NRT Annual Report 2011-2012

7/31/2019 NRT Annual Report 2011-2012

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NATIONAL ROUND TABLE

ON THE ENVIRONMENT

A N D T H E E C O N O M Y :

ANNUAL REPORT 2011-2012


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NATIONAL ROUND TABLE

ON THE ENVIRONMENT

AND THE ECONOMY

344 Slater Street, Suite 200 Ottawa, Ontario, K1R 7Y3 Canada

T 613-992-7189 / F 613-992-7385 / E-mail: [email protected]

WWW.NRTEE-TRNEE.CA

National Round Table on the Environment and the Ecomy, 2012


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A N N U A L R E P O R T 2 0 1 1 - 2 0 1 2


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LETTER FROM THE VICE-CHAIRAND PRESIDENT AND CEO

July 2012

Dear Minister,

We are pleased to submit to you the 2011-2012 Annual Report o the National RoundTable on the Environment and the Economy (NRTEE). This years report marks the nalull Annual Report o the research and convening activities o the NRTEE given its elimi-nation in the 2012 ederal Budget.

The past scal year and the rst quarter o the 2012-2013 scal year saw a signicant set oaccomplishments by the NRTEE, both in releasing original research reports and strength-

ening its brand as Canadas unique public policy agency on sustainable development. Inthis period the Round Table released 9 reports, convened 44 events, and saw a doubling ovisitors to its website.

Completing our ground-breaking Climate Prosperity series examining the risks and op-portunities or Canada o climate change was a top priority. We released our ourth andth reports on the economic costs to Canada o a changing climate:Paying the Price:The Economic Impacts o Climate Change on Canada, andFacing the Elements: BuildingBusiness Resilience to Climate Change - a three report series which provided Canadianbusinesses and governments with a roadmap, advice, and case studies on how to cope and

prosper through climate change.

Water sustainability and the natural resources sector was our other key priority or theyear. The Table released its second report in this series called Charting a Course whichanalyzed water use by these important economic sectors and how it could be conserved.Our recommendations were the ocus o a national water orum in January, 2012, which

brought together government and non-governmental experts together to consider an ac-tion plan to move orward. A urther report was published containing the results o theorum.

In March, 2011, the Minister o the Environment asked the NRTEE to undertake research

on two priority issues and report back to him. The Round Tables reports to the ministerwere released in May and June o 2012. The rst was Canadas Opportunity: Lie-CycleApproaches to Sustainable Development, which considered emerging trade and marketaccess issues surrounding the increasing use o lie-cycle considerations in natural resourceand consumer products and markets. The second wasReality Check: The State o ClimateProgress in Canada, which conducted original research on provincial and ederal climatechange actions and how these were contributing to Canadas 2020 greenhouse gas emis-sion reduction target. Both o these reports received signicant positive responses romstakeholders.


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In July 2011, the NRTEE ullled its obligations under theKyoto Protocol ImplementationAct, undertaking a review and assessment o the governments 2011 KPIA Action Plan.

During the scal year, the Table brought more and more Canadians together to our con-vening events including, or the rst time, representatives o all provincial and ederal gov-ernments to discuss climate policy. We held or participated in events across Canada and inevery province demonstrating the national appeal and prole o the NRTEE and its work.

These included events on water sustainability, low-carbon economy, climate policy, publicengagement, energy and environment, carbon pricing, Canada-US climate policy issues,

lie-cycle approaches to sustainable development, and more.

The NRTEE continued to exercise strong nancial and corporate policy discipline nish-ing the scal year under budget. We also received the highest score o twelve small depart-ments and agencies audited or core nancial controls perormance.

For almost 25 years, the National Round Table on the Environment and the Economy hasbeen a catalyst or original and look-ahead public policy thinking on how to integrate envi-

ronmental and economic decision-making. It has sought to create sustainable pathways toreconcile these oten competing interests. We are very proud o its history and its accom-plishments.

Sincerely,

R.W. Slater, CM, Ph.D. David McLaughlinNRT Vice-Chair NRT President and CEO


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NRTEE ChairBob PageCalgary, Alberta (to June 18, 2011)

The Honourable Pauline Browes, P.C.Toronto, Ontario

Diane CunninghamLondon, Ontario

John HacheyLachine, Qubec

Timothy HaigOakville, Ontario

Christopher HilkeneToronto, Ontario

Franklin HoltorsterOttawa, Ontario

Robert KulhawyCalgary, Alberta

Donald MacKinnonToronto, Ontario

Robert MillsRed Deer, Alberta

Mark Parent

Canning, Nova Scotia (Vice Chair romMay 18, 2011)

Richard ProkopankoVancouver, British Columbia

Robert SlaterOttawa, Ontario (Interim Chair romJune 19, 2011)

NRTEE President and CEODavid McLaughlin

NRTEE MEMBERS(April 1, 2011 to March 31, 2012)


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NRTEE SECRETARIAT(as o March 31, 2012)

President and CEODavid McLaughlin

Executive Assistant tothe President and CEOHlna Botelho

Director, Policy and ResearchRen Drolet

Senior Policy AdvisorsJill BakerJohn CuddihyJimena Eyzaguirre

Policy AdvisorsHilary DaviesSuzanne LoneySandeep Pandher

Research AssociatesLiza CampbellBeth HardyIsabella KavafanSumeet Tandon

Director, Communicationsand Public AairsMarie-Jose Lapointe

Communications Advisor

Tony Bgin

Website Communications OfcerEdwin Smith

Communications CoordinatorRichard Pilon

Communications AdministratorNadra Meigag

Corporate Secretary andDirector o OperationsJim McLachlan

Records andInormation Management SpecialistFosca Omara

Head o IT and SecurityKevin Trudeau

Ofce and Facility CoordinatorKim Laorge

Members Services LiaisonJulie St-Amour

Manager, Finance and ContractsDuane Wilson

Finance OfcerClaude Simard

Finance AssistantsLinda CharbonneauBonnie Klein

Procurement and Contracting Ofcer

Denise Johnston

Manager, Human Resourcesand Administrative ServicesHlne Sutton

Administrative AssistantsDenise EdwardsRachel Faulkner


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THE NATIONAL ROUND TABLE: ABOUT US

Through the development o innovative policy research and considered advice, our mission

is to help Canada achieve sustainable development solutions that integrate environmentaland economic considerations to ensure the lasting prosperity and well-being o our nation.

Emerging rom the amous Brundtland Report, Our Common Future, the NRTEE hasbecome a model or convening diverse and competing interests around one table to createconsensus ideas and viable suggestions or sustainable development. The NRTEE ocuseson sustaining Canadas prosperity without borrowing resources rom uture generations orcompromising their ability to live securely.

