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Table 7: Summary of Capital Spending by Program Activity
This table outlines OSFI's planned capital investments by program activity. As indicated in the "Financial Tables" section of the Report on Plans and Priorities, the resources presented in this report reflect OSFI's approved Annual Reference Level Update (ARLU) estimates, which were prepared in early summer 2007. At the time of writing the report, OSFI was completing its business planning process for 2008-2009 to 2010-2011. Any changes as a result will be reflected in next year's Report on Plans and Priorities.
OSFI continues to develop cost-effective information management systems to maintain the robust technology infrastructure necessary to support its supervisory and regulatory activities. During 2007-2008 OSFI completed the technology investments related to the Basel II implementation and the enhanced reporting and analytics (business intelligence) tools. In 2008-2009, continued technology investments are planned: to complete the Pensions Processes and Systems Renewal project, which was initiated in 2007-2008; related to changes in Accounting Rules and Standards and the Minimum Continuing Capital Surplus Requirement (MCCSR); for a significant version upgrade to OSFI's Electronic Document Management System.
In 2009-2010, OSFI is planning to renew its Toronto office lease at market rates (which are estimated to be 65% higher than the current lease, which was negotiated in 1994), and coinciding with the lease renewal OSFI is developing an accommodation plan in order to utilize its space more efficiently and align its accommodation standards more closely to those established by Public Works and Government Services Canada.
In 2010-2011, planned capital spending decreases following the completion of the Toronto accommodation project in 2009-2010, however continued investments are expected in that year to complete technology investments related to changes in Accounting Rules and Standards and MCCSR, which are both multiple-year projects.
Summary of Capital Spending by Program Activity
| ($ thousands) |
Forecast Spending |
Planned Spending |
Planned Spending |
Planned Spending |
| Office of the Superintendent of Financial Institutions |
|
|
|
|
| Regulation and supervision of federally regulated financial institutions |
5,606 |
5,608 |
11,129 |
6,526 |
| Regulation and supervision of federally regulated private pension plans |
75 |
625 |
300 |
0 |
| International Assistance |
0 |
0 |
0 |
0 |
| Office of the Chief Actuary (OCA) |
0 |
0 |
0 |
0 |
|
|
||||
| Total |
5,681 |
6,233 |
11,429 |
6,526 |
