Uncommitted funds that remain in an appropriation account at the close of a fiscal year. They are returned to the fund from which they were originally appropriated or allocated.
2. PAUL YOUNG - BIO
• CPA, CGA
• Financial Solutions
• SME – Business Process Changes
• SME – Risk Management
• SME – Close, Consolidate and
Reporting
• SME – Public Policy
• SME – Financial Solutions
• SME – Supply Chain Management
• Academia – Advance Accounting,
Public Finance and Advanced
Management Systems
Contact information:
Paul_Young_CGA@Hotmail.com
3. WHAT ARE LAPSING FUNDS?
Source - http://www.dbm.maryland.gov/budget/Pages/glossary.aspx
Uncommitted funds that remain in an appropriation account at the
close of a fiscal year. They are returned to the fund from which they
were originally appropriated or allocated.
5. LPC / TRUDEAU
Source - http://www.cbc.ca/news/politics/pbo-budget-report-lapsed-spending-1.3995901
February 23, 2017
6. LAPSING FUNDS / ANNUAL REPORT 2016-2017
Source - https://www.fin.gc.ca/afr-rfa/2017/afr-rfa-2016-2017-eng.pdf
• Liberals / Trudeau have used lapsing
funds
• Deficit was down due both higher
taxation and lapsing funds account
for 83% of change in deficit between
fiscal plan and actual results
7. VETERANS AFFAIRS AND LAPSING FUNDS
Source – Government of Canada - https://www.fin.gc.ca/purl/afr-eng.asp or http://www.veterans.gc.ca/pdf/deptReports/rpp/2016-2017/vac-acc-web-pdf-eng.pdf
Budget vs Actual – Direct Program Spending - Overall
Veterans Affairs
Prime Minister Justin Trudeau’s Liberal government
has left more than $372 million meant to help
veterans and their families unspent since taking
office in November 2015, Global News has learned.
Source -
https://globalnews.ca/news/4447716/trudeau-
liberals-leave-372m-meant-for-veterans-
unspent/?utm_medium=Facebook&utm_source=AM
640
In the fiscal year ending March 31, 2016,
Trudeau’s first year in office, the Liberals
left $80.9 million on the books at VAC.
They then left another $143 million
unspent in 2017 and $148.6 in 2018.
Broken down annually, the unspent funds
for vets under Trudeau’s leadership
represented 2.2 per cent of VAC’s overall
budget in 2016, 3.7 per cent in 2017 and
3.0 per cent in 2018
8. LPC – PIERRE ELLIOT TRUDEAU
Source - http://nationalpost.com/opinion/pierre-trudeaus-disastrous-record-is-finally-laid-out-for-all-to-see
Financial Post – May 23, 2013
9. SUMMARY
• Lapsing funds have been used by all governments
• Lapsing funds are tools part of the fiscal management cycle for government