The NRTEE is in the unique position o being an independent policy advisory agency that

advises the ederal government on sustainable development solutions. We raise awarenessamong Canadians and their governments about the challenges o sustainable development.We advocate or positive change. We strive to promote credible and impartial policy solu-tions that are in the best interest o all Canadians.

We accomplish that mission by ostering sound, well-researched reports on priority issuesand by oering advice to governments on how best to reconcile and integrate the otendivergent challenges o economic prosperity and environmental conservation.

The NRTEE brings together a group o distinguished sustainability leaders active in busi-nesses, universities, environmentalism, labour, public policy, and community lie rom

across Canada. Our members are appointed by the ederal government or a mandate oup to three years. They meet in a round table ormat that oers a sae haven or discussionand encourages the unettered exchange o ideas leading to consensus.

We also reach out to expert organizations, industries, and individuals to assist us in con-ducting our work on behal o Canadians.

TheNRTEE Actunderlines the independent nature o the Round Table and its work. TheNRTEE reports, at this time, to the Government o Canada and Parliament through theMinister o the Environment. The NRTEE maintains a secretariat, which commissionsand analyzes the research required by its members in their work.


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CONTENTS

1.0 THE YEAR IN REVIEW: .......................................................................10

1.1 FROM RESEARCH AND CONVENING TO ADVISORY REPORTS ............11

1.2 CORPORATE MANAGEMENT INITIATIVES ..................................................18

1.3 COMMUNICATIONS AND PUBLIC AFFAIRS .............................................. 20

2.0 A LOOK AHEAD: ....................................................................... 22

2.1 FORTHCOMING REPORTS AND THE CLOSURE OF THE NRTEE ........23

3.0 FINANCIAL STATEMENTS ANDACCOMPANYING NOTES: ..................................................... 24


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1.0THE

YEAR IN

REVIEW


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11National Round Table on the Environment and the EconomyAnnual Report 2011-2012

1.0 THE YEARIN REVIEW

During the 2011-2012 scal year, the National Round Tableon the Environment and the Economy (NRTEE) continued

to develop policy advice on issues that lie at the intersectiono the environment and the economy, building rom a soundoundation o research and stakeholder convening. FourNRTEE advisory reports were released over the year.

The NRTEE also undertook an initiative to renew its corpo-rate brand, emphasized the role o the NRTEE as a convener

that creates the context in which possibilities can emerge,building pathways to sustainability. The launch o a new andimproved NRTEE website was a key element o this brandinginitiative.

1.1 FROM RESEARCH AND CONVENINGTO ADVISORY REPORTS

Over the 2011-2012 scal year, the NRTEE continued to makecontributions in three key policy areas:

The economic risks and opportunities o climate change; Water sustainability and Canadas natural resource sectors;

and Review o the Government o Canadas implementation o

the Kyoto Protocol.

Climate Prosperity The Economic Risks and Opportunitiesof Climate Change for Canada

Building on its previous work on climate change, the NRTEElaunched its Climate Prosperity program in 20092010,ocusing on the economic risks and opportunities or Canadarelated to climate change.

Climate Prosperity: The Economic Risks

and Opportunities of Climate Change for

Canada was released in April 2010.


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Climate Prosperity is a multi-year policy initiative ocusing ontwo principal research streams:

1. The economic implications to Canada resulting rom achanging climate, how we should adapt to it, and what

this will cost.

2. The economic implications to Canada resulting roma global transition to a low-carbon economy, what thismeans to our uture competitiveness, and what strate-gies we should adopt to succeed.

Eorts in 2011-2012 ocused on the three nal projects in theClimate Prosperity series which explored the ollowing themes:

the economic costs o climate change or Canada, buildingbusiness resilience in a changing climate, and transitioning toa low-carbon economy.

The ollowing Climate Prosperity publications were issued in2011-2012:

Paying the Price: The Economic Impacts of Climate Change forCanada

This report estimates the economic consequences o climate

change or Canada. In addition to generating high-level esti-mates o the costs o climate change or the country as a whole,

the report also assesses the costs o climate change impacts andthe costs and benets o adaptation or three areas o inter-est: timber supply, coastal areas, and human health. It con-cludes that climate change impacts brought about by increased

world-wide emissions have a real and growing economic costto Canada: $5 billion in 2020 and between $20 and $43 bil-lion in 2050 It also shows that adaptation our capacity tomanage the impacts to come while not cost-ree, is a cost-

eective way to alleviate some o those impacts.

Following the release o this report, NRTEE sta conductedstakeholder outreach, expanding our use o webinars to en-gage in dialogue with a national audience. The NRTEE alsopresented the report ndings to public servants in the Gov-ernment o Ontario through the governmentsPolicy Forumseries.

Paying the Price: The Eco-

nomic Impacts of Climate

Change for Canada

(released September 29, 2011)


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Facing the Elements: Building Business Resilience in aChanging Climate

Facing the Elements is a three-report series advising busi-ness and governments on coping with climate change roma business perspective. The eects o more volatile weatherand gradual changes in climate conditions will touch all acetso Canadian business in the decades to come. Despite grow-ing awareness o the risks and opportunities that changingclimate presents, ew rms are adjusting business strategiesand practices to adapt to this inevitable reality. The NRTEEresearched several emerging issues or this project including

building climate change resilience across the supply chain,assessing corporate disclosure o climate change-related risks,

and protecting the resilience o critical inrastructure. In ad-dition, the NRTEE engaged with stakeholders to explore the

business case or adaptation, discuss climate change inorma-tion needs to inorm decision-making, and identiy prioritiesor government action to support private sector adaptation.

The Case Studies oer a collection o company case studiespresenting successes, challenges, and lessons rom thirteenCanadian and international pacesetters who are alreadyadapting to climate change by assessing and managing risksand opportunities and building climate resilience across their

enterprises. TheBusiness Primerprovides business-riendlyinormation about the adaptation imperative and practicalsteps rms can take to get in ront and succeed in the ace o

this growing challenge. TheAdvisory Reportincludes researchndings and recommendations on how government can sup-port greater business adaptation to climate change.

Forthcoming Climate Prosperity Reports

Work also continued on the NRTEEs Climate Prosperity

initiative aimed at developing a low-carbon growth plan orCanada. During 2011-2012, the NRTEE engaged extensivelyacross the country to hear regional perspectives on this proj-ect. Quantitative and qualitative research was also undertaken

to identiy opportunities and challenges in making the tran-sition to a low-carbon economy, particularly in relation toenergy, innovation, trade, skills, investment, and governance.

Copies o the published reports, as well as more inormationon the Climate Prosperity program can be ound at http://nrtee-trnee.ca/climate/climate-prosperity.

