Question Period Note: CANADA INFRASTRUCTURE BANK OPERATING EXPENSES

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About

Reference number:
INFC-072021-INFC-0002
Date received:
Sep 21, 2020
Organization:
Department of Housing, Infrastructure and Communities
Name of Minister:
McKenna, Catherine (Hon.)
Title of Minister:
Minister of Infrastructure and Communities

Issue/Question:

What are the operating costs for the Canada Infrastructure Bank?

Suggested Response:

  • The Canada Infrastructure Bank (CIB) has operating expenses similar to other Crown corporations.

  • The CIB’s three primary functions include investment, advisory services and research. The CIB’s operating expenses were $24.6 million for 2019-20.

  • As a Crown corporation, the CIB is responsible for costs related to its administration, human resources, information technology, professional fees and premises.

Background:

  • The operating expenses of the Canada Infrastructure Bank (CIB) were $24.6 million for 2019-20, compared to $11.4 million for 2018-19.

  • These costs include the CIB’s contribution to the Joint Project Office (JPO) that supports the VIA high frequency rail project, which is expected to have operating costs of $55 million between 2018-19 and 2020-21.

  • The CIB provides quarterly financial information on the CIB website.

  • CIB earned revenue on its investments of $14.2 million for 2019-20, compared to $2 million for 2018-19. These revenues help offset the cost of the CIB’s operating expenses.

  • Since its inception, the CIB’s actual appropriations for operating expenses have come in well below planned levels.

  • In 2020-21, CIB is planning for operating expenses of $88.4 million, which includes $40 million in operating expenses for the VIA JPO.

Additional Information:

This note is identical to the note with the same title published after December 2020