Question Period Note: Public Accounts of Canada 2021

Public Accounts of Canada 2021

• The Government of Canada takes the stewardship of all public funds and property very seriously.
• Canada Economic Development for Quebec Regions used 550.4 million dollars out of a total budget of 614.3 million dollars.
• Of the remaining 63.9 million dollars, grant and contribution carryover requests accounted for 56.4 million dollars, and the carryover of operating expenses for 0.45 million dollars.

• A balance of 7.1 million dollars (1.2% of the allocated budget) was returned to Treasury Board.
  ** Totals may not add up due to rounding.

• The total amount (63.9 million dollars) unused by CED in fiscal 2020–21 includes:

  • 0.45 million dollars (1% of the operating budget)
  • 63.5 million dollars (11.2% of the grant and contribution budget), subject to the approval of the Department of Finance.
• Of CED’s total unused funds, only 7.1 million dollars is expected to be returned to the financial framework.

• The Public Accounts of Canada 2021, which include the audited consolidated financial statements of the Government of Canada (refer to Volume I, Section 2), will be tabled in the House of Commons shortly.
• Departments with a financial return of less than 2% are considered to have excellent financial management; a return of less than 5% is expected from departments.

Operations
Departments are authorized to carry forward eligible funds from one fiscal year to the next, up to a maximum of 5% of the operating budget in the Main Estimates. CED’s unused funds ($0.45 million) will be carried forward to fiscal year 2021–22. Other technical adjustments amounting to an additional $1.3 million will be added to the $0.45 million, for a total allowable carry-forward of $1.8 million.

Grants and contributions
CED has requested the carryover of a total of $56.4 million in unused funds from 2020–21 to 2021–22, as follows:

• $33.0 million for the Regional Relief and Recovery Fund – Small and medium-sized businesses
• $14.4 million for the Regional Air Transportation Initiative
• $6.0 million for the Canadian Seafood Stabilization Fund
• $3.0 million for the Regional Relief and Recovery Fund – Community Futures Program

In 2020–2021, CED wrote off 26 files, worth a total of $2.5 million. In 2019–2020, CED had written off 32 files, worth a total of $12.5 million.

The Public Accounts of Canada 2021 include the audited consolidated financial statements of the Government of Canada. Canada Economic Development for Quebec Regions (CED) has demonstrated a very good use of public funds by returning only 7.1 million dollars (1.2% of the allocated budget) to Treasury Board.