Facing the Elements: Building

Business Resilience in a Chang-

ing Climate

(released March 22, 2012 and

April 27, 2012)


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Charting a Course: Sustainable Water Use by Canadas Natu-ral Resource Sectors

The NRTEE program on Water Sustainability and CanadasNatural Resource Sectors released a rst report, ChangingCurrents: Water Sustainability and the Future o CanadasNatural Resource Sectors, in 2010-2011. This report lookedat the current state o water use by Canadas natural resourcesectors and identied key issues. During 2011-2012, a secondphase o this program ocused on developing inormation andadvice to ensure the sustainable use o water by the resourcesectors. The approach included commissioning research andanalysis rom some o Canadas top water experts and conduct-ing extensive stakeholder engagement to inorm report scop-

ing, test the research ndings, identiy potential solutions, andsolicit eedback on preliminary conclusions. The report, Chart-ing a Course: Sustainable Water Use by Canadas Natural Re-source Sectors, included recommendations in the areas o waterorecasting, water quantity data and inormation, collaborative

water governance, and policy instruments.

In January 2012, the NRTEE convened a National Water Fo-rum with 50 Canadian water experts, government representa-

tives, academics, and industry representatives to urther renethe report recommendations and move towards implementa-

tion. Participants rom across the country discussed, deliberat-ed on, and ranked the recommendations in Charting a Course,suggesting ways to move the recommendations rom argument

to action. In addition, participants identied organizations orgroups that might be able to lead or contribute to moving therecommendations orward. This innovative and high-proleconvening event was webcast live across the country, and the50 experts in the room were supplemented by an additional100 online participants. The webcast was recorded and is nowavailable on the NRTEE website along with a summary report

that provides the start o an action plan that will make im-portant contributions to the management and governance oCanadas water resources.

Inormation on Water Sustainability and Canadas NaturalResource Sectors can be ound at http://nrtee-trnee.ca/water/

water-sustainability-and-the-uture-o-canadas-natural-res-ource-sectors-2.

Charting a Course: Sustainable

Water Use by Canadas Natural

Resource Sectors

(released November 17, 2011)


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Kyoto Protocol Implementation Act

TheKyoto Protocol Implementation Act(KPIA) was passedby Parliament in June 2007 and calls on Canada to meet itsinternational commitment under the Kyoto Protocol by reduc-ing greenhouse gas emissions to six per cent below 1990 levels

by 2012. Every year, the government must prepare a ClimateChange Plan describing the measures and policies it enacted

to ensure that Canada meets its obligations under the Proto-col. This plan must also detail the expected emission reduc-

tions resulting rom the governments measures and policies.

Subsection 10(1) o theKPIA requires the NRTEE to

a) Undertake research and gather inormation and analy-ses on the Plan or statement in the context o sustainabledevelopment; and

b) Advise the Minister on issues that are within its pur-pose, including the ollowing:

i) The likelihood that each o the proposed mea-sures or regulations will achieve the emissionreductions projected in the Plan or statement;

ii) The likelihood that the proposed measures orregulations will enable Canada to meet its

obligations under Article 3, paragraph 1, o theKyoto Protocol, and

iii) Any other matters that the Round Table consid-ers relevant.

The NRTEE undertook the required analysis to comply withour obligations under the KPIA and our ndings were pro-

vided on July 28th in our th written response to the Minis-ter o the Environment:Response o the National Round Tableon the Environment and the Economy to its Obligations underthe Kyoto Protocol Implementation Act, July 2011. The report

highlights improvements in the transparency o the plan, in-cluding methods to estimate emission reductions rom policymeasures. It also notes improved reliability o some estimatesand the publication o emissions projected out to 2020 under

both a reerence case and the policy scenarios. The NRTEEconcluded that the orecasts provided by the integrated mod-eling in the plan are reliable.

The Response of the National

Round Table on the Environ-

ment and the Economy to its

Obligations under the Kyoto

Protocol Implementation Actwas released in July 2011.


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Further areas or improvement were also identied:Concernsremainabouttheadditionalityofemissionreduc-

tions driven by policy measures;Someoftheassumptionsusedtodevelopthereferencecase

should be urther substantiated, as the current assumptionsmay result in overestimates o projected emission reductionsor some policy measures; and

Therewouldbevalueinextendingthetimehorizonoftheevaluation to assess expected emission reductions out to2020.

This will be our nal KPIA report, as the government has re-pealed the KPIA under bill C-38, theJobs, Growth and Long-term Prosperity Act. Copies o the NRTEEs most recent KPIA

report can be ound at http://nrtee-trnee.ca/governance/kyo-to-protocol-implementation-act/kpia-2011-index.

Ministerial References

In March 2011, the Honourable Peter Kent, Minister o theEnvironment, requested that the NRTEE provide advice to theGovernment o Canada relating to provincial and territorialclimate change plans and policies, and potential lie cycle ap-proaches to enhance environmental sustainability.

Reality Check: The State of Climate Progress in Canada

The NRTEE conducted original research and engaged withstakeholders to conduct a comprehensive assessment o pro-

vincial/territorial climate change plans and policies in order tobetter inorm ederal actions aimed at meeting Canadas 2020greenhouse gas emissions reduction target. The research in-cluded quantitative modeling o the expected emission reduc-

tions rom existing and proposed climate policies at the ederaland provincial/territorial level alongside an assessment o the

cost eectiveness o emission reduction actions. The NRTEEengaged heavily with the provinces and territories in the devel-opment o this analysis, and brought together ocials rom theederal and provincial/territorial governments, several NRTEEMembers, climate public policy experts, and intergovernmen-

tal experts in Kingston, Ontario at an event organized by theNRTEE, in conjunction with the Queens University Instituteo Intergovernmental Relations. The purpose o the event was

Reality Check: The State of

Climate Progress in Canada

(released June 13, 2012)


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to present the NRTEEs early research ndings; engage in adialogue on the issues raised by the assessment; and inviteadvice on the path orward.

The report includes the results o the research and conveningactivities, including a qualitative and quantitative assessmento existing plans. It shows that Canada is making signicantprogress toward its 2020 target but will not get there withonly existing and proposed climate policy measures by all gov-ernments. The report also oers advice on what instrumentsand mechanisms should be explored urther in Canada asclimate policy evolves. The NRT recommends that advances inuture Canadian climate policy meet three tests: that they arecollaborative, coherent, and considered. In addition, the NRT

recommends complementing the ederal sector-by-sector reg-ulatory approach with base-level carbon pricing; announcinga detailed plan as to which sectors will be regulated and when;using equivalency agreements with provinces or fexibility;and conducting regular independent orecasts o anticipatedprogress in reducing emissions.

The Report may be ound at http://nrtee-trnee.ca/reality-check-the-state-o-climate-progress-in-canada.

