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Financial statements of the
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
and independent auditors’ report thereon

For the year ended March 31, 2023

Statement of management responsibility including internal control over financial reporting

Responsibility for the integrity and objectivity of the accompanying financial statements For the year ended March 31, 2023, and all information contained in these statements rests with the management of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). These financial statements have been prepared by management using the Government's accounting policies, which are based on Canadian public sector accounting standards.

Management is responsible for the integrity and objectivity of the information in these financial statements. Some of the information in the financial statements is based on management's best estimates and judgement, and gives due consideration to materiality. To fulfill its accounting and reporting responsibilities, management maintains a set of accounts that provides a centralized record of FINTRAC’s financial transactions. Financial information submitted in the preparation of the Public Accounts of Canada, and included in FINTRAC’s Departmental Results Report is consistent with these financial statements.

Management is also responsible for maintaining an effective system of internal control over financial reporting (ICFR) designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are properly authorized and recorded in accordance with the Financial Administration Act and other applicable legislation, regulations, authorities and policies.

Management seeks to ensure the objectivity and integrity of data in its financial statements through careful selection, training and development of qualified staff; through organizational arrangements that provide appropriate divisions of responsibility; through communication programs aimed at ensuring that regulations, policies, standards, and managerial authorities are understood throughout FINTRAC and through conducting an annual risk-based assessment of the effectiveness of the system of ICFR.

The system of ICFR is designed to mitigate risks to a reasonable level based on an ongoing process to identify key risks, to assess effectiveness of associated key controls, and to make any necessary adjustments.

FINTRAC is subject to periodic Core Control Audits performed by the Office of the Comptroller General of Canada (OCG) and uses the results of such audits to comply with the Treasury Board Policy on Financial Management. A Core Control Audit was performed in 2016–17 by the OCG. The Audit Report and related Management Action Plan are posted on FINTRAC’s website.

The firm of KPMG LLP has expressed an opinion on the fair presentation of the financial statements of FINTRAC, which does not include an audit opinion on the annual assessment of the effectiveness of the department’s internal controls over financial reporting.

___________________
Sarah Paquet
Director and Chief Executive Officer
FINTRAC
Ottawa, Canada
Date: September 14, 2023
___________________
Jessica Kaluski
Chief Financial Officer
FINTRAC
Ottawa, Canada
Date: September 14, 2023

INDEPENDENT AUDITORS' REPORT

To the Director of the Financial Transactions and Report Analysis Centre of Canada

Opinion

We have audited the financial statements of the Financial Transactions and Report Analysis Centre of Canada (FINTRAC) which comprise:

(Hereinafter referred to as the “financial statements”).

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of FINTRAC as at March 31, 2023, its net cost of its operations, change in departmental net debt and its cash flows for the year then ended in accordance with the accounting policies generally applied by the Government of Canada for government departments and agencies as stipulated in Treasury Board accounting policies.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the “Auditors’ Responsibilities for the Audit of the Financial Statements” section of our auditors’ report.

We are independent of FINTRAC in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter - Basis of Accounting

Without modifying our opinion, we draw attention to note 2 to the financial statements, which describes the basis of accounting. The financial statements are prepared for the information and use of the management of FINTRAC and the Treasury Board of Canada Secretariat. As a result, the financial statements may not be suitable for another purpose.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting policies generally applied by the Government of Canada for government departments and agencies as stipulated in Treasury Board accounting policies; this includes determining that the basis of accounting is an acceptable basis for the preparation of these financial statements in the circumstances, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the FINTRAC’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate FINTRAC or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing FINTRAC’s financial reporting process.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with Canadian general accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit.

