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 and in accordance with the Policy of Treasury Board on Special Revenue Spending Authorities and the reporting requirements of the Receiver General for Canada.

There were no financial transactions in the Fund during the year ended March 31, 2017.

Approved by:

Michel D'Amour
A/Chief Financial Officer
for Marty Muldoon, CPA, CMA, MBA
Chief Financial Officer,
Public Services and Procurement Canada

Lisa Campbell
Assistant Deputy Minister,
Defence and Marine Procurement Branch
Public Services and Procurement Canada

May 30, 2017
Gatineau, Canada

Defence Production Revolving Fund

Reconciliation of unused authority (unaudited) as at March 31

(in thousands of dollars)

  2017 2016
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)

  2017 2016
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, 2017

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
  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 the 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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