1. Operational Performance

Prior to dissolution, the Corporation carried out its duties during 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.

The following employees of the Ministry were the Officers of the Corporation in 2020-2021 before dissolution:

  • Jim Adams, Chief Executive Officer
  • Jason Arandjelovic, Treasurer
  • Monique Volpe, Corporate Secretary

The Chief Executive Officer was 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 (AAD).

The Treasurer was 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 included preparing Board reports and any required reporting to the Ministry, 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 provided the Corporation’s administrative and operational support and financial administration. Legal services were provided by the Ministry of the Attorney General.

3. Financial Performance

The Corporation managed the business and funds for which it was 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 posted publicly on Ontario.ca/page/ontario-mortgage-and-housing-corporation 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.

In 2020-2021, the Corporation reported $31.1 million Excess of Revenue over Expenses from Operations which was used to repay long-term debt principal. The Corporation also reported Net Liabilities Transferred to the Province of $113.6 million as a result of dissolution.

4. Variance Analysis

As shown in OMHC’s financial statements (refer to figure from Statement of Operations below), the actual excess of revenues over expenses was $7.9 million more than budgeted, which is primarily explained by the Net Liabilities Transferred to the Province being higher than budgeted.

The subsidies from Province of Ontario were $1.1 million less than budgeted as the dissolution occurred later than expected. Transfer payments expenses, budgeted for as miscellaneous expenses, were funded primarily by the AHP Revolving Loan Fund.

Ontario Mortgage and Housing Corporation Statement of Operations for the year ending March 31, 2021
Revenues and expensesBudget ($ 000)Actual ($ 000)Variance ($ 000)
Revenue - Subsidies from Province of Ontario:
Debt service obligations
Affordable Home Ownership Program MortgagesN/A40(40)
Total revenues39,90038,8491,141
Expenses - Debentures Interest:
Devolved properties
Transfer paymentsN/A1,974(1,974)
Total expenses7,8007,75248
Excess of Revenues over Expenses from Operations32,10031,0971,003
Net Liabilities Transferred to the Province104,700113,600(8,900)
Excess of Revenues over Expenses136,800144,697(7,897)