7. Net liabilities

Net liabilities represent the excess of the liabilities relating to Agency activities over its assets.

Net liabilities were $222,065,000 at March 31, 2003 ($640,754,000 in assets less $862,819,000 in liabilities) compared to $246,204,000 ($612,930,000 in assets less $859,134,000 in liabilities) at March 31, 2002. Included in the liabilities are $590,478,000 (2002 – $516,008,000), which represent transactions incurred by the Agency in providing services that will require future funding. The net change in future funding requirements is $74,470,000. Significant components of the future funding requirements amounts are employee severance benefits and vacation pay and compensatory leave liabilities. These amounts are expected to be funded by appropriations in future years as they are paid.

Date modified:

2003-10/29