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Section 4: Audited Accrual Financial Statements

PARKS CANADA AGENCY

Management Responsibility for Financial Statements

The accompanying financial statements of the Parks Canada Agency are the responsibility of management and have been approved by the Executive Board of the Agency as recommended by the Audit and Evaluation Committee of the Agency.

These financial statements have been prepared by management in accordance with Treasury Board accounting policies, which are consistent with Canadian generally accepted accounting principles for the public sector, and year-end instructions issued by the Office of the Comptroller General. They include amounts that have been estimated according to management's best judgement. Where alternative accounting methods exist, management has chosen those it deems most appropriate in the circumstances. Management has prepared the financial information presented elsewhere in this annual report and has ensured that it is consistent with that provided in the financial statements.

Management has developed and maintains books of accounts, records, financial and management controls and information systems. They are designed to provide reasonable assurance that the Agency's assets are safeguarded and controlled, that resources are managed economically and efficiently in the attainment of corporate objectives, and that transactions are in accordance with the Financial Administration Act and regulations, the Parks Canada Agency Act, and internal policies of the Agency. Internal audits are conducted to assess the performance of management controls and practices.

The Audit and Evaluation Committee is responsible for receiving all internal audits, evaluation and review studies for information and/or approval. The Committee also receives and reviews plans and reports by the Agency's External Auditor and actively solicits her advice about the quality of the Agency's management system, and information for decision-making.

The Agency's external auditor, the Auditor General of Canada, has audited the financial statements and has reported on her audit to the Chief Executive Officer of the Agency and to the Minister of the Environment.

Alan Latourelle Chief Executive Officer		André Léger Executive Director, Finance

Auditor’s Report

PARKS CANADA AGENCY Statement of Financial Position as at March 31
(in thousands of dollars)
				2007		2006
Assets
Financial assets:
	Cash entitlements (Note 3)
		General operations account		60,523		62,628
		Specified purpose accounts		2,740		2,931
		New parks and historic sites account		13,902		12,422
				77,165		77,981
	Accounts receivable			8,314		10,301
				85,479		88,282
Non-Financial assets:
	Prepaid expenses			5,450		3,516
	Inventory of consumable supplies (Note 4)			5,238		5,294
	Tangible capital assets (Note 5)			1,437,044		1,420,046
	Collections and archaeological sites (Note 6)			1		1
				1,447,733		1,428,857
				1,533,212		1,517,139
Liabilities
Current liabilities:
	Accounts payable and accrued liabilities
		Federal government departments and agencies		10,781		14,248
		Others		62,462		63,552
				73,243		77,800
	Employee future benefits (Note 8)			4,507		3,953
	Deferred revenue (Note 7)			12,171		12,603
				89,921		94,356
Long-term liabilities:
	Employee future benefits (Note 8)			49,522		45,695
	Provision for environmental clean-up (Note 9)			40,028		36,775
				179,471		176,826
Equity of Canada				1,353,741		1,340,313
				1,533,212		1,517,139

Contingencies and commitments (Notes 9 and 14)

The accompanying notes are an integral part of the financial statements.

Approved by:

Alan Latourelle Chief Executive Officer		André Léger Executive Director, Finance

 

PARKS CANADA AGENCY Statement of Operations for the Year Ended March 31
(in thousands of dollars)
				2007		2006
Expenses (Note 10)
Stewardship of National Heritage Places
	Establish Heritage Places			19,942		20,936
	Conserve Heritage Resources			214,092		210,703
	Promote Public Appreciation and Understanding			88,506		83,685
				322,540		315,324
Use and Enjoyment by Canadians
	Enhance Visitor Experience			166,446		173,833
	Townsite Management			10,770		9,792
	Throughway Management			46,513		33,648
				223,729		217,273
Amortization of tangible capital assets				83,026		82,099
Total expenses				629,295		614,696
Revenues (Note 11)				102,995		97,404
Net cost of operations (Note 12)				526,300		517,292

The accompanying notes are an integral part of the financial statements.

 

PARKS CANADA AGENCY Statement of Equity of Canada for the Year Ended March 31
(in thousands of dollars)
				2007		2006
Balance at beginning of year				1,340,313		1,374,484
Adjustment to the new parks and historic sites account (Note 3c)				-		17,263
Adjusted balance at beginning of year				1,340,313		1,391,747
Net cost of operations				(526,300)		(517,292)
Services received without charge (Note 13)				43,666		45,981
Net cash provided by Government				496,878		448,575
Change in cash entitlements				(816)		(28,698)
Balance at end of year				1,353,741		1,340,313

The accompanying notes are an integral part of the financial statements.

