The Office of the Superintendent of Financial Institutions has issued a performance report for its year ended March 31.

The federal regulator of financial institutions reports that total expenses for the year ended March 31 were $70.2 million, representing an increase of $2.9 million from the $67.3 million outlined in OSFI’s 2002-03 Report on Plans and Priorities. This increase is attributed to the projects that were initiated after the RPP was submitted.

Total revenue for the year was $63.4 million including $ 0.7 million of non-respendable filing penalties revenue. Respendable revenue was $62.7 million, and is lower than plan primarily due to uncollected receivables. The receivables were collected in the following year.

In his written introduction, Nick Le Pan, Superintendent, OSFI, says that the report concentrates on OSFI’s two strategic outcomes, contributing to public confidence in Canada’s financial system; and safeguarding Canadians from undue financial loss.

Le Pan says that advanced several key initiatives during the fiscal year including: the introduction of Composite Risk Ratings for individual institutions; the release of OSFI’s Corporate Governance Guideline for financial institutions; and continuing efforts to bring increased transparency to OSFI’s approval process.