Canadas Opportunity: Adopting Life Cycle Approaches for

Sustainable Development

In developing this report, the NRTEEs research exploredthe drivers, risks, opportunities, and challenges related tothe uptake o lie cycle approaches in Canada. It investigatedthese issues in the context o the private sector and presentedrecommendations on how the Government o Canada couldsupport the uptake o lie cycle approaches by Canadian busi-nesses. It also explored these issues related to internal ederaloperations and decision-making processes and identied rec-

ommendations or Government o Canada action within keydepartments. The NRTEE convened more than 100 expertsand stakeholders over seven sessions to guide the research or

this report, comment on the ndings and contribute to therecommendations.

The report identies the risks aced by Canadian companiesto comply with increasing oreign government regulations

Canadas Opportunity: Adopt-ing Life Cycle Approaches for

Sustainable Development

(released May 16, 2012)


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and emerging market demands that require product lie cycledisclosure and stronger environmental standards. It concludes

that applying lie cycle approaches could enhance economiccompetitiveness and environmental stewardship o our re-sources and in design, production, and consumption o goodsand materials. The report oers advice and recommenda-

tions to help the Government o Canada assess how lie cycleapproaches could contribute to long-term sustainability inCanada and the role the government could play to acilitatesuccessul uptake o lie cycle approaches within governmentand in the private sector. In particular, it recommends that

the ederal government build its internal understanding o liecycle issues, help Canadian companies maintain access to or-eign & domestic markets, proactively engage in discussions on

issues related to lie cycle approaches, and show leadership inthe application o lie cycle approaches to internal operations &policy decision making.

The Report may be ound at http://nrtee-trnee.ca/canadas-opportunity.

1.2 CORPORATE MANAGEMENT INITIATIVES

Renewing the NRTEE Brand

This year the NRTEE implemented an initiative to clearlyarticulate the organizations strategic positioning and brandand adjust our communications approach accordingly. Theinitiative established the ollowing three communicationsobjectives: (1) entrench the NRTEEs relevance among deci-sion makers; (2) present the NRTEE as one o Canadas mostimpactul organizations on issues related to environment andeconomy, and (3) position the NRTEE as an organization with

reach, capable o generating consensus and an organizationwith something to say. With the positioning statement Find-ing sustainable pathways, the NRTEEs emphasizes the highquality o research it provides and its unique convening poweron matters related to the environment and the economy, thesum o which is strong, impartial advice to governments.


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A key component o this strategy was an overhaul o theNRTEEs website which presents the wealth o inormationdeveloped by the NRTEE in an engaging and accessible man-ner. The organization has also provided more regular updateson its activities through proling stakeholder events andsharing associated documentation, allowing stakeholders andpartners to stay apprised o NRTEE work and developmentsprior to the publication o nal reports.Greening the NRTEE

The NRTEE continued to green our operations and raise em-ployee awareness on a range o environmental issues. High-

lights o the activities organized by the NRTEEs Green Steer-

ing Committee in 2011-2012 include:

During the summer o 2011, the NRTEE conducted a twoweek commuter challenge that encouraged employees toreduce the environmental impact o their commuting pat-

terns. This challenge let sta trade commuting permitsthrough a cap and trade system, helping sta better under-stand an environmental policy instrument and encouragingmore sustainable transportation choices.

Member Engagement

Members o the NRTEE continued to make contributions tothe work o the organization through their participation inthe plenary meetings and stakeholder convening events. Onehighlight in 2011-2012 was the NRTEE plenary meeting heldin Haliax, Nova Scotia. This meeting included a panel discus-sion on the Lower Churchill Hydroelectric Project and site

visits to Minas Basin Pulp and Power Company Ltd and theIrving Environmental Centre at Acadia University. Membersplayed important roles in several NRTEE convening events,

including the Water Forum and a Canadian Climate PolicyDialogue session held in Kingston with the Queens UniversityInstitute or Intergovernmental Relations.


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1.3 COMMUNICATIONS AND PUBLIC AFFAIRS

Over the past scal year, our communications and publicaairs activities have ocused on supporting the release oNRTEE reports and re-positioning the organization, develop-ing associated communications products and strategies, andestablishing a new website or the organization.

In September 2011 the NRT released a resh new look andstructure or its website (www.nrtee-trnee.ca). This new designhelped to solidiy the NRTs strategic position as one o Cana-das most impactul organizations on issues related to environ-

ment and economy, while making the brand pillars o research,convene, and advise more tangible. The sites new architectureand social media components oer a better and more intuitiveuser experience, and in turn allow the NRT to extend its reach.

During the 2011-2012 scal year, there were 380,000 visitorsto the website. In addition to the website, we expanded ourweb presence though participation in Twitter and other socialmedia channels. This allowed the NRTEE to extend our reach

to more than 30,000 people with the release o each NRTEEreport.

Media Outreach and Presence

The NRTEEs engagement with media continued to growin 2011-2012, with high levels o attention surrounding therelease o various NRTEE reports. The NRTEE experienced itsgreatest media attention to date with the release oPaying thePrice: The Economic Impacts o Climate Change or Canada.More than 700 media stories (print, radio, and television)ollowed the release o this report. The release oCharting aCourse: Sustainable Water Use by Canadas Natural ResourceSectors also attracted signicant attention, with 160 mediastories, as did the related stakeholder meeting convened todiscuss a path orward.


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Promoting NRTEE Advice

Promoting the research and policy advice o the Round Tableis essential to raising awareness and infuencing government.The NRTEE promotes its advice through media relations, its

website, direct electronic distribution to stakeholders, as wellas by undertaking outreach activities, speaking engagements,and collaborative activities with non-governmental sectors,stakeholders, academia, and other organizations. Each tar-geted audience and activity is critical to the agencys eorts toreinorce its acknowledged reputation as a credible and trust-

worthy source o research and advice.

Report Download Statistics:

Electronic publishing has helped to extend the NRTEEs out-reach to its stakeholders and reduce the number and cost ohard-copy reports. Access to publications via the website hasnot only permitted immediate access to our stakeholders, ithas signicantly increased the distribution levels.

REPORTSDownloads to

June 30, 2012

Reality Check: The State of Climate Progress in Canada 6,856

Canadas Opportunity: Adopting Life Cycle Approaches for Sustainable

Development 4,326Facing the Elements

(3 report series - Advisory Report, Business Primer, and Case Studies)7,612

Charting a Course: Sustainable Water Use by Canadas Natural Resource

Sectors and Moving to Action: NRT National Water Forum Report5,178

Paying the Price: The Economic Impacts of Climate Change for Canada 9,640

Parallel Paths Outreach report 523


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2.0A

LOOK

AHEAD


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2.1 FORTHCOMING REPORTS ANDTHE CLOSURE OF THE NRTEE

The ederal government announced in Budget 2012 that theNRTEE will be eliminated as o March 31, 2013. During the2012-2013 scal year, the NRTEE will complete its currentagenda and release scheduled reports in several areas. Reportson business resilience to climate change, lie-cycle approaches

to sustainable development, ederal-provincial progress to-wards Canadas 2020 greenhouse gas emissions reductionstarget and a summary report on the National Water Forumheld in January, 2012 were released in the rst quarter o thenew scal year.