 

PARKS CANADA AGENCY Statement of Cash Flow for the Year Ended March 31
(in thousands of dollars)
				2007		2006
Operating activities
Net cost of operations				526,300		517,292
Items which do not involve cash:
	Amortization of tangible capital assets			(83,026)		(82,099)
	Net (loss) gain on disposal of tangible capital assets			(1,126)		18
	Services received without charge			(43,666)		(45,981)
	Variations in Statement of Financial Position
		(Decrease) increase in accounts receivable		(1,987)		1,340
		Increase in prepaid expenses		1,934		3,516
		Decrease in inventory of consumable supplies		(56)		(217)
		Decrease in accounts payable and accrued liabilities		4,557		17,032
		Decrease (increase) in deferred revenues		432		(647)
		Increase in employee future benefits		(4,381)		(6,748)
		Increase in provision for environmental clean-up		(3,253)		(14,381)
Cash used in operating activities				395,728		389,125
Capital investment activities
	Acquisitions and improvements to tangible capital assets			101,678		61,632
	Proceeds on disposal of tangible capital assets			(528)		(2,182)
Cash used in capital investment activities				101,150		59,450
Net cash provided by Government				496,878		448,575

The accompanying notes are an integral part of the financial statements.

 

PARKS CANADA AGENCY Notes to Financial Statements for the Year Ended March 31 2007

(Tables in thousands of dollars)

1. Authority and Objectives

In December 1998, Parks Canada Agency (the Agency) was established under the Parks Canada Agency Act as a departmental corporation and acts as an agent of Her Majesty of Canada. The Parks Canada Agency is a separate entity listed under Schedule II of the Financial Administration Act and reports to the Minister of the Environment. The Agency is not subject to the provisions of the Income Tax Act.

The Agency's mandate is to protect and present nationally significant examples of Canada's natural and cultural heritage, and foster public understanding, for present and future generations. In carrying out its mandate, the Agency delivers the programs set out in the Agency's legislation and authorities.

The authorities for the programs for which Parks Canada is responsible are derived from the Parks Canada Agency Act, the Canada National Parks Act, the Historic Sites and Monuments Act, the Canada National Marine Conservation Areas Act, the Department of Transport Act, and the Heritage Railway Stations Protection Act.

2. Significant Accounting Policies

The Agency's financial statements are prepared in accordance with Treasury Board accounting policies, which are consistent with Canadian generally accepted accounting principles for the public sector, and year-end instructions issued by the Office of the Comptroller General.

a) Parliamentary appropriations:
The Agency is financed mainly by the Government of Canada through Parliamentary appropriations. Appropriations provided to the Agency do not parallel financial reporting according to Canadian generally accepted accounting principles, as they are based in a large part on cash flow requirements. Consequently, items recognized in the Statement of Operations and the Statement of Financial Position are not necessarily the same as those provided through appropriations from Parliament. Note 12 provides a high level reconciliation between bases of reporting.

b) Deferred revenue:
Deferred revenue includes revenues received in advance of the services to be provided and funds received from external parties for specified purposes. Deferred revenue is recognized as revenue when the services are provided.

c) Inventory of consumable supplies:
Inventories consist of consumable supplies not intended for re-sale. They are valued at cost. If they no longer have service potential, they are valued at the lower of cost or net realizable value.

d) Tangible capital assets:
Tangible capital assets, excluding land, transferred to the Agency as at April 1, 1999, are recorded at their estimated historical cost, less accumulated amortization. Construction in progress are not amortized. When projects are substantially completed the costs are transferred to the appropriate asset category and amortization is initiated. The estimated historical cost of the assets was established by deflating the current replacement cost to the year of acquisition or construction using factors based on changes in price indices over time. This approach also took into consideration the overall asset condition and the cost of any improvements and major repairs since the original acquisition or construction of the tangible capital assets.

Tangible capital assets, excluding land, acquired after April 1, 1999, are recorded at cost. Tangible capital assets, excluding land, acquired at nominal cost or by donation, are recorded at market value at the time of acquisition and a corresponding amount is credited directly to the Equity of Canada. The tangible capital assets acquired with financial assistance from another government are recorded at their net cost. Improvements that extend the useful life or service potential are recorded at cost.

