2011-12 Annual Report - Yukon Housing Corporation

Overview of YHC’s Financial StatementsEach year the Auditor General of Canada undertakes an audit of Yukon Housing Corporation and this audit formspart of YHC’s Annual Report. What is of value and importance to the Legislative Assembly and the public at largeis confidence that the financial statements fairly represent the financial status of Yukon Housing Corporation.This is critical because the annual audited financial statements of YHC are effectively “rolled up” into the annualConsolidated Financial Statements of the Yukon Government. The financial position of YHC affects the financialposition the Yukon Government.There are a number of areas that the Corporation would like to highlight so that the reader has a furtherunderstanding of YHC’s financial position including assets, long term debt and the Seniors Housing ManagementFund. The presentation of information from YHC’s audited financial statements is over a four year period startingin 2008-09 and ending in 2011-12.Tangible Capital Assets (Book Value)The tangible capital assets of YHC that are purchased, constructed, developed or otherwise acquired. Typicalexamples include land, social and staff housing and office buildings. Tangible assets are used to achievegovernment objectives. The value of YHC’s tangible assets has increased significantly due to the construction andupgrade of social housing through Canada’s Economic Action Plan.$70,000,000$52,500,000$35,000,000$17,500,000$02009 2010 2011 2012• Almost a $30 million increase over the past 3 fiscal years• Reflects new buildings in Whitehorse and in rural Yukon• Also reflects exterior upgrades to existing buildings• The “Book Value” of the asset reflects YHC’s costs minus the cumulative amortizationwhich is the write-off of the asset over its estimated useful lifeYukon Housing Corporation • Annual Report March 31, 201213