Defence Production Revolving Fund

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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, 2020.

Approved by:

Michel D'Amour, CPA, CMA,
Acting Chief Financial Officer,
Public Services and Procurement Canada

Sylvie Girard
For André Fillion
Assistant Deputy Minister,
Defence and Marine Procurement Branch
Public Services and Procurement Canada

July 3, 2020
Gatineau, Canada

Defence Production Revolving Fund: Reconciliation of unused authority (unaudited) as at March 31

(in thousands of dollars)

  2020 2019
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

(in thousands of dollars)

  2020 2019
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 – –

Notes to the financial statements (unaudited) for the year ended March 31, 2020

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:

  1. financing the stockpiling of defence supplies or strategic materials
  2. 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 and
  3. 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 Parliament to make payments out of the Consolidated Revenue Fund, the total of which is not to exceed $100 million at any time.

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