Translation of "Situation financière d'ensemble " (French → English) :

overall financial position

statement of financial position

CONPVA | payment valuation message

Management of financial circumstance

fiscal position [ fiscal situation ]

financial position | financial condition

In particular, Article 5 provides that “[.] in the case of an unusual event outside the control of the Member State concerned which has a major impact on the financial position of the general government or in periods of severe economic downturn for the euro area or the Union as a whole, Member States may be allowed temporarily to depart from the adjustment path towards the medium-term budgetary objective referred to in the third subparagraph, provided that this does not endanger fiscal sustainability in the medium term.

Because the entity referred to in the response to Q-972 was involved in active projects in several countries, CIDA took the following specific measures to protect the interests of the Crown: CIDA established a multi-disciplinary task force to oversee a common, integrated and corporate approach to managing the situation and mitigating potential risks; discussions and meetings were held with senior representatives of the organization, who provided detailed information on the extent and severity of the financial situation, and the likel ...[+++]y operational impacts; based on the initial information received, as well as a review of the current status of project implementation, management arrangements and contractual terms and conditions, CIDA completed an internal review and assessment of the fiduciary and other risks across each program; a proactive monitoring and integrated risk management approach was developed and agreed with the organization, which featured open and direct channels of communication at a senior level to provide regular updates on the financial situation and recovery as well as to facilitate the dissemination of information on operational progress across the agency and decision-making on individual projects; in projects where the organization was part of a consortium, the agency agreed, on a non-objection basis, to the transfer or assignment of the lead implementation role to other well-established members or partners, who were jointly and severally liable; for projects where the organization was solely responsible for delivery or implementation, the agency took steps to ensure that all financial and performance guarantees were enforceable, in case of need; as part of its efforts to continue operations and remain a going concern, the organization presented a comprehensive business plan and financial projections that were developed with legal and financial third party advisors, a plan was subsequently validated by independent auditors as part of the due ...

(Return tabled) Question No. 181 Mr. Ted Hsu: With regard to the Correctional Services Canada's (CSC) Prison Farm Program, which has been terminated and whose assets have been disposed of: (a) what if any studies, documentation, reports or advice did CSC rely on in their decision to terminate the prison farms program, when was it received and who provided it; (b) were financial audits undertaken to determine the profitability, financial status, and/or the financial viability; (c) if so, what information from these audits influenced, affected, impacted or played a role in making the decision to terminate the prison farm program broken down annual ...[+++]ly and by institution; (d) what were the monetary values of the agricultural products produced at each prison farm over the past 15 years, broken down annually and by institution; (e) what is the annual cost to CSC of outsourcing this food (including transportation costs), which companies have received these contracts, what is their location, what is the value of the contracts to each of the companies, broken down annually and by institution, and how does this compare to the cost of producing this food through the prison farm program; (f) what was the recidivism rate of prisoners who had participated in the prison farm program prior to being released compared to the general recidivism rate of prisoners; (g) was the land occupied by any of the prisons farms sold, if so, to whom and what was the value of each sale, broken down by institution; (h) if the lands occupied by prison farms were not sold, are they currently being leased out, and if so, to whom and at what annual cost, broken down by institution; (i) if the lands occupied by prison farms are neither being sold nor leased, what does the government intend to do with this land, broken down by institution; (j) what was the process by which the land was sold; (k) is the money obtained by the sale or lease of the prison farm land being reinvested in the operating b ...

A temporary departure from the adjustment path towards the medium-term budgetary objective should be allowed, when it results from an unusual event outside the control of the Member State concerned, which has a major impact on the financial position of the general government or in case of severe economic downturn for the euro area or the Union as a whole, provided that this does not endanger fiscal sustainability in the medium-term, in order to facilitate economic recovery.