The nal report in the Climate Prosperity series will set outthe need or Canada to transition to a low-carbon economy,analyze low-carbon opportunities or Canada, and explore our

low-carbon competitiveness. The report will take the rst step

in outlining a ramework or low-carbon growth, highlightingthe policy directions Canada needs to pursue to harness thisopportunity, mitigate risks, and minimize costs, and outlin-ing the main elements o a comprehensive low-carbon growthplan.

This respects both our legislative responsibilities and ourpublic commitments to governments, Parliament, and ourmany stakeholders who have worked closely with us over thepast ew years giving us their input and guidance on buildingsustainable pathways or Canada.

While we complete our current work program, we will look orways to acilitate easy ongoing access to the NRTEEs tremen-dous history o reports and advice rom the past 25 years or

those who might wish to draw upon it in the years ahead.

2.0 A LOOK AHEAD


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3.0FINANCIAL

STATEMENTS AND

ACCOMPANYING NOTES:


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Responsibility or the integrity and objectivity o the accompanying nancial statements or the year ended

March 31, 2012, and all inormation contained in these statements rests with the management o the Na-

tional Round Table on the Environment and the Economy (NRTEE). These nancial statements have been

prepared by management using the Governments accounting policies, which are based on Canadian public

sector accounting standards.

Management is responsible or the integrity and objectivity o the inormation in these nancial statements.

Some o the inormation in the nancial statements is based on managements best estimates and judgment,

and gives due consideration to materiality. To ulll its accounting and reporting responsibilities, manage-

ment maintains a set o accounts that provides a centralized record o the NRTEEs nancial transactions.Financial inormation submitted in the preparation o the Public Accounts o Canada, and included in the

NRTEEsDepartmental Perormance Report, is consistent with these nancial statements.

Management is also responsible or maintaining an eective system o internal control over nancial report-

ing (ICFR) designed to provide reasonable assurance that nancial inormation is reliable, that assets are

saeguarded and that transactions are properly authorized and recorded in accordance with theFinancial

Administration Actand other applicable legislation, regulations, authorities and policies.

Management seeks to ensure the objectivity and integrity o data in its nancial statements through careul

selection, training, and development o qualied sta; through organizational arrangements that provide

appropriate divisions o responsibility; through communication programs aimed at ensuring that regula-

tions, policies, standards, and managerial authorities are understood throughout the NRTEE and throughconducting an annual risk-based assessment o the eectiveness o the system o (ICFR).

The system o ICFR is designed to mitigate risks to a reasonable level based on an on-going process to iden-

tiy key risks, to assess eectiveness o associated key controls, and to make any necessary adjustments.

The NRTEE is subject to periodic Core Control Audits perormed by the Oce o the Comptroller General

and uses the results o such audits to comply with the Treasury Board Policy on Internal Control.

A Core Control Audit was perormed in 2011-12 by the Oce o the Comptroller General o Canada. The

Audit Report and related Management Action Plan are posted on the NRTEEs web site at http://nrtee-

trnee.ca/corporate-reporting.

The Oce o the Auditor General, the independent auditor or the Government o Canada, has expressed anopinion on the air presentation o the nancial statements o the NRTEE which does not include an audit

opinion on the annual assessment o the eectiveness o the departments internal controls over nancial

reporting.

David McLaughlin Jim McLachlan

President and Chie Executive Ocer Chie Financial Ocer

Ottawa, Canada

July 11, 2012

STATEMENT OF MANAGEMENT RESPONSIBILITYINCLUDING INTERNAL CONTROL OVER FINANCIAL

REPORTING


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26

AUDITORS REPORT


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2012 ($) 2011 ($)

Liabilities

Accounts payable and accrued liabilities (note 5)

Vacation pay and compensatory leave

Employee uture benets (note 6)

Total Liabilities

Financial Assets

Due rom Consolidated Revenue Fund

Accounts receivable (note 7)

Total gross fnancial assets

Financial assets held on behal o Government

Accounts receivable and advances (note 7)

Total fnancial assets held on behal o Government

Total net fnancial assets

Net debt

Non-fnancial assets

Prepaid expenses

Tangible Capital Assets (note 8)

Total non-fnancial assets

Net fnancial position

Contractual obligations (note 10)The accompanying notes orm an integral part o these nancial statements

Approved by:

David McLaughlin Jim McLachlan

President and Chie Executive Ocer Chie Financial Ocer

Ottawa, Canada

July 11, 2012

1,834,611

180,824

299,130

2,314,565

506,783

3,200

509,983

(1,000)

(1,000)

508,983

1,805,582

6,615

87,092

93,707

1,711,875

598,356

136,562

544,958

1,279,876

586,456

13,225

599,681

(1,000)

(1,000)

598,681

681,195

4,277

160,960

165,237

515,958

STATEMENT OF FINANCIAL POSITION

As at March 31

Restated (note 13)


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28

2012 ($)2012 ($) 2011 ($)

Expenses

Program Advisory

Internal Services

Total expenses

Revenues

Contributions (note 9)

Miscellaneous revenues

Revenues earned on behal o Government

Total revenues

Net cost o operations beore government unding and transers

Government unding and transers

Net cash provided by GovernmentChange in due rom the Consolidated Revenue Fund

Services provided without charge (note 11)

Net cost o operations ater government unding and transers

Net fnancial position - Beginning o year

Net fnancial position - End o year

Segmented inormation (note 12)

The accompanying notes orm an integral part o these nancial

statements

4,443,377

2,489,580

6,932,957

4,322

2,825

(2,825)

4,322

6,928,635

5,431,645(79,673)

380,746

1,195,917

515,958

1,711,875

3,494,681

2,180,933

5,675,614

88,770

1,572

(1,572)

88,770

5,586,844

4,989,647113,782

380,746

102,669

413,289

515,958

STATEMENT OF OPERATIONS

AND NET FINANCIAL POSITIONFor the Year Ended March 31

3,785,644

2,038,424

5,824,068

-

1,176

(1,176)

-

5,824,068

5,326,169-

372,976

124,923

515,958

640,881

Planned Results Restated (note 13)


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2012 ($)2012 ($) 2011 ($)


Changes due to tangible capital assets

Acquisition o tangible capital assets

Amortization o tangible capital assets

Total change due to tangible capital assets

Change due to prepaid expense

Net increase in net debt

Net debt - Beginning o year

Net debt - End o year

The accompanying notes orm an integral part o these nancial

statements

1,195,917

6,525

(80,393)

(73,868)

2,338

1,124,387

681,195

1,805,582

102,669

24,995

(83,783)

(58,788)

(2,945)