Amortization is calculated on the straight-line method using rates based on the estimated useful life of the assets as follows:

Asset		Useful life
Buildings		25-50 years
Fortifications		50-100 years
Leasehold improvements		2-10 years
Improved grounds		10-40 years
Roads		40 years
Bridges		25-50 years
Canals and marine facilities		25-80 years
Utilities		20-40 years
Vehicles and equipment		3-15 years
Exhibits		5-10 years

Acquired lands are recorded at historical cost. Crown lands acquired as a result of Confederation or the subsequent joining of a province or territory are recorded at a nominal value. Donated lands are recorded at their estimated market value at time of acquisition with a corresponding amount credited directly to the Equity of Canada.

e) Collections and archaeological sites:
Collections and archaeological sites are recorded at nominal value.

f) Employee future benefits:

g) Services received without charge:
Services received without charge from other Government departments are recorded as operating expenses at their estimated fair value. A corresponding amount is credited directly to the Equity of Canada.

h) Provision for environmental clean-up:
The Agency records a liability for environmental clean-up in situations where the Agency is obligated or is likely to be obligated to incur costs related to the remediation and removal of contaminated material from environmentally contaminated sites, and the cost can be reasonably estimated following a detailed environmental assessment. If the likelihood of the Agency's obligation to incur these costs is not determinable, or if an amount cannot be reasonably estimated, the costs are disclosed as contingent liabilities in the notes to the financial statements.

i) Revenue recognition
Entrance fees, recreational fees, rentals and concessions, other operating, townsites and staff housing revenues are recognized in the year in which the goods or services are provided by the Agency. Funds received for future services are recorded as deferred revenue.

j) Measurement uncertainty:
The preparation of financial statements in accordance with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the year. Employee-related liabilities, estimated useful lives of tangible capital assets, cost of tangible capital assets transferred to the Agency as at April 1,1999, environment-related liabilities and claims are the most significant items where estimates are used. Actual results could differ significantly from those estimated.

3. Cash Entitlements

The Agency operates within the Consolidated Revenue Fund (CRF). The CRF is administered by the Receiver General for Canada. All cash received by the Agency is deposited to the CRF and all cash disbursements made by the Agency are paid from the CRF.

Included in cash entitlements are the following:

a) General operations account:
Cash Entitlement for general operations represents the amount of cash that the Agency is entitled to draw from the Consolidated Revenue Fund of the Government, without further appropriations. As at March 31, 2007, the balance of the general operations account is $60.5 million ($62.6 million in 2006).

b) Specified purpose accounts:
Cash Entitlement for specified purpose accounts represents money received from external organizations which must be used for the purposes for which they are received. As at March 31, 2007, the Agency has a balance of $2.7 million ($2.9 million in 2006) for specified purpose accounts.

c) New parks and historic sites account:
Since 2001-2002, the account was presented in the notes to the financial statements. In 2006-2007, the Agency reviewed the accounting treatment of the New parks and historic sites account. As per the Treasury Board accounting policies, which are consistent with Canadian generally accepted accounting principles for the public sector, this account represents an asset for the Agency and a consolidated specified purpose account that should be recorded as Equity. Consequently, the comparative financial statements presented for the year ended March 31, 2006 have been adjusted. The effect of this adjustment is presented in the table below.

2005 - 2006

			As previously stated		Effect of the adjustment		Adjusted amounts
Statement of Financial Position			–		–		–
Cash entitlements
	Specified purpose accounts		3,394		(463)		2,931
	New parks and historic sites account		–		12,422		12,422
Defered Revenue			13,066		(463)		12,603
Statement of Equity of Canada			–		–		–
Balance at beginning of year			1,374,484		17,263		1,391,747
Change in cash entitlements			(23,857)		4,841)		(28,698)
Balance at end of year			1,327,891		12,422		1,340,313

The Government of Canada includes in its receipts and expenditures the transactions of certain consolidated accounts established for specified purposes. Legislation requires that the receipts of the specified purpose account be earmarked and that the related payments and expenses be charged against such receipts. The transactions do not represent liabilities to third parties but are internally restricted for specified purposes.

