Audited Financial Statements - Agency Activities

Notes to the Financial Statements - Agency Activities

8. Net liabilities

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

Included in the liabilities are $514,414,000 ($440,234,000 as at March 31, 2004), which represent transactions incurred by the Agency in providing services that will require future funding. Significant components of the future funding requirements amounts are employee severance benefits, vacation pay and compensatory leave, and accrued employee salaries and benefits. These amounts are expected to be funded by appropriations in future years as they are paid.

Date modified:

2005-10-26