Consolidated financial statements of the Government of Alberta annual report

2007·5.7 MB·English

by  Alberta

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Consolidated Financial
Statements
ofthe Government ofAlberta
Annual Report
2008-2009
Government of Alberta
&
This is the report toAlbertans onBudget2008 TheRightPlanfor Today
Tomorow. It is a permanent public record ofthe dollars spent and the results
achieved bythe Government ofAlberta for the 2008-09 fiscalyear.
The Government ofAlbertaAnnual Report consists oftwo parts:
• ConsolidatedFinancialStatements which provide an overall accounting
,
ofthe government’s revenue and spending, and assets and liabilities.
• Measuring Up which reports on the progress that has been made towards
,
achieving the government’s goals. Measuring Up is published in aseparate
document.
Annual reports foreach ministryare published in September and provide
additional detailed information on performanceand financial results.
BO<3>os
www.alberta.ca
Copyright© 2009
ConsolidatedFinancialStatements Measuring Up
Printversion: ISBN 978-0-7785-5735-7 ISBN 978-0-7785-5733-3
ElectronicPDF: ISBN 978-0-7785-5736-4 ISBN 978-0-7785-5734-0
Printversion: ISSN 1913-5831 ISSN 1913-5815
ElectronicPDF: ISSN 1913-584X ISSN 1913-5823
ACCOUNTABILITYSTATEMENT
The governmentsAnnual Report for theyearendedMarch 31, 2009 was
prepared undermydirection on behalfofthe government in accordancewith the
GovernmentAccountabilityActand the government’s accounting policies. All of
thegovernment’s policydecisions as atJune 24, 2009 with material economic or
fiscal implications have been considered in the preparation oftheAnnual Report.
IrisEvans
MinisterofFinanceandEnterprise
EXECUTIVESUMMARY
I

A MESSAGE FROM THE MINISTER
1
OF FINANCEAND ENTERPRISE
I am pleasedtopresenttheGovernmentofAlberta’s2008-09Annual Report. Thepast
; yearhas been challenging, andgovernmentcontinuesto takestepsto help theprovince
buildon ourstrengthaswe move forward.
From the highsofUS$147perbarreloil price, to thelowsofthe30% to40% losses in
worldequitymarkets,Albertawasaffectedbyglobalconditions, especiallytheworld
recession thatbegan to takeshape in 2008. Asalargelyresource-basedeconomy, we
understandtheneedto beprudentin planning, butlastyear’svolatilitywaseven more
pronouncedthanwhatwe’vecometo expectin theprovince.
In thefaceofthisvolatility, thegovernmentcontinued toprovidetheprograms
andservices thatAlbertansexpectanddeserve. In 2008-09, governmentcommitted
$36.7 billion to meettheneedsofAlbertans, including increasedspendingin priority
areas to meetgrowthpressures. Forexample, Health expenseincreased6.7 percentfrom
2007-08, andincludedadditional fundingforhealthauthorityoperations, physician
services, supplementaryhealth benefits, human tissueandbloodservicesaswell asnew
fundingforSafeCommunitiesInitiatives. Education spendingincreased 3.9 percent,
reflectinggreateroperatingsupportforbasicandpost-secondaryeducation.
Revenuewas down almost$3 billion from budget, mainlydueto thestockmarket
downfall. Thiswill seetheprovincepostitsfirstdeficitin 15years, at$852 million.
The2008-09 deficitwaspermitted undertheFiscalResponsibilityAct, as itarosedue
tolower-than-budgetednon-energyrevenue.
Movingforward,Albertanscan beconfidentthegovernmentwill carefullymanage
spendingto getthe bestvaluefor thedollarsyou’veentrusted uswith. Further, the
governmenthasa4-pointplan thatwill helppositionAlbertaforastrongeconomic
recovery. Emphasiswill beplacedon keepingacloseeyeon governmentspending;
drawingdown oursavingstoprotecttheprograms andservicesAlbertansdependon;
continuingto investin public infrastructureto supportjobsand theeconomy; and
promotingAlbertatoaglobal market. Theseprioritiesarepartofawiderstrategy
to greenAlberta’s technology, maintain acompetitivetaxregime, boostinternaland
internationaltrade, andsupportindustry.
Astheglobaleconomybegins to recover, thegovernmentwillensurethattheprograms
andservicesAlbertansexpectanddeservecontinueto beprovided, and thatwetakethe
necessarystepsto position theprovinceto beeven strongerin thefuture.
IrisEvans
MinisterofFinanceandEnterprise
EXECUTIVESUMMARY
iii

