Defence Production Revolving Fund
Public Accounts of Canada 2018 Volume III—Top of the page Navigation
- Previous page: CORCAN Revolving Fund
- Section 1—Table of contents: Section 1—Financial statements of revolving funds
- Next page: Geomatics Canada Revolving Fund
Statement of management responsibility
We have prepared the accompanying financial statements of the Defence Production Revolving Fund (the "Fund") as required by the Treasury Board Directive on Charging and Special Financial Authorities in accordance with the Receiver General reporting requirements.
There were no financial transactions in the Fund during the year ended March 31, 2018.
Approved by:
Marty Muldoon, CPA, CMA, MBA
Chief Financial Officer,
Public Services and Procurement Canada
André Fillion
Assistant Deputy Minister,
Defence and Marine Procurement Branch
Public Services and Procurement Canada
May 25, 2018
Gatineau, Canada
Defence Production Revolving Fund
Reconciliation of unused authority (unaudited) as at March 31 Defence Production Revolving Fund
(in thousands of dollars)
| 2018 | 2017 | |
|---|---|---|
| Joint authority limit (note 1) | 100,000 | 100,000 |
| Net authority available for the Fund's account | 100,000 | 100,000 |
| Unused authority carried forward | 100,000 | 100,000 |
Defence Production Loan Account
Reconciliation of unused authority (unaudited) as at March 31 Defence Production Loan Account
(in thousands of dollars)
| 2018 | 2017 | |
|---|---|---|
| Joint authority limit (note 1) | 100,000 | 100,000 |
| Authority limit applied to the Defence Production Revolving Fund | (negative 100,000) | (negative 100,000) |
| Unused authority carried forward | – | – |
|
The dash means that the amount is 0 or is rounded to 0. | ||
Notes to the financial statements (unaudited) for the year ended March 31, 2018
1. Authority and purpose
The Defence Production Revolving Fund (the "Fund") was established by Section 15 of the Defence Production Act. It was established in 1951 for the purpose of:
- financing the stockpiling of defence supplies or strategic materials
- making loans or advances to aid in defence procurement, such as working capital loans for advance payments on contracts, but not including loans or advance payments for capital purposes
- permitting initial payments for defence supplies which can be promptly billed to a Government department, agency or an associated government in advance of delivery of goods
The Adjustment of Accounts Act (S.C. 1980, c.17) had the effect of creating a separate Defence Production loan account for loans or advances authorized under the Defence Production Act, item (b) above.
The Fund and the Defence Production loan account have a joint continuing non-lapsing authority from the Parliament to make payments out of the Consolidated Revenue Fund, the total of which is not to exceed $100 million at any time.