance %
Personnel	335	333	2	1%
Transportation and communications	9	7	2	29%
Information	1,169	8	1,161	14513%
Professional and special services	211	46	165	359%
Rentals	-	1	(1)	(100%)
Utilities, materials, and supplies	0	-	0	n/a
Other subsidies and payments	50	1	49	4900%
Total gross budgetary expenditures *	1,774	396	1,378	348%

* Details may not add to totals due to rounding

Information

The total increase of $1,161,000 in information is mainly attributed to audiovisual services that were required for the delivery of the leaders’ debates.

Professional and Special Services

The total increase of $165,000 in professional and special services is mainly attributed to research, legal and other operational services that were required for the delivery of the leaders’ debates.

Other Subsidies and Payments

The total increase of $49,000 in other subsidies and payments is mainly attributed to increased legal spending.

Risks and Uncertainties

The key risks for the Commission in its fourth full year of its amended third mandate are:

Fund management and fiduciary oversight – poor management and oversight of funds could lead to the misuse of taxpayer dollars. The Commission has responded to this risk by ensuring that financial capacity for debate production is assessed, by benefiting from the expertise of an existing department for financial management, and by ensuring that principle of cost-effectiveness is applied to all Commission decisions on the fulfilment of its mandate.

Significant Changes in Relation to Operations, Personnel and Programs

There are no changes to report in relation to Operation, Personnel and Programs.

Approval by Senior Officials:

Original signed by

Michel Cormier
Acting Commissioner
Ottawa, Canada
February 27, 2026