We also:

Chartered Professional Accountants, Licensed Public Accountants
Ottawa, Canada
September 5, 2023


Statement of financial position
As at March 31
2023
(in dollars)
2022
(in dollars)
Liabilities
Accounts payable and accrued liabilities (note 4) 10,015,474 7,157,111
Vacation pay and compensatory leave 3,994,633 3,994,635
Employee future benefits (note 5) 473,196 473,196
Total net liabilities 14,483,303 11,624,942
Financial assets
Due from the Consolidated Revenue Fund 9,847,794 6,971,039
Accounts receivable and advances (note 6) 1,786,220 978,978
Total financial assets 11,634,014 7,950,017
Financial assets held on behalf of Government
Accounts receivable and advances (note 6) (1,106,508) (446,522)
Total financial assets held on behalf of Government (1,106,508) (446,522)
Total net financial assets 10,527,506 7,503,495
Departmental net debt 3,955,797 4,121,447
Non-financial assets
Prepaid expenses 2,194,397 1,714,800
Tangible capital assets (note 7) 4,277,521 3,245,716
Total non-financial assets 6,471,918 4,960,516
Departmental net financial position 2,516,121 839,069

Contractual obligations (note 8)

The accompanying notes form an integral part of these financial statements.

___________________
Sarah Paquet
Director and Chief Executive Officer
FINTRAC
Ottawa, Canada
Date: September 14, 2023
___________________
Jessica Kaluski
Chief Financial Officer
FINTRAC
Ottawa, Canada
Date: September 14, 2023

Statement of operations and departmental net financial position
For the year ended March 31
2023 Planned results
(in dollars)
2023
(in dollars)
2022
(in dollars)
Expenses
Financial Intelligence 22,517,215 24,251,705 21,956,705
Compliance Program 26,249,782 29,284,556 26,802,967
Internal Services 34,278,338 37,702,596 31,142,634
Total expenses 82,045,335 91,238,857 79,902,306
Revenues
Non-respendable revenue 1,819,926 2,237,694
Other revenue 748
Revenues earned on behalf of Government (1,819,926) (2,237,694)
Total revenues 748
Net cost of operations before government funding and transfers 82,045,335 91,238,109 79,902,306
Government funding and transfers
Net cash provided by Government 78,484,250 85,356,963 75,906,625
Change in due from Consolidated Revenue Fund (228,253) 2,876,755 1,211,644
Services provided without charge by other government departments (note 9) 3,954,209 4,664,937 4,287,839
Transfer of the transition payments for implementing salary payments in arrears
Other transfers of assets and liabilities (to)/ from other government departments 16,506 13,457
Net cost of operations after government funding and transfers (164,871) (1,677,052) (1,517,259)
Departmental net financial position – Beginning of year (3,253,152) 839,069 (678,190)
Departmental net financial position – End of year (3,088,281) 2,516,121 839,069

Segmented information (note 10)

The accompanying notes form an integral part of these financial statements.

Statement of change in departmental net debt
For the year ended March 31
2023
Planned
results

(in dollars)
2023
(in dollars)
2022
(in dollars)
Net cost of operations after government funding and transfers (164,871) (1,677,052) (1,517,259)
Change due to tangible capital assets
Acquisition of tangible capital assets 583,595 1,205,308 17,809
Amortization of tangible capital assets (344,765) (173,503) (241,287)
Proceeds from disposal of tangible capital assets
Net gain on disposal of tangible capital assets including adjustments
Transfer of capital assets from (to) other government departments
Total change due to tangible capital assets 238,830 1,031,805 (223,478)
Change due to prepaid expenses 1,022,177 479,597 551,554
Net increase (decrease) in departmental net debt 1,096,136 (165,650) (1,189,183)
Departmental net debt – Beginning of year 1,337,822 4,121,447 5,310,630
Departmental net debt – End of year 2,433,958 3,955,797 4,121,447

The accompanying notes form an integral part of these financial statements.