Funds are provided to the New Parks and Historic Sites Account by parliamentary appropriations, proceeds from the sale of lands and buildings that are surplus to operational requirements and all general donations. Furthermore, the Minister of Finance, may, on the request of the Minister of the Environment, authorize the making of advances of up to $10.0 million to the New Parks and Historic Sites Account. All amounts received remain in this account until eligible expenditures are made for the purpose of establishing or developing new parks or historic sites and heritage areas, in compliance with the terms and conditions set out in the Parks Canada Agency Act and related Treasury Board directives.

Details of activities for the year ended March 31 are highlighted in the following analysis:

		2007		2006
Available at beginning of year		12,422		17,263
Less:
Reclassification of donated funds		–		(2,500)
		12,422		14,763
Receipts:
	Parliamentary appropriation	3,000		1,800
	Proceeds on disposal of tangible capital assets	505		1,914
	Donations	18		8
		3,523		3,722
Expenditures:
	Capital expenditures	2,043		5,617
	Contributions	–		446
		2,043		6,063
Available at end of year		13,902		12,422

4. Inventory of Consumable Supplies

The inventory of consumable supplies as at March 31 consists of the following:

		2007		2006
Top soil, sand, gravel and other crude material		983		1,154
Stationery, office and miscellaneous supplies		863		515
Equipment, materials and supplies		755		822
Fuel and other petroleum products		695		723
Construction material and supplies		615		563
Printed books, publications and maps		584		534
Fabricated wood and metal products		404		393
Safety equipment		190		398
Uniforms and protective clothing		149		192
		5,238		5,294

5. Tangible capital assets:

		Closing historical cost as at March 31, 2006	Net additions(1) for the year ended March 31, 2007	Closing historical cost as at March 31, 2007	Accumulated amortization as at March 31, 2007	Net book value as at March 31, 2007	Net book value as at March 31, 2006
Buildings, fortifications and leasehold improvements		763,068	17,726	780,794	475,150	305,644	307,052
Improved grounds		582,713	8,296	591,009	493,274	97,735	110,630
Roads		955,499	43,878	999,377	607,715	391,662	365,059
Bridges		152,410	2,274	154,684	83,218	71,466	71,801
Canal and marine facilities		542,437	4,368	546,805	266,671	280,134	284,397
Utilities		175,176	6,947	182,123	96,142	85,981	83,311
Vehicles and equipment		124,102	5,901	130,003	97,966	32,037	29,433
Exhibits		101,213	3,640	104,853	89,223	15,630	14,314
		3,396,618	93,030	3,489,648	2,209,359	1,280,289	1,265,997
Land (Note 2d)
	- Acquired land	134,156	2,706	136,862	–	136,862	134,156
	- Crown land	1	–	1	–	1	1
	- Donated land	19,892	–	19,892	–	19,892	19,892
		154,049	2,706	156,755	–	156,755	154,049
Total tangible capital assets		3,550,667	95,736	3,646,403	2,209,359	1,437,044	1,420,046

⁽¹⁾ includes all acquisitions, dispositions and write-offs in the year.

The Agency owns over 27 million hectares of land, the majority of which comprise the 42 national parks and national park reserves representing 28 of the 39 natural regions of Canada. During the year, the Agency spent $2.7 million ($2.7 million in 2006) on the acquisition of land. The total cost of tangible capital assets includes $98.6 million ($67.5 million in 2006) of construction in progress.

6. Collections and Archaeological Sites

Core to the Agency's mandate to protect and present nationally significant examples of our cultural heritage is the management of collections and archaeological sites. Although not capitalized like other cultural assets such as buildings or fortifications, these treasures have inestimable cultural value.

a) Collections:
The Agency manages collections that are made up of archaeological and historical objects.

The collection of archaeological objects includes specimens and records that represent a cross-section of human habitation and activities. These holdings consist of a range of functional groups of artifacts that represent domestic activities to industrial processes and includes tools, ships' fittings, as well as soil and botanical samples.

The collection of historic objects dates from the 10th century to the present day. They encompass ethnographic material, civilian, military and fur trade items, furniture and furnishings, tools and documents.

In addition, the Agency manages a collection of reproductions including period costumes, tools and furniture that have been copied from original objects or made based on historical data.

b) Archaeological sites:
An archaeological site encompasses surface, subsurface, or submerged remains of human activity. Archaeologists define a site by identifying the different activities that were conducted within an area. There are many archaeological sites identified within Canada's 157 national historic sites, 42 national parks, and 2 marine conservation areas. The types of sites vary greatly, from Aboriginal villages, hunting camps, observation areas, and animal processing areas, to European fur trade and military posts, battlefields, shipwrecks, homesteads, and transportation and industrial sites.