40,936

640,259

681,195

STATEMENT OF CHANGE IN NET DEBT

As at March 31

124,923

10,000

(82,917)

(72,917)

-

52,006

681,195

733,201

Planned Results


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30

2012 ($) 2011 ($)

Operating activities


Non-cash items:

Amortization o tangible capital assets

Services provided without charge (note 11)

Variations in Statement o Financial Position

Decrease in accounts receivable and advances

Increase (decrease) in prepaid expenses

Increase in accounts payable and accrued liabilities

Increase in vacation pay and compensatory leave

Decrease (increase) in employee uture benets

Cash used in operating activities

Capital investing activities

Acquisition o tangible capital assets

Cash used in capital investing activities

Net cash provided by Government o Canada

The accompanying notes orm an integral part o these nancial statements

6,928,635

(80,393)

(380,746)

(10,025)

2,338

(1,236,255)

(44,262)

245,828

5,425,120

6,525

6,525

5,431,645

5,586,844

(83,783)

(380,746)

(4,386)

(2,945)

(111,598)

(10,250)

(28,484)

4,964,652

24,995

24,995

4,989,647

STATEMENT OF CASH FLOWS

For the Year Ended March 31

Restated (note 13)


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NOTES TO THE FINANCIAL STATEMENT

For the Year Ended March 311. Authority and objectives

The National Round Table on the Environment and the Economy (NRTEE) was established in 1994 under the Na-tional Round Table on the Environment and the Economy Act and is a departmental corporation named in Sched-ule II o the Financial Administration Act. The NRTEE ulls its objective o promoting sustainable development, andthe integration o the environment and economy in decision making in all sectors, by conducting studies, organiz-ing stakeholder dialogues on specic issues and economic sectors, providing advice, carrying out educationaland communication activities, and by acting as a catalyst or change. Its operating expenses are unded mainly bya budgetary lapsing authority and, to a lesser extent, rom cost recovery and cost sharing or specic activities. TheNRTEE is not subject to the provisions o the Income Tax Act.

The NRTEE has two program activities:

Advisory Program on Environment and Economy Issues(reerred to as Program Advisory) - Raising awarenessand understanding among Canadians and their governments about the challenges o sustainable developmentand promoting viable solutions are vital to Canadas environmental and economic uture.

Internal Services - All services that support the operation o the NRTEE and act as enablers or the NRTEEsother program activity.

2. Basis o Presentation - Going Concern

On March 29, 2012, the Government o Canada announced its intention to liquidate and close the NRTEE by April1, 2013. This intention was approved through adoption (Royal Assent) o Bill C-38 on June 29, 2012. The goingconcern basis o presentation assumes that the NRTEE will continue in operation or the oreseeable uture andthat it will be able to realize its assets and discharge its responsibilities in the normal course o business. With thediscontinuance o all o the NRTEE operations in 2012-13, the going concern basis o presentation is no longerappropriate. As a result, the 2011-12 nancial statements have been prepared on a liquidation basis o accounting.Any liabilities that remain unsatised upon liquidation o the NRTEE will become the liabilities o Her Majesty in righto Canada.

3. Summary o signifcant accounting policies

These nancial statements have been prepared using the Governments accounting policies stated below, whichare based on Canadian public sector accounting standards. The presentation and results using the stated account-ing policies do not result in any signicant dierences rom Canadian public sector accounting standards.

Under the liquidation basis o accounting, the assets and liabilities would be measured based on their net realizablevalue and settlement amounts respectively. Due to the nature o NRTEEs assets and liabilities, no changes in the

measurement o assets and liabilities have been considered necessary. As a result o the decision to liquidate andclose the NRTEE disclosed in note 2, a liability in respect o termination benets was recognized in the current year.

Signicant accounting policies are as ollows:

(a) Parliamentary authorities - the NRTEE is nanced by the Government o Canada through Parliamentary ap-propriations. Financial reporting o authorities provided to the NRTEE do not parallel nancial reporting accord-ing to generally accepted accounting principles since authorities are primarily based on cash ow requirements.Consequently, items recognized in the Statement o Operations and Net Financial Position and in the Statemento Financial Position are not necessarily the same as those provided through authorities rom Parliament. Note 4provides a reconciliation between the bases o reporting. The planned results amounts in the Statement o Op-erations and Net Financial Position are the amounts reported in the uture-oriented nancial statements includedin the 2011-12 Report on Plans and Priorities.


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32

(b) Net cash provided by Government - the NRTEE operates within the Consolidated Revenue Fund (CRF), whichis administered by the Receiver General or Canada. All cash received by the NRTEE is deposited to the CRF andall cash disbursements made by the NRTEE are paid rom the CRF. The net cash provided by Government is thedierence between all cash receipts and all cash disbursements including transactions between departments othe Government.

(c) Amounts due rom or to the CRF are the result o timing dierences at year-end between when a transac-tion aects authorities and when it is processed through the CRF. Amounts due rom the CRF represent thenet amount o cash that the NRTEE is entitled to draw rom the CRF without urther authorities to discharge itsliabilities.

(d) Revenues:

Contributions rom external parties or specied purposes are recorded upon receipt as deerred revenues.Contributions are recognized in the period in which the related expenses are incurred.

Miscellaneous revenues are accounted or in the period in which the underlying transaction or event that gaverise to the revenue takes place.

Revenues that are non-respendable are not available to discharge the NRTEEs liabilities. While the Presidentand CEO is expected to maintain accounting control, he has no authority regarding the disposition o non-respendable revenues. As a result, non-respendable revenues are considered to be earned on behal o theGovernment o Canada and are thereore presented in reduction o the NRTEEs gross revenue.

(e) Expenses - Expenses are recorded on the accrual basis:

Vacation pay and compensatory leave are accrued as the benets are earned by employees under their re-spective terms o employment.

Services provided without charge by other government departments or such items as accommodation arerecorded as operating expenses at their estimated cost.

A termination benet is payable when employment is terminated beore the normal retirement date or

whenever an employee accepts voluntary redundancy in exchange or these benets. A termination benetsliability based on the employees years o continuous service in the public service is recorded by NRTEE whenit is demonstrably committed to terminate the employment o current employees.

() Employee uture benets

(i) Pension benets: Eligible employees participate in the Public Service Pension Plan (PSSA), a multiemployerpension plan administered by the Government. The NRTEEs contributions to the Plan are charged to ex-penses in the year incurred and represent the total NRTEE obligation to the Plan. The NRTEEs responsibilitywith regard to the Plan is limited to its contributions. Actuarial surpluses or deciencies are recognized in thenancial statements o the Government o Canada, as the Plans sponsor.