Statement of cash flows
For the year ended March 31
2023
(in dollars)
2022
(in dollars)
Net cost of operations before government funding and transfers 91,238,109 79,902,306
Non-cash items:
Amortization of tangible capital assets (173,503) (241,287)
Net gain on disposal of tangible capital assets including adjustments
Services provided without charge by other government departments (4,664,937) (4,287,839)
Other transfers of assets and liabilities (to)/ from other government departments (16,506) (13,457)
Variations in statement of financial position:
Increase in accounts receivable and advances 147,256 265,587
Increase in prepaid expenses 479,597 551,554
Increase in accounts payable and accrued liabilities (2,858,363) (1,361,505)
Increase (decrease) in vacation pay and compensatory leave liability 2 (52,568)
Decrease in employee future benefits 1,126,025
Cash used in operating activities 84,151,655 75,888,816
Capital investing activities
Acquisition of tangible capital assets 1,205,308 17,809
Proceeds from disposal of tangible capital assets
Cash used in capital investing activities 1,205,308 17,809
Net cash provided by Government of Canada 85,356,963 75,906,625

The accompanying notes form an integral part of these financial statements.

Notes to the financial statements
For the year ended March 31

1. Authority and objectives

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was legislated into existence in July 2000 to be Canada’s Financial Intelligence Unit. The Centre exists to assist in the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control. FINTRAC’s Financial Intelligence and Compliance programs strive to disrupt the ability of criminals and terrorist groups that seek to abuse Canada’s financial system and to reduce the profit incentive of crime.

FINTRAC acts at arm’s length and is independent from the law enforcement agencies and other entities to which it is authorized to disclose financial intelligence. It reports to the Minister of Finance, who is in turn accountable to Parliament for the activities of the Centre. FINTRAC was established by, and operates within, the ambit of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations.

To effectively pursue its mandate, FINTRAC aims to achieve the following strategic outcome: A Canadian financial system resistant to money laundering and terrorist financing.

2. Summary of significant accounting policies

These financial statements have been prepared in accordance with the Government’s accounting policies stated below, which are based on Canadian public sector accounting standards. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian public sector accounting standards.

Significant accounting policies are as follows:

(a) Parliamentary authorities

FINTRAC is financed by the Government of Canada through Parliamentary authorities. Financial reporting of authorities provided to FINTRAC do not parallel financial reporting according to generally accepted accounting principles since authorities are primarily based on cash flow requirements. Consequently, items recognized in the Statement of Operations and Departmental Net Financial Position and in the Statement of Financial Position are not necessarily the same as those provided through authorities from Parliament. Note 3 provides a reconciliation between the bases of reporting. The planned results amounts in the “Expenses” and “Revenues” sections of the Statement of Operations and Departmental Net Financial Position are the amounts reported in the Future-Oriented Statement of Operations included in the 2022-2023 Departmental Plan. The planned results amounts in the “Government funding and transfers” section of the Statement of Operations and Departmental Net Financial Position and in the Statement of Change in Departmental Net Debt were prepared for internal management purposes and have not been previously published.

(b) Net cash provided by Government of Canada

FINTRAC operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada. All cash received by FINTRAC is deposited to the CRF, and all cash disbursements made by FINTRAC are paid from the CRF. The net cash provided by Government is the difference between all cash receipts and all cash disbursements, including transactions between departments of the Government.

(c) Amounts due from or to the CRF

Amounts due from or to the CRF are the result of timing differences at year-end between when a transaction affects authorities and when it is processed through the CRF. Amounts due from the CRF represent the net amount of cash that FINTRAC is entitled to draw from the CRF without further authorities to discharge its liabilities.

(d) Revenues

(e) Expenses

Expenses are recorded on the accrual basis:

(f) Employee future benefits

(g) Accounts receivable

Accounts receivable are stated at the lower of cost and net recoverable value. A valuation allowance is recorded for receivables where recovery is considered uncertain.

(h) Contingent liabilities

Contingent liabilities are potential liabilities that may become actual liabilities when one or more future events occur or fail to occur. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense recorded. If the likelihood is not determinable or if an amount cannot be reasonably estimated, the contingency is disclosed in the notes to the financial statements.

(i) Tangible capital assets

All tangible capital assets and leasehold improvements having an initial cost of $5,000 or more are recorded at their acquisition cost. FINTRAC does not capitalize intangibles, works of art and historical treasures that have cultural, aesthetic or historical value, assets located on Indian reserves and museum collections.