31
TABLE OF CONTENTS
Preface
|
Executive Summary
| BUDGET2008: TheRightPlan forToday&Tomorrow
Budget2008
Fiscal Highlights
AlbertaSustainabilityFund
EconomicandTaxHighlights
OverviewofProgram andCapital Spending
SpendingHighlights
2
R3evenueHighlights
4
NetFinancial andCapitalAssets
6
B7alance SheetDetails
H98istorical FiscalSummary, 1989-90 to 2008-09
2008-09 MinistryExpense byFunction
Consolidated Financial Statements
Introduction
Management’sResponsibilityfortheConsolidated Financial
Statements
Auditor’s Report
10
ConsolidatedStatementofOperations
C1o2nsolidatedStatementofFinancial Position
C1o4nsolidatedStatementofChangeinNetFinancialAssets . .
ConsolidatedStatementofCash Flows
Notes to the2008-09 ConsolidatedFinancial Statements . . .
Schedules to the2008-09 ConsolidatedFinancialStatements
1 Revenues
ExpensesbyMinistry
ExpensesbyObject
ValuationAdjustments
3 CashandTemporaryInvestments
Portfolio Investments
Equityin CommercialEnterprises
Equityin Crown-controlled SUCH SectorOrganizations
LoansandAdvances
UnmaturedDebt
1 DebtofAlbertaCapitalFinanceAuthority
Pension Liabilities
1 OtherAccrued Liabilities
TangibleCapitalAssets
13 Guarantees
16 ListingofOrganizations
I Glossary
PREFACE
1
ThePublicAccountsofAlbertaareprepared in accordancewiththeFinancial
AdministrationActandthe GovernmentAccountabilityAct. ThePublicAccountsconsist
I
| oftheannual reportoftheGovernmentofAlbertaand theannual reportsofeachofthe
I 24 ministries.
ThisannualreportoftheGovernmentofAlbertacontainstheMinisters
|
I accountabilitystatements, anExecutiveSummary,theconsolidatedfinancial
| statementsoftheProvinceandtheMeasuringUpreport,which comparesactual
1 performanceresultsto desiredresultssetoutinthegovernmentsbusinessplan.The
MeasuringUpreportispublishedinaseparatedocument.
Theannual reportsofministries, released in thefallofeachyear, contain Ministers’
accountabilitystatements, theauditedconsolidated financial statementsoftheministries
andacomparison ofactualperformanceresults todesiredresults setoutin the
ministries’ businessplans. Each ministryannual reportalso includes:
I
I
* Financialstatementsofentities makingupthe ministryincludingdepartments (all
departmentscombined form theGeneral RevenueFund), regulated funds, provincial
agenciesand Crown-controlledcorporations,
• Otherfinancial information as requiredbytheFinancialAdministrationActand
GovernmentAccountabilityAct, eitherasseparatereportsorasapartoffinancial
statements, to theextentthattheministryhasanythingto report, and
I • Financial information relatingtoaccountableorganizations andtrustfunds.
vi CONSOLIDATEDFINANCIALSTATEMENTS
EXECUTIVE SUMMARY
S
Digitized by the Internet Archive
2016
in
https://archive.org/details/consolidatedfina2008albe