7. Deferred Revenue

Included in the deferred revenue total of $12.2 million ($12.6 million in 2006) is an amount of $9.5 million ($9.7 million in 2006) representing the balance, at year end, for entrance fees, recreational fees, and rentals/concessions fees collected in advance.

The remaining $2.7 million ($2.9 million in 2006) of deferred revenue, represents monies received from other organizations which must be used for specified purposes.

8. Employee Future Benefits

a) Severance benefits:
The Agency provides severance benefits to its employees based on years of service and final salary. This benefit plan is not pre-funded and thus has no assets, resulting in a plan deficit equal to the accrued benefit obligation. Benefits will be paid from future appropriations. Information about the plan, measured as at the statement of financial position date, is as follows:

		2007		2006
Accrued benefit obligation, beginning of year		49,648		42,900
Cost for the year		8,093		10,156
Benefits paid during the year		(3,712)		(3,408)
Accrued benefit obligation, end of year		54,029		49,648
Short-term portion		4,507		3,953
Long-term portion		49,522		45,695
		54,029		49,648

b) Pension benefits:
The Agency and all eligible employees contribute to the Public Service Pension Plan. This pension plan provides benefits based on years of service and average earnings at retirement. The Agency's and employees' contributions to the Public Service Pension Plan for the year were as follows:

		2007		2006
Agency's contributions		30,459		32,840
Employees' contributions		12,691		13,638

9. Contingencies

a) Claims:
In the normal course of business, claims have been made against the Agency. The current best estimate of the amount likely to be paid in respect of these claims and potential claims has been recorded. The total contingent liabilty amount related to these claims has been estimated at $14.2 million ($9.2 million in 2006), excluding interest, for alleged damages and other matters. In the opinion of management, the position of the Agency in all of these actions is defensible.

b) Provision for environmental clean-up:
The Agency has identified 365 sites that are known or suspected of contamination. Based on the information available and detailed studies conducted thus far on 341 of these sites, the Agency has estimated and recorded a liability of $40 million ($36.8 million in 2006). The Agency has estimated additional clean-up costs of $135.2 million ($137.6 million in 2006) that are not accrued, as these are not considered likely to be incurred at this time. The Agency's ongoing efforts to assess contaminated sites may result in additional environmental liabilities related to newly identified sites, or changes in the assessments or intended use of existing sites. These liabilities will be accrued in the year in which they become known.

c) Classification Review:
In 1999, the Agency initiated a national classification review which has as its objective to correct inconsistencies in how positions are being classified and compensated when employees are performing similar duties. This initiative is still underway and currently the Agency cannot assess with certainty the full impact of this initiative on its operations. At this time, management has recorded a liability based on its best estimate. Actual results may differ significantly from the current estimates and any impact of these changes or additional amounts will be reflected in the period it is known and determinable.

10. Summary of Expenses by Major Classification

		2007		2006
Salaries and employee benefits		335,522		322,103
Amortization		83,026		82,099
Professional and special services		57,735		55,339
Utilities, materials and supplies		50,209		42,704
Transportation and communication		29,559		27,875
Accommodation received without charge (Note 13)		15,494		15,528
Rentals		13,548		10,397
Grants and contributions		12,273		11,223
Payments in lieu of taxes		11,295		11,296
Repairs and maintenance		8,400		9,251
Information		6,289		6,317
Environmental clean-up		4,439		15,966
Net loss on disposal of tangible capital assets		1,126		–
Miscellaneous expenses		380		4,598
		629,295		614,696

11. Summary of Revenues by Major Classification

		2007		2006
Entrance fees		51,877		45,801
Recreational fees		21,676		20,877
Rentals and concessions		17,822		16,186
Other operating revenues		6,502		9,221
Townsites revenues		2,710		2,909
Staff housing		2,408		2,392
Net gain on disposal of tangible capital assets		–		18
		102,995		97,404

12. Parliamentary Appropriations

a) Appropriations used:

