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OAG
Recommendation 10.20:
10.20
Recommendation The Treasury Board of Canada Secretariat, in
consultation with the Department of Finance Canada, should confirm that
financing costs are taken into account in cases where Crown corporations seek
an exemption to the Treasury Board Directive on the Use of the
Consolidated Revenue Fund for Crown Corporations in order to receive
funding in advance of disbursement needs.
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Response from the Treasury Board of Canada
Secretariat on the OAG recommendation:
Agreed.
The
Treasury Board of Canada Secretariat, in consultation with the Department of
Finance Canada, will review the Treasury Board Directive on the Use of the
Consolidated Revenue Fund for Crown Corporations to determine whether
changes need to be made to clarify that financing costs are to be taken into
account when a Crown corporation seeks an exemption to this Directive to
obtain funds in advance of disbursement needs. Any necessary adjustments to
the Directive will be brought forward to the appropriate authority by 31
March 2014.
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Related actions to be taken by TBS further to the
response to the OAG:
The
Treasury Board of Canada Secretariat will review the Treasury Board
Directive on the Use of the Consolidated Revenue Fund for Crown Corporations
to determine whether changes need to be made to clarify that financing costs
are to be taken into account when a Crown corporation seeks an exemption to
this Directive to obtain funds in advance of disbursement needs. This
review will be conducted in the fall of 2013 and will include consultation with
the Department of Finance. Any necessary adjustments to the Directive
recommended by the Comptroller General will be brought forward to the
President for his approval by 31 March 2014.
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