Under the terms of the ground lease, GREP is responsible for base rent, realty taxes, utilities and certain operating costs, which are assumed by the sub-tenant under the terms of the Under the Captive Support Agreement, each government indemnifies CBSI for its pro-rata share of any payments that CBSI becomes obliged to make under a comprehensive blood risks insurance policy it provides to CBS. employee contribution reductions for solely sponsored plans. The Corporation conducts lottery games and operates commercial casinos, charity casinos, and slot machines at Ontario racetracks. By their very nature, estimates are subject to measurement uncertainty. The policy has an overall limit of $750 million, which may cover settlements, judgments and defence costs. Derivatives are financial contracts, the value of which is derived from underlying instruments. The provincial guarantee, for up to $1.551 billion, is in effect from January 1, 2013, through the end of 2017, when the next reference plan for the CNSC is planned to be approved. This is applicable to tangible capital assets and items such as See Real GDP. The total annual expenses of these BPS organizations, net of revenues they receive directly from the public, such as tuition fees, patient fees, donations and other recoveries, are included with the consolidated expenses of the Province. As such, the net debt of hospitals, school boards and colleges is included in the consolidated net debt of the Province. machinery and equipment (e.g., medical equipment, research equipment). Such uncertainty exists when there could be a material variance between the recognized or disclosed amount and another reasonably possible amount. Treasury Bills: short-term debt instrument issued by governments on a discount Liquidity risk is the risk that the Province will not be able to meet its current short-term financial obligations. Since April 1, 2007, the fair value of ONFA Funds has been reflected in the Province's Consolidated Financial Statements. Estimated historical cost was used to record existing tangible capital assets if actual cost was unknown when the Province first implemented tangible capital assets accounting. Each certificate issued authorizes legal services to be performed within the tariff guidelines. Deferred Revenue: unspent externally will become liabilities when the terms of any contract or agreement, which the In 2014, the Province announced changes in eligibility criteria and premium payment terms for post-retirement insured benefits for eligible persons who will receive a pension from the Public Service Pension Plan or OPSEU Pension Plan. Under the contract, OEFC agreed to ensure OPG would recover the actual costs of operating the stations after implementing this strategy. The outstanding loans guaranteed and other contingencies amounted to $1.5 billion as at March 31, 2014 (2013, $1.2 billion). Pledged assets are considered encumbered for liquidity purposes while collateral held that can be sold or repledged is a source of liquidity. the effect of a forced or liquidation sale. In 2012, such organizations were required to adopt certain PSAB standards, including employee future benefits and pensions. Other employee future benefits are recognized in the period when the event that obligates the government occurs or in the period when the benefits are earned and accumulated by employees. Given current populations, Ontario's maximum potential liability under the Captive Support Agreement is approximately $376 million. Straight-Line Basis of Amortization: a method whereby the annual amortization expense is computed by dividing i) the historical cost of the asset by ii) the number of years the asset Inter-organizational balances related to ONFA Funds are eliminated. As at March 31, 2014, the Province held $542 million (2013, $545 million) at par with a net book value of $423 million (2013, $423 million) in these restructured long-term notes that were issued by the MAV. Originally signed by Program Expense: total expense excluding interest on debt. Assets under construction have been included within the various asset categories presented above. Unrealized Gain or Loss: an increase or decrease in the fair value of an asset accruing to News Ontario.ca borrowings outstanding. 2015-2016 2014-2015 2013-2014 2012-2013 Previous Years. Until an item is derecognized (for example, through disposition), any gains and losses arising due to changes in fair value (remeasurements) will be reported in the Statement of Remeasurement Gains and Losses. levels of government or third parties. The decrease in the liability for power purchase contracts was $243 million (2012â13, $263 million), resulting in a liability of $0.7 billion as at March 31, 2014 (2013, $0.9 billion). expect a financial return, as would be expected in an investment. Government business enterprises are defined as those government organizations that i) are separate legal entities with the power to contract in their own name and that can sue and be sued; ii) have the financial and operating authority to carry on a business; iii) have as their principal activity and source of revenue the selling of goods and services to individuals and non-government organizations; and iv) are able to maintain their operations and meet their obligations from revenues generated outside the government reporting entity. Contractual Obligations: obligations of a government to others that For current non-bargaining employees who retire after January 1, 2016, service accrued will be capped up to December 31, 2015 and any termination payments on retirement after January 1, 2016, will be paid based on salary in effect on December 31, 2015. Contingent Liabilities: possible A one Japanese yen appreciation of the Japanese currency, relative to the Canadian dollar, would result in unhedged debt denominated in Japanese yen increasing by $4.6 million (2013, $16.2 million) and a corresponding increase in interest on debt of $1.1 million (2013, $6.4 million). The total post-employment benefits expense for 2013â14 of $71 million (2012â13, $372 million) (excluding