(ii) Severance benets: Employees entitled to severance benets under labour contracts or conditions oemployment earn these benets as services necessary to earn them are rendered. The obligation relating

to the benets earned by employees is calculated using the layo entitlement o two weeks or the rst yearo continuous employment ollowed by one week or each subsequent year o continuous employment. In2010-11, severance benets were calculated using inormation derived rom the results o the actuarially deter-mined liability or employee severance benets or the Government as a whole.

(g) Accounts receivable are stated at the lower o cost and the net recoverable value; a valuation allowance isrecorded or receivables where recovery is considered uncertain.

(h) Contingent liabilities - Contingent liabilities are potential liabilities which may become actual l iabilities whenone or more uture events occur or ail to occur. To the extent that uture event is likely to occur or ail to occur,and a reasonable estimate o the loss can be made, an estimated liability is accrued and an expense recorded. Ithe likelihood is not determinable or an amount cannot be reasonably estimated, the contingency is disclosed inthe notes to the nancial statements.


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(i) Tangible capital assets - All tangible capital assets and leasehold improvements having an initial cost o $2,000or more are recorded at their acquisition cost.

Amortization o tangible capital assets is done on a straight-line basis over the estimated useul lie o the asset asollows:

Asset Class Amortization Period

Leasehold Improvements Lesser o the remaining term o

lease or useul lie o the

improvement

Inormatics Equipment and

Purchased Sotware

3 years

Furniture and Equipment 10 years

(j) Measurement uncertainty - The preparation o these nancial statements requires management to make esti-mates and assumptions that aect the reported amounts o assets, liabilities, revenues and expenses reported inthe nancial statements. At the time o preparation o these statements, management believes the estimates and

assumptions to be reasonable. The most signicant items where estimates are the liability or termination ben-ets, the liability or severance benets, the liability or vacation pay and compensatory leave, and the useul lie otangible capital assets. Actual results could signicantly dier rom those estimated. Managements estimates arereviewed periodically and, as adjustments become necessary, they are recorded in the nancial statements in theyear they become known.


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4. Parliamentary authorities

The NRTEE receives most o its unding through annual Parliamentary authorities. Items recognized in the State-ment o Operations and Net Financial Position and the Statement o Financial Position in one year may be unded

through Parliamentary authorities in prior, current or uture years. Accordingly, the NRTEE has dierent net resultso operations or the year on a government unding basis than on an accrual accounting basis. The dierences arereconciled in the ollowing tables:

(a) Reconciliation o net cost o operations to current years authorities used

2012 ($) 2011 ($)


Adjustments or items aecting net cost o operations

but not aecting authorities:

Amortization o tangible capital assetsServices provided without charge

Increase in vacation pay and compensatory leave

Decrease (increase) in employee uture benets

Adjustment to previous years payables at year-end

Increase in accrued liabilities not charged to authorities

Reund o prior years expenditures

Adjustments or items not aecting net cost o operations

but aecting authorities:Acquisition o tangible capital assets

Increase (decrease) in prepaid expenses

Current year authorities used

(b) Authorities provided and used

Authorities Provided

Vote 20 - Program expenditures

Statutory amounts

Less:

Lapsed appropriations - operations

Current year authorities used

6,928,635

(80,393)(380,746)

(44,262)

245,828

11,655

(1,326,928)

1,145

(1,573,701)

6,525

2,338

8,863

5,363,797

5,218,383

449,334

5,667,717

(303,920)

5,363,797

5,586,844

(83,783)(380,746)

(10,250)

(28,484)

29,940

-

16,549

(456,774)

24,995

(2,945)

22,050

5,152,120

5,065,811

426,005

5,491,816

(339,696)

5,152,120


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5. Accounts payable and accrued liabilities

The ollowing table presents details o the NRTEEs accounts payable and accrued liabilities:

Accounts payable - Other government departments and agenciesAccounts payable - External parties

Accrued liabilities

Total accounts payable and accrued liabilities

As a result o the closure o the NRTEE in 2012-13, the NRTEE has recorded at March 31, 2012 an obligation o

$1,326,928 as part o accrued liabilities or termination benets to reect the estimated workorce adjustment costs.

6. Employee uture benefts

(a) Pension benefts

The NRTEEs employees participate in the Public Service Pension Plan, which is sponsored and administered by the

Government. Pension benets accrue up to a maximum period o 35 years at a rate o 2 percent per year o pen-

sionable service, times the average o the best ve consecutive years o earnings. The benets are integrated with

Canada/Qubec Pension Plans benets and they are indexed to ination.

Both the employees and the NRTEE contribute to the cost o the Plan. The 2011-12 expense amounts to $323,071

($299,056 in 2010-11), which represents approximately 1.7 times (1.7 times in 2010-11) the contributions by employ-

ees.

The NRTEEs responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deciencies

are recognized in the nancial statements o the Government o Canada, as the Plans sponsor.

(b) Severance benefts

The NRTEE provides severance benets to some o its employees based on eligibility, years o service and salary

at termination o employment. These severance benets are not pre-unded. Benets will be paid rom uture

authorities. Inormation about the severance benets, measured as at March 31, is as ollows:

As part o collective agreement negotiations with certain employee groups, and changes to conditions o employ-

ment or executives and certain non-represented employees, the accumulation o severance benets under the

employee severance pay program ceased or these employees commencing in 2011-12. Employees subject to

these changes have been given the options to be immediately paid the ull or partial value o benets earned to

date or collect the ull or remaining value o benets on termination rom the public service. These changes have

been reected in the calculation o the outstanding severance benet obligation.

Accrued beneft obligation - Beginning o year

Expense or the yearBenet paid during the year

Accrued beneft obligation - End o year

2012 ($) 2011 ($)

38,654

469,029

1,326,928

1,834,611

544,958

(93,439)(152,389)

299,130

52,295

546,061

-

598,356

516,474

28,484-

544,958

2012 ($) 2011 ($)


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36

900

1,300

1,000

3,200

(1,000)

2,200

11,900

325

1,000

13,225

(1,000)

12,225

2012 ($) 2011 ($)

Restated(note 13)

7. Accounts receivable and advances

The ollowing table presents details o the NRTEEs accounts receivable and advances balances:

Receivables - Other government departments and agencies

Receivables - External parties

Employee advances

Gross accounts receivable

Accounts receivable held on behal o Government

Net accounts receivable

8. Tangible Capital Assets

Disposit ions ClosingBalance

Leasehold improvements

Inormatics equipment and

purchased sotware

Furniture and equipment

110,287

30,786

141,073

198,343

165,622

147,619

511,584

OpeningBalance

Acquis it ions

198,343

272,913

174,876

646,132

2,996

3,529

6,525

Cost

Disposit ionsClosingBalance

Leasehold improvementsInormatics equipment and

purchased sotware


110,287

30,786

141,073

154,035137,384

133,073

424,492

OpeningBalance

Amortization

115,116213,534

156,522

485,172

38,91934,137

7,337

80,393

Accumulated Amortization

Leasehold improvements

Inormatics equipment and

purchased sotware


2012 2011

44,308

28,238

14,546

87,092

83,227

59,379

18,354

160,960

Net Book Value


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9. Contributions

A portion o the NRTEEs net nancial position is used or a specic purpose. Related revenues and expenses are

included in the Statement o Operations and Net Financial Position. The NRTEE Act allows the NRTEE to receive

unds rom external parties or specied purposes. In 2011-12, unds in the amount o $4,322 were received roma third party, and were used to oset the cost o video conerencing at the NRTEEs Water Forum held in Ottawa

(In 2010-11, unds in the amount o $88,770 were received and used to convene a meeting to discuss an Oil Sands

Dialogue).

