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Aug 30, 2024 · Global News asked the transportation ministry what BC Rail’s two executives are managing to earn six figures annually, why the railway’s lease of up to 999 years can’t be managed by its staff,...
- Kristen Robinson
From 1978 to 2000, BC Rail was highly profitable, posting profits in every year throughout that period. [1] Until 2004 it operated as the third-largest railway in Canada, providing freight, passenger, and excursion rail services throughout BC on 2,320 km (1,440 mi) of mainline track.
Mar 3, 2021 · The cost overruns were blamed on a lack of engineering studies, newly-raised ecological concerns, design changes and Crown corporation BC Rail’s misrepresentation of the task’s magnitude.
Oct 18, 2013 · The profit margin was $3.3 million, which grew to $5.4 million when sales of non-rail and non-port property was factored in. In 2010, when BC Rail was brought back under government control, a...
- INDEPENDENT AUDITOR'S REPORT
- Basis for Opinion
- Auditor’s Responsibilities for the Audit of Financial Statements
- BRITISH COLUMBIA RAILWAY COMPANY
- Non-current Net finance liabilities costs
- c) Financial instruments (continued)
- c) Financial instruments (continued)
- d) Property, plant and equipment
- e) Investment property
- f) Interest in mining rights
- g) Materials
- h) Impairment of non-financial assets
- i) Assets held for sale or for distribution to owners
- j) Provisions
- Site Restoration
- k) Employee benefits
- 7. LABOUR COSTS
- 10. CASH AND CASH EQUIVALENTS
- d) Actuarial assumptions
- e) Plan assets
- Fair value of financial instruments
- Capital management
- 26. RELATED PARTIES
- Other related party transactions
To the Board of Directors of the British Columbia Railway Company, and To the Minister of Transportation and Infrastructure, Province of British Columbia
I conducted my audit in accordance with Canadian generally accepted auditing standards. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of my report. I am independent of BCRC in accordance with the ethical requirements that are relevant...
My objectives are to obtain reasonable assurance about whether BCRC’s financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Cana...
Independent Auditor’s Report communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. also provide those charged with governance with a statement that I have co...
Lease liability Deferred lease revenue Provisions Employee benefits Total Post-employment non-current liabilities benefit plan actuarial gain
Classification and measurement of financial assets and financial liabilities (continued) The following accounting policies apply to subsequent measurement of financial assets: Financial assets at FVTPL: these assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or ...
ii) Impairment of financial assets (continued) Measurement of ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).
Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly at...
Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Recognition and measurement Items of investment property are measured at cost less accumulated depreciati...
The Group’s interest in mining rights are accounted for as exploration and evaluation assets. Exploration and evaluation assets are only recognized if the rights of the area of interest are current and either: the expenditures are expected to be recouped through successful development and exploitation of the area of interest; or activities in th...
Materials are measured at the lower of cost and net realizable value. The cost of materials includes expenditures incurred in acquiring the materials, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Net realizable value is the replacement cost of the materials.
The carrying amounts of the Group’s non-financial assets, other than materials, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use...
Assets (or disposal groups) comprising assets and liabilities that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Assets (or disposal groups) that are expected to be distributed to the owners are classified as held for distribution to owners. In either case, in order for the a...
A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects...
In accordance with the Group’s environmental policy and applicable legal requirements, provisions for site restoration in respect of contaminated land and the related expenses are recognized when the land is contaminated. The provisions are recognized as non-current liabilities and are discounted to their present value based on expected future cas...
Defined Benefit Plans The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognized past servi...
Direct labour costs include employee wages, dental and health benefits, RRSP contributions, and the annual expense related to the post-employment benefit plan and the defined benefit supplemental pension plan.
The Group’s money market instruments are invested in a fund which invests in government and corporate debt securities, including commercial paper.
The following were the principal actuarial assumptions as at the reporting date:
The plan assets for the Pension Plan comprise: The portfolio’s asset mix is reviewed periodically and may vary in the future.
number of the Group’s accounting policies require the measurement of fair values. When measuring the