2014-15 Departmental Performance Report

Financial Statements Highlights

The financial information presented within this report is intended to serve as a general overview of Fisheries and Oceans Canada's financial position and operations. The Department's financial statements can be found on the Fisheries and Oceans Canada website.

Condensed Statement of Operations (unaudited)

For the year ended March 31, 2015
Financial Information 2014-15 Planned Results 2014-15 Actual 2013-14 Actual Difference (2014-15 actual minus 2014-15 planned) Difference (2014-15 actual minus 2013-14 actual)
Total expenses 1,717,614,713 1,750,295,497 1,866,268,080 32,680,784 -115,972,583
Total revenues 51,395,678 44,261,533 44,717,427 -7,134,145 -455,894
Net cost of operations before government funding and transfers 1,666,219,035 1,706,033,964 1,821,550,653 39,814,929 -115,516,689

Total expenses were $1,750.3 million at the end of 2014-15, representing a decrease of $116.0 million or 6.2% when compared to the previous year. This is mainly attributed to the net effect of a decrease in salary and employee benefits of $97.9 million following the implementation of cost saving measures, a decrease in contingent liabilities of $21.5 million, a decrease in Professional and Special Services requirements of $22.1 million following the completion of clean-up work on the vessel Zalinski in 2013-14 and an increase in amortization of tangible capital assets of $22.0 million.

Total expenses were $32.7 million or 1.9% higher than planned expenses. This difference is mainly due to the department obtaining additional authorities in-year through Supplementary Estimates exercises. The main increases are related to Economically Prosperous Maritime Sectors and Fisheries ($48.9 million) and Sustainable Aquatic Ecosystem ($22.1 million), offset by a decrease in expenses related to Safe and Secure Waters ($34.8 million) and Internal Services ($3.5 million).

Total revenues were $44.3 million at the end of 2014-15, a decrease of $0.5 million (1.0%) when compared to the previous year. Total revenues are mainly comprised of the sale of goods and services. Although there were no significant changes to total revenue this fiscal year, there was a shift in revenue by Strategic Outcome. Revenues resulting from Safe and Secure Waters decreased by $12.8 million mainly due to losses on write-offs and write-downs of tangible capital assets. In addition, revenues derived from Internal Services increased by $11.9 million mainly due to the sale of the Canadian Coast Guard base in Dartmouth and real property to the Canada Lands Company.

Condensed Statement of Financial Position (unaudited)

As at March 31, 2015
Financial Information 2014-15 2013-14 Difference (2014-15 minus 2013-14)
Total net liabilities 537,287,450 599,351,501 -62,064,051
Total net financial assets 282,808,098 275,984,643 6,823,455
Departmental net debt 254,479,352 323,366,858 -68,887,506
Total non-financial assets 2,762,849,758 2,722,975,888 39,873,870
Departmental net financial position 2,508,370,406 2,399,609,030 108,761,376

Total net liabilities were $537.3 million at the end of 2014-15, a decrease of $62.1 million or 10.4% when compared to the previous year. The decrease is mainly attributed to a decrease of $31.4 million in accounts payable and accrued liabilities, a decrease in employee benefits of $9.8 million, and a decrease in contingent liability of $21.5 million resulted from a decrease in claims and litigation of $29.5 million offset by an increase in environmental liabilities of $8.0 million.

Net Financial Assets

Total net financial assets were $282.8 million at the end of 2014-15, an increase of $6.8 million or 2.3% when compared to the previous year. This is mainly attributed to an increase of $7.6 million or 2.8% in the Due from the Consolidated Revenue Fund (CRF) as a result of timing difference when a transaction affects the authorities and when it is processed through the CRF. This represents 97.7% of total net financial assets, with the balance being in accounts receivable and advances.