Amortization of tangible capital assets is done on a straight-line basis over the estimated useful life of the asset as follows:
Asset class Amortization period
Machinery and equipment 5 years
Informatics hardware 5 years
Software (purchased and developed) 5 years
Other equipment, including furniture 5 to 10 years
Leasehold improvements Lesser of remaining lease term or 10 years

(j) Measurement uncertainty

The preparation of these financial statements, in accordance with Canadian public sector accounting standards, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses reported in the financial statements and accompanying notes at March 31. At the time of preparation of these statements, management believes the estimates and assumptions to be reasonable. Actual results could significantly differ from those estimated. Management’s estimates are reviewed periodically and, as adjustments become necessary, they are recorded in the financial statements in the year they become known.

(k) Financial instruments

Financial instruments are recorded at fair value on initial recognition, and are subsequently recorded at cost or amortized cost unless management has elected to carry the instrument at fair value. Management has not elected to record any financial instruments at fair value. A statement of remeasurement gains and losses is not presented in these financial statements as FINTRAC does not have financial instruments requiring remeasurement.

(l) Foreign currency translation

Transactions involving foreign currencies are converted into Canadian dollar equivalents using rates of exchange in effect at the time of the transactions.

(i) Adoption of new accounting standards

FINTRAC has adopted the following new public sector accounting standards in the year.

3. Parliamentary authorities

FINTRAC receives most of its funding through annual parliamentary authorities. Items recognized in the Statement of Operations and Departmental Net Financial Position and the Statements of Financial Position in one year may be funded through parliamentary authorities in prior, current or future years. Accordingly, FINTRAC has different net results of operations for the year on a government funding basis. The differences are reconciled in the following tables:

(a) Reconciliation of net cost of operations to current year authorities used
2023
(in dollars)
2022
(in dollars)
Net cost of operations before government funding 91,238,109 79,902,306
Adjustments for items affecting net cost of operations but not affecting authorities:
Amortization of tangible capital assets (note 7) (173,503) (241,287)
Services provided without charge by other government departments (note 9) (4,664,937) (4,287,839)
Increase (decrease) in vacation pay and compensatory leave liability 2 (52,568)
Net gain on disposal of tangible capital assets including adjustments
Decrease in employee future benefits 1,126,025
Increase in accrued liabilities not charged to authorities 50,527 840
Bad debt expense (38,725)
Refund of prior years' expenditures 7,889 49,831
Total items affecting net cost of operations but not affecting authorities (4,780,022) (3,443,723)
Adjustments for items not affecting net cost of operations but affecting authorities:
Acquisitions of tangible capital assets (note 7) 1,205,308 17,809
Increase in prepaid expenses 479,597 551,554
Salary overpayments to be recovered 9,642 (678)
Other loans and advances to employees 2,560
Proceeds from disposal of tangible capital assets
Other 745 (1,549)
Total items not affecting net cost of operations but affecting authorities 1,695,292 569,696
Current year authorities used 88,153,379 77,028,279
  
                                                                               
(b) Reconciliation of parliamentary authorities provided to current year authorities used
2023
(in dollars)
2022
(in dollars)
Authorities provided:
Vote 1 – Operating expenditures 88,082,006 83,548,128
Statutory amounts 7,640,716 6,738,585
Total authorities 95,722,722 90,286,713
Less:
Authorities available for future years (748)
Lapsed Vote 1 – Operating expenditures (7,568,595) (13,258,434)
Current year authorities used 88,153,379 77,028,279

4. Accounts payable and accrued liabilities

The following table presents details of FINTRAC's accounts payable and accrued liabilities:
2023
(in dollars)
2022
(in dollars)
Accounts payable – Other government departments and agencies 2,837,718 555,881
Accounts payable – External parties 1,594,630 2,275,701
Total accounts payable 4,432,348 2,831,582
Accrued salaries and wages 4,486,267 4,134,611
Accrued liabilities 1,096,859 190,918
Total accounts payable and accrued liabilities 10,015,474 7,157,111

5. Employee future benefits

(a) Pension benefits

FINTRAC’s employees participate in the public service pension plan (the “Plan”), which is sponsored and administered by the Government of Canada. Pension benefits accrue up to a maximum period of 35 years at a rate of 2 percent per year of pensionable service, times the average of the best five consecutive years of earnings. The benefits are integrated with Canada/Québec Pension Plan benefits and they are indexed to inflation.