10. Contractual obligations

The nature o the NRTEEs activities can result in some large multi-year contracts and obligations whereby the

NRTEE will be obligated to make uture payments when services/goods are received. Signicant contractual obliga-

tions that can be reasonable estimated are summarized as ollows:

Contractual obligations

The NRTEE estimates that upon closure in 2012-13, a payment o $12,000 will be required or penalties related to

the termination o various contracts.

11. Related party transactions

The NRTEE is related as a result o common ownership to all Government departments, agencies, and Crown Cor-

porations. The NRTEE enters into transactions with these entities in the normal course o business and on normal

trade terms. During the year, the NRTEE received common services which were obtained without charge rom

other government departments as disclosed below.

(a) Common Services provided without charge by other government departmentsDuring the year, the NRTEE received services without charge rom certain common service organizations. These

services provided without charge have been recorded in the NRTEEs Statement o Operations and Net Financial

Position as ollows:

Accomodations

Miscellaneous

Total

The Government has centralized some o its administrative activities or efciency, cost-eectiveness purposes and

economic delivery o programs to the public. As a result, the Government uses central agencies and common

service organizations so that one department perorms services or all other departments and agencies without

charge. The costs o these services, such as the payroll and cheque issuance services provided by Public Works

and Government Services Canada and audit services provided by the Ofce o the Auditor General are not included

in the NRTEEs Statement o Operations and Net Financial Position.

(b) Other transactions with related parties

Accounts receivable - Other government departments

Accounts payable - Other government departments

Revenues - Other government departments

Expenses - Other government departments

Revenues and expenses disclosed in (b) exclude commons services provided without charge, which are already

disclosed in (a).

2013 2014 20152016 and

thereaterTotal

$63,098 - - - $63,098

378,746

2,000

380,746

900

38,654

352,563

783,465

378,746

2,000

380,746

11,900

52,295

290,024

722,788

2012 ($)

2012 ($)

2011 ($)

2011 ($)


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12. Segmented inormation

Presentation by segment is based on the NRTEEs Program Activity Architecture. The presentation by segment isbased on the same accounting policies as described in the Summary o signicant accounting policies in note 3.The ollowing table presents the expenses incurred and revenues generated or the main program activities, by

major object o expenses and by major type o revenues. The segment results or the period are as ollows:

2012

$

2011

$

Operating expenses

Salaries and employee benets

Proessional and special services

Rentals

Transportation and telecommunications

Inormation and printingAmortization o tangible capital assets

Repairs and maintenance

Utilities, materials and supplies

Acquisition o ofce equipment,urniture, inormatics

Total operating expenses

Revenues

Contributions (note 9)

Miscellaneous revenues

Revenues earned on behal o GovernmentTotal revenues

Net cost o operations beoregovernment unding and transers

4,717,799

1,043,859

409,520

322,903

210,40580,392

59,747

29,031

59,301

6,932,957

4,322

2,825

(2,825)4,322

6,928,635

3,388,828

1,036,072

417,772

327,358

326,21183,783

42,659

31,543

21,388

5,675,614

88,770

1,572

(1,572)88,770

5,586,844

ProgramAdvisory

$

InternalServices

$

3,042,519

966,405

17,214

205,516

183,289-

16,622

10,450

1,362

4,443,377

4,322

-

-4,322

4,439,055

1,675,280

77,454

392,306

117,387

27,11680,392

43,125

18,581

57,939

2,489,580

-

2,825

(2,825)-

2,489,580

13. Accounting changes

During 2011, amendments were made to Treasury Board Accounting Standard 1.2 - Departmental and AgencyFinancial Statements to improve nancial reporting by government departments and agencies. The amendmentsare eective or nancial reporting years ending March 31, 2012, and later. The signicant changes to the NRTEEsnancial statements are described below. These changes have been applied retroactively, and comparative inor-mation or 2010-11 has been restated.

Net debt (calculated as liabilities less nancial assets) is now presented in the Statement o Financial Position. Ac-companying this change, the NRTEE now presents a Statement o Change in Net Debt and no longer presents aStatement o Equity.

Revenue and related accounts receivable are now presented net o non-respendable amounts in the Statemento Operations and Net Financial Position and Statement o Financial Position. The eect o this change was toincrease the net cost o operations ater government unding and transers by $1,572 or 2011 and to decrease totalnet nancial assets by $1,000 or 2011.


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Statement o Financial Position:

Financial assets held on behal o Government

Accounts receivable and advances

Total net nancial assets

Net debt

Net nancial position

Statement o Operations and Net Financial Position:Revenues

Revenues earned on behal o Government

Total revenues


Government unding and transers

Net cash provided by Government

Change in due rom the Consolidated Revenue Fund

Services provided without charge


Net nancial position - Beginning o year

Net nancial position - End o year

Statement o Cash Flows


Cash used in operating activities

Net cash provided by Government o Canada

14. Comparative inormation

Comparative gures have been reclassied to conorm to the current years presentation.

Government unding and transers, as well as the credit related to services provided without charge by othergovernment departments, are now recognized in the Statement o Operations and Net Financial Position belowNet cost o operations beore government unding and transers. In previous years, the NRTEE recognized thesetransactions directly in the Statement o Equity o Canada. The eect o this change was to decrease the net costo operations ater government unding and transers by $5,482,603 or 2011.

2011 ($) 2011 ($)

(1,000)

(1,000)

1,000

(1,000)

(1,572)

(1,572)

1,572

4,989,647

113,782

380,746

(5,482,603)

(413,289)

(515,958)

1,572

1,572

1,572

(1,000)

598,681

681,195

(515,958)

(1,572)

88,770

5,586,844

4,989,647

113,782

380,746

102,669

(413,289)

(515,958)

5,586,844

4,964,652

4,989,647

-

599,681

680,195

(514,958)

-

90,342

5,585,272

-

-

-

5,585,272

-

-

5,585,272

4,963,080

4,988,075

As previouslystated

Efect ochange

Restated


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Printed on Rolland Opaque50, which contains 50% post-consumer fbre.

NRT Annual Report 2011-2012

Documents

Transcript of NRT Annual Report 2011-2012