The Alberta Securities Commission reported that during the first quarter ended June 30, its net loss was $526,000 compared to a net loss of $323,000 in the prior year.

The first quarter loss was significantly less than the $2,275,000 targeted by the provincial government approved budget, the ASC said. Fee revenues for Alberta securities distributions and other revenues exceeded budget by approximately $1,044,000 because of continued resource sector financing strength and strong mutual fund sales, it explained.

Additionally, its expenses were $172,000 less than budget because of timing variances for planned professional service expenses and staff vacancies. In addition, none of the $533,000 budget contingency was required.

The year-end loss is forecast to be less than $3 million. This is $2.4 million less than the annual forecast because of continued strong fee revenues from security distributions, mutual fund sales and staff vacancies, it added.

First quarter revenues decreased by $244,000 compared to the prior period, it said. “Investment income and settlement and penalty receipt decreases of $286,000 and $307,000 were partially offset by security distribution and financial statement filing fee increases of $349,000. Expenses for the same period decreased $41,000,” the ASC reported.

Also, “Prior period nonrecurring special investigation costs of $687,000 were offset in the current quarter by compensation increases of $512,000 for, annual salary increases averaging 4%, 10 additional staff and reorganization expenses and $134,000 of other costs, primarily for office expansion and member fee increases,” it added.

Fee increases averaging 8% on selected fees and totaling $714,000 are included in the current year’s budget, the ASC noted. These increases are slated to commence October 1. Public consultation on the fee increase occurred in June. The commission has submitted its fee proposal and public comment response summary to the provincial Finance department with a request for revision of the applicable fee regulation.