Both the employees and FINTRAC contribute to the cost of the Plan. Due to the amendment of the Public Service Superannuation Act following the implementation of provisions related to Economic Action Plan 2012 , employee contributors have been divided into two groups – Group 1 relates to existing plan members as of December 31, 2012 and Group 2 relates to members joining the Plan as of January 1, 2013. Each group has a distinct contribution rate.

The 2022–23 expense amounts to $4,991,191 ($4,552,585 in 2021–22). For Group 1 members, the expense represents approximately 1.02 times (1.01 times in 2021–22) the employee contributions and, for Group 2 members, approximately 1.00 time (1.00 time in 2021–22) the employee contributions.

FINTRAC’s responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, as the Plan’s sponsor.

(b) Employee severance benefits

Severance benefits provided to FINTRAC’s employees were previously based on an employee’s eligibility, years of service and salary at termination of employment. However, since 2011 the accumulation of severance benefits for voluntary departures progressively ceased for substantially all employees. Employees subject to these changes were given the option to be paid the full or partial value of benefits earned to date or collect the full or remaining value of benefits upon departure from the public service. Severance benefits are unfunded and, consequently, the outstanding obligation will be paid from future authorities. In the prior year, FINTRAC revised it's methodology for estimating the obligation, which was being applied prospectively.

The changes in the obligations during the year were as follows:
2023
(in dollars)
2022
(in dollars)
Accrued benefit obligation – Beginning of year 473,196 1,599,221
Expense for the year 28,029 59,942
Benefits paid during the year (28,029) (59,942)
Net effect of change in Management estimate (1,126,025)
Accrued benefit obligation – End of year 473,196 473,196

6. Accounts receivable and advances

The following table presents details of FINTRAC’s accounts receivable and advances balances:
2023
(in dollars)
2022
(in dollars)
Receivables – Other government departments and agencies 401,953 586,164
Receivables – External parties 1,416,415 427,062
Employee advances 5,764 3,664
Subtotal 1,824,132 1,016,890
Allowance for doubtful accounts on receivables from external parties (37,912) (37,912)
Gross accounts receivable and advances 1,786,220 978,978
Accounts receivable held on behalf of Government (1,106,508) (446,522)
Net accounts receivable and advances 679,712 532,456

7. Tangible capital assets

Cost
(in dollars)
  Opening balance Acquisitions Disposals, adjustments and write offs Closing balance
Machinery and equipment 1,715,857 259,214 1,975,071
Informatics hardware 7,243,407 14,396 7,257,803
Software (purchased and developed) 16,374,535 16,374,535
Other equipment, including furniture 6,656,676 91 6,656,767
Leasehold improvements 8,790,131 8,790,131
Work in progress 931,607 931,607
Total 40,780,606 1,205,308 41,985,914
Accumulated amortization
(in dollars)
  Opening balance Amortization Disposals, adjustments and write offs Closing balance
Machinery and equipment 1,486,131 10,147 1,496,278
Informatics hardware 6,601,687 66,097 6,667,784
Software (purchased and developed) 15,965,206 9,526 15,974,732
Other equipment, including furniture 6,381,245 23,119 6,404,364
Leasehold improvements 7,100,621 64,614 7,165,235
Total 37,534,890 173,503 37,708,393
Net book value
(in dollars)
  2023 2022
Machinery and equipment 478,793 229,726
Informatics hardware 590,019 641,720
Software (purchased and developed) 399,803 409,329
Other equipment, including furniture 252,403 275,431
Leasehold improvements 1,624,896 1,689,510
Work in progress 931,607
Total 4,277,521 3,245,716

