1. Operational performance

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.

Officers: The following employees of the Ministry were the Officers of the Corporation in 2019-2020:

  • Jim Adams, Chief Executive Officer
  • Jason Arandjelovic, Treasurer
  • Monique Volpe, 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 posted publicly online 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 2019-2020, the Corporation reported $54.3 million Excess of Revenue over Expenses which was used to repay long-term debt principal and environmental remediation costs.

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 $4.1 million less than budgeted, which is primarily explained by the subsidy for environmental remediation costs being lower than budgeted. This was primarily due to delays in environmental remediation work. The subsidy for environmental remediation may vary significantly year-over-year as it is based on actual environmental remediation costs incurred during the year.

Statement of Operations for the year ending March 31, 2020

Revenue Budget
($ 000)		 2020
($ 000)

Variance
($ 000)
Subsidies from Province of Ontario - Debt service obligations 60,200 60,360 (160)
Subsidies from Province of Ontario - Environmental Remediation 6,200 1,980 4220
Affordable Home Ownership Program Mortgages N/A 46 (46)
Interest received from Student Housing N/A 43 (43)
Miscellaneous N/A 57 (57)
Total revenues 66,400 62,486 3,914
Expenses

Budget
($ 000)

2020
($ 000)

Variance
($ 000)
Debentures Interest - Devolved properties 8000 8170 (170)
Debentures Interest - Student housing N/A 43 (43)
Miscellaneous N/A 11 (11)
Total expenses 8000 8224 (224)
Excess of Revenues over Expenses 58,400 54,262 4,138

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.