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Performance during the year 2018-2019
1. Operational performance
The Corporation carried out its duties during the course of the year as required by its mandate.
2. Administration and administrative support
Staff of the Ministry of Municipal Affairs and Housing provided all of OMHC’s administrative and operational support.
Officers: The following employees of the Ministry were the Officers of the Corporation in 2018-2019:
- Keith Extance, Chief Executive Officer
- Jason Arandjelovic, Treasurer
- Margaret Booth, Corporate Secretary
The Chief Executive Officer is responsible for managing the day-to-day operations of the agency, including compliance with the accountability and reporting requirements of the Agencies and Appointments Directive, 2019 (AAD).
The Treasurer is responsible for financial business practices, financial controllership of the Corporation, as well as the provision of financial advice to the Board and reports on the Corporation’s financial position.
The Corporate Secretary’s duties include preparing Board and Ministry reports, recording minutes of Board meetings, preparing compliance reports required by the AAD, and coordinating mortgage and lease discharge requests.
Other staff in the Ministry of Municipal Affairs and Housing provide the Corporation’s administrative and operational support and financial administration. Legal services are provided by the Ministry of the Attorney General.
3. Financial performance
The Corporation managed the business and funds for which it is responsible as required by its mandate, applicable provincial financial laws, directives, guidelines and policies, and the terms of individual transactions and agreements.
The OMHC Financial Statements are reported in Volume 2 of the Public Accounts of Ontario and are also included in the Province of Ontario Consolidated Financial Statements. The OMHC Financial Statements are audited annually by the Office of the Auditor General of Ontario, as stipulated in the OMHCA, and are included in this report.
4. Variance analysis
Ontario Mortgage and Housing Corporation Statement of Operations
| Revenue | Budget | 2019 | Variance |
|---|---|---|---|
| Subsidies from Province of Ontario - Debt service obligations | 66,400 | 66,404 | (4) |
| Subsidies from Province of Ontario - Environmental Remediation | 10,300 | 3,284 | 7,016 |
| Affordable Home Ownership Program Mortgages | N/A | 88 | (88) |
| Interest received from Student Housing | 100 | 103 | (3) |
| Miscellaneous | N/A | 95 | (95) |
| Total revenues | 76,800 | 69,974 | 6,826 |
| Expenses | Budget | 2019 | Variance |
|---|---|---|---|
| Debentures Interest - Devolved properties | 11,800 | 11,721 | 79 |
| Debentures Interest - Student housing | 100 | 103 | (3) |
| Environmental remediation | 700 | N/A | 700 |
| Miscellaneous | N/A | 95 | (95) |
| Total expenses | 12,600 | 11,825 | 775 |
| Total | Budget | 2019 | Variance |
|---|---|---|---|
| Excess of Revenues over Expenses | 64,200 | 58,149 | 6,051 |
The significant variances of actuals as at March 31, 2019 to budget are as follows:
Revenue:
Environmental Remediation: actuals were less than budget by $7.016 M as a result of a delay in environmental remediation work for Regent Park and Alexandra Park. These costs may vary significantly year over year and are based on actual costs incurred.
Expenses:
Environmental Remediation expenses are to record changes in the estimated future cash flows. There has been no change in the estimated future cash flows in 2018-19.
Excess of revenues over expenses:
The actuals were less than budget by $6.051 M mainly as a result of the above variances.
5. Future performance measures and targets
The Corporation’s performance targets, over and above its general commitments, are to continue to practice good management and comply with applicable rules of financial and administrative performance.