8. Contractual obligations

The nature of FINTRAC’s activities can result in some large multi-year contracts and obligations whereby FINTRAC will be obligated to make future payments when the services are received. FINTRAC has entered into lease agreements with Xerox for copiers and with Public Services and Procurement Canada for office space in four locations across Canada. The minimum aggregate annual payments for future fiscal years are as follows:

The minimum aggregate annual payments for future fiscal years
2023–24
(in dollars)
2024–25
(in dollars)
2025–26
and thereafter
(in dollars)
Total
5,947,416 5,038,156 2,551,303 13,536,875

9. Related party transactions

FINTRAC is related as a result of common ownership to all government departments, agencies, and crown corporations. FINTRAC enters into transactions with these entities in the normal course of business and on normal trade terms. During the year, FINTRAC received common services, which were obtained without charge from other government departments as disclosed below.

(a) Common services provided without charge by other government departments

During the year, FINTRAC received services without charge from certain common service organizations, related to the employer's contribution to the health and dental insurance plans and workers' compensation coverage. These services provided without charge have been recorded in FINTRAC’s Statement of Operations and Departmental Net Financial Position as follows:

Common services provided without charge by other government departments
  2023
(in dollars)
2022
(in dollars)
Employer's contribution to the health and dental insurance plans 4,664,937 4,287,839
Audit services
Workers' compensation
Total 4,664,937 4,287,839

The Government has centralized some of its administrative activities for efficiency, cost-effectiveness purposes and economic delivery of programs to the public. As a result, the Government uses central agencies and common service organizations so that one department performs services for all other departments and agencies without charge. The costs of these services, such as the payroll and cheque issuance services provided by Public Services and Procurement Canada, are not included in FINTRAC’s Statement of Operations and Departmental Net Financial Position. The costs of information technology infrastructure services provided by Shared Services Canada are also not included in FINTRAC’s Statement of Operations and Departmental Net Financial Position.

(b) Other transactions with related parties

Other transactions with related parties
2023
(in dollars)
2022
(in dollars)
Expenses – Other government departments and agencies 22,470,034 19,674,334

10. Segmented information

Presentation by segment is based on FINTRAC’s program alignment architecture. The presentation by segment is based on the same accounting policies described in the Summary of Significant Accounting Policies in note 2. The following table presents the expenses incurred and revenues generated for the main programs, by major object of expenses and type of revenue. The segment results for the period are as follows:

The segment results for the period
Financial Intelligence
(in dollars)
Compliance Program
(in dollars)
Internal Services
(in dollars)
2023
(in dollars)
2022
(in dollars)
Operating expenses
Salaries and employee benefits 17,990,324 22,707,707 24,617,516 65,315,547 58,126,405
Accommodations 1,189,667 1,806,532 1,409,976 4,406,175 4,279,125
Professional and special services 1,077,462 2,212,167 5,265,630 8,555,259 9,649,468
Acquisition of machinery and equipment 675,925 409,885 1,416,154 2,501,964 1,560,685
Rentals 1,361,925 738,552 2,012,947 4,113,424 2,952,037
Travel and relocation 272,042 261,867 134,383 668,292 92,133
Amortization of tangible capital assets 60,032 48,060 65,411 173,503 241,287
Information services 385,308 404,714 730,424 1,520,446 845,637
Transportation and telecommunication 895,612 429,056 1,169,761 2,494,429 994,618
Utilities, materials and supplies 69,752 99,086 100,956 269,794 281,672
Repairs and maintenance 273,062 165,050 783,675 1,221,787 849,817
Other expenditures 594 1,880 (4,237) (1,763) 29,422
Total expenses 24,251,705 29,284,556 37,702,596 91,238,857 79,902,306
Revenues
Non-respendable revenue 1,607,673 212,253 1,819,926 2,237,694
Other revenue 748 748
Revenues earned on behalf of Government (1,607,673) (212,253) (1,819,926) (2,237,694)
Total revenues 748 748
Net cost of operations before government funding and transfers 24,251,705 29,284,556 37,701,848 91,238,109 79,902,306

11. Financial risks

FINTRAC is subject to the following risks from in financial instruments:

Date Modified: