Details on Transfer Payment Programs (Exceeding $5 million during the reporting year)
Name of transfer payment program: Payments to the Newfoundland Offshore Petroleum Resource Revenue Fund (Statutory)
Start date: 1987
End date: Perpetuity
Description: To make payments to the province of Newfoundland and Labrador equivalent to the revenue amounts received by Canada in relation to offshore oil and gas activities in the Canada-Newfoundland and Labrador offshore area.
This transfer payment program does not have any repayable contributions.
Strategic outcome: 1) Canada’s Natural Resource Sectors are Globally Competitive
Results achieved: The transfer to the Province of an amount equivalent to the amounts received by Canada in relation to oil and gas activity in the Canada-Newfoundland and Labrador offshore area was completed in a timely manner, as set out in Sections 97, 214 and 217 of the Canada-Newfoundland and Labrador Atlantic Accord Implementation Act.
| 2010-11 Actual Spending |
2011-12 Actual Spending |
2012-13 Planned Spending |
2012-13 Total Authorities |
2012-13 Actual Spending |
Variances | |
|---|---|---|---|---|---|---|
| Total Contributions | 1227.8 | 1059.8 | 987.9 | 566.1 | 566.1 | 421.8 |
| Total Program | 1227.8 | 1059.8 | 987.9 | 566.1 | 566.1 | 421.8 |
Comments on variances: Planned spending was forecasted eighteen months prior and did not anticipate the significant decrease in production that resulted from the unforeseen shut-downs of all three of the oil producing platforms
Audits completed or planned: An audit of Nova Scotia and Newfoundland Statutory Transfers was completed for fiscal year 2008. Additionally, Office of the Auditor General (OAG) conducts annual audits of these statutory transfers.
Evaluations planned: N/A
Engagement of applicants and recipients: N/A
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