			2007		2006
Appropriations voted:
	Vote 30 - Program expenditures		500,115		429,394
	Vote 35 - New parks and historic sites account		3,000		1,800
Statutory appropriations:
	Revenue received pursuant to section 20 of the Parks Canada Agency Act		107,496		100,417
	Contributions to employee benefits plan		44,735		45,914
Total appropriations			655,346		577,525
Less:
	Amount available in future year		53,580		53,413
Current year appropriations used			601,766		524,112

b) Reconciliation of net cost of operations to current year appropriations used :

			2007		2006
Net cost of operations			526,300		517,292
Revenue received pursuant to section 20 of the Parks Canada Agency Act			107,496		100,417
Adjustments for items affecting net cost of operations but not affecting appropriations:
	Amortization of tangible capital assets		(83,026)		(82,099)
	Services received without charge (Note 13)		(43,666)		(45,981)
	Net (loss) gain on disposal of tangible capital assets		(1,126)		18
			(127,818)		(128,062)
Changes in accounts affecting net cost of operations but not affecting appropriations:
	Vacation pay included in the accounts payable and accrued liabilities		(523)		(608)
	GST included in the accounts payable and accrued liabilities		(563)		(1,831)
	Employee future benefits		(4,381)		(6,748)
	Provision for environmental clean-up		(3,253)		(14,381)
			(8,720)		(23,568)
Adjustments for items not affecting net cost of operations but affecting appropriations:
	Acquisitions and improvements to tangible capital assets		101,678		61,632
	Proceeds on disposal of tangible capital assets		(528)		(2,182)
	Change in prepaid expenses		1,934		3,516
	Change in inventory of consumable supplies		(56)		(217)
	Change in New Parks and Historic Sites Account		1,480		(4,716)
			104,508		58,033
Current year appropriations used			601,766		524,112

c) Reconciliation of net cash provided by government to current year appropriations used:

				2007		2006
Net cash provided by government				496,878		448,575
Revenue received pursuant to section 20 of the Parks Canada Agency Act				107,496		100,417
Changes in accounts not affecting net cash provided by government but affecting appropriations:
	Accounts receivable			1,987		(1,340)
	Accounts payable and accrued liabilities			(4,557)		(17,032)
		Less : Vacation pay included in the accounts payable and accrued liabilities		(523)		(608)
		Less : GST included in the accounts payable and accrued liabilities		(563)		(1,831)
	Deferred revenue			(432)		647
	New Parks and Historic Sites Account			1,480		(4,716)
				(2,608)		(24,880)
Current year appropriations used				601,766		524,112

13. Related Party Transactions

a) Transactions in the normal course of business:
The Agency is related in terms of common ownership to all Government of Canada departments, agencies, and Crown corporations. The Agency enters into transactions with these entities in the normal course of business and on normal trade terms that would apply to all individuals and enterprises. The Agency entered into transactions with related parties for a total of $100.1 million ($62.1million in 2006) for services provided by Government departments, including an amount of $94.9 million ($57.4 million in 2006) with Public Works and Government Services Canada mostly related to architectural and engineering services for $67.3 million ($32.6 million in 2006) and Payment in lieu of taxes for $11.3 million ($11.3 million in 2006).

b) Services received without charge
During the year, the Agency received services without charge which are recorded at fair value in the financial statements as follows:

		2007		2006
Contributions covering employer's share of employees' insurance premiums and costs paid by Treasury Board Secretariat		21,122		20,046
Accommodation provided by Public Works and Government Services Canada		15,494		15,528
Services provided by the Department of Canadian Heritage for information management, information technology, finance, human resources and administrative support		3,864		7,510
Salary and associated costs of legal services provided by Justice Canada		2,366		2,255
Other services provided without charge		820		642
		43,666		45,981

14. Commitments

a) The Agency has entered into agreements for leases of equipment and operating leases for accommodations for a total of $9.8 million ($10.3 million in 2006). The agreements show different termination dates, with the majority ending within the next twenty years. Minimum annual payments under these agreements for the next five years and beyond are approximately as follows:

2007-08		1,317
2008-09		731
2009-10		658
2010-11		598
2011-12		548
2012-13 and beyond		5,940

b) The Agency has entered into contracts for operating and capital expenditures for approximately $102.9 million ($81.1 million in 2006). The majority of payments under these contracts are expected to be made over the next two years.

15. Comparative Figures

Some of the previous year's comparative figures have been reclassified to conform to the current year's presentation.

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