the expense for BPS organizations) is included in the Other Employee Future Benefits Expense. The discount rate used in the post-employment benefits, compensated absences and termination benefits calculations for 2013â14 is 3.15 per cent (2012â13, 3.70 per cent). For all other employees subject to terms set out in collective agreements, who have completed five years of service, the Province provides termination pay equal to one week's salary for each year of service up to a maximum of 50 per cent of their annual salary. another party; a temporary or portfolio investment; a financial claim on an Expenses and liabilities of these plans are included in the Pensions Expense and Pensions Liability reported in the above tables. This document outlines expected expense and revenue for the upcoming fiscal year. of the hedging instrument will offset the change in the value of the asset (or Machinery and Equipment consists mainly of hospital equipment. Debt comprises Debt Issued for Provincial Purposes of $269.6 billion (2013, $253.7 billion) and Ontario Electricity Financial Corporation (OEFC) Debt of $26.2 billion (2013, $27.4 billion). The latter expense is included under the BPS expense reported on Schedule 10. The fair value of temporary investments, including assets purchased and sold under resale and repurchase agreements at March 31, 2014, is $19.3 billion (2013, $17.8 billion). to cash, typically within three months or less. Public Accounts of Ontario 2013-2014. The deficit guarantee will be applicable to the activities of Toronto 2015 in performing its Pan Am-related commitments. The Public Accounts of Ontario is a major accountability document which presents the financial statements of the Province, provides financial highlights of the past fiscal year, and reports on performance against the goals set out in the Ontario Budget. A resale agreement is an agreement between two parties where the Province purchases and subsequently resells a security at a specified price on a specified date. Debenture: a debt instrument where the useful life. Finance or in the name of any agency of the Crown approved by the Lieutenant Governor and accounting entity segregated for the purpose of carrying on specific 1 BPS organizations are represented in HOOPP at 85 per cent in 2013â14 (2012â13, 86 per cent). Broader Public Sector (BPS): public Financial Statements of the Province along with supporting statements and (i.e., adjusted for price changes) is needed. PUBLIC ACCOUNTS of ONTARIO This publication is available in English and French. During 2010, EDC agreed to transfer $9.1 billion of the $13.7 billion of outstanding loans to the Canada Development Investment Corporation (CDIC), another federal Crown corporation, through a transfer agreement for nominal consideration. Swaption: an option granting its owner These loans were exchanged by CDIC for common and preferred shares of the borrower. These three plans are contributory defined benefit plans that provide Ontario government employees and elementary and secondary school teachers and administrators with a guaranteed amount of retirement income. The Province has entered into securities repurchase agreements and collateralized swap agreements with certain counterparties. In addition, effective January 1, 2009, OEFC entered into a support contract, the Contingency Support Agreement (CSA), with Ontario Power Generation Inc. (OPG) whereby OPG agreed to maintain the reliability and availability of Lambton and Nanticoke coal-fired stations following implementation of a greenhouse gas emissions-reduction strategy. The Province uses derivatives to hedge and to minimize interest costs. ONFA Funds incurred unrealized gains in 2013â14 of $951 million (unrealized gains in Other Long-Term Financing of $12.9 billion, as at March 31, 2014 (2013, $12.3 billion) includes BPS Debt of $5.4 billion (2013, $5.7 billion), BPS AFP economic outlook, or in the Provincial revenue and expense. Forward Contract: a contract that Assets are recognized in the year the events giving rise to the government's control of the benefit occur. A plan curtailment gain of $43 million and recognition of net unamortized losses of $2 million is included in fiscal year 2013â14 Other Employee Future Benefits. Gross Domestic Product (GDP): the total unduplicated value of the goods and services produced in These contributions are recognized as deferred capital contributions and recorded into revenue over the useful life of the tangible capital assets based on the relevant stipulations of the contributions taken together with the actions and communications of the Province. the liability). Tangible Capital Assets: physical assets OPG is allowed to recover actual costs that cannot reasonably be avoided or mitigated, during the period from the early shutdown date until December 31, 2014, consistent with the original end date of the CSA. Net Credit Risk Exposure (Net of Collateral) is the potential loss to the Province further mitigated by the collateral received from counterparties. are recognized as tangible capital assets and the related obligations are recognized as other long-term financing liabilities in these financial statements as the assets are constructed. Debt denominated in foreign currencies that has been hedged is recorded at the Canadian dollar equivalent using the rates of exchange established by the terms of the hedge agreements. About Us I conducted my audit in accordance with Canadian generally accepted auditing standards. Resolution of the uncertainty will A one Swiss rappen appreciation of the Swiss currency, relative to the Canadian dollar, would result in unhedged debt denominated in Swiss franc increasing by $7.2 million (2013, $5.1 million) and a corresponding increase in interest on debt of $2.1 million (2013, $0.7 million). services expected to be rendered by that group of employees divided by the Employees who have completed one year of service but less than five years are also entitled to termination pay in the event of death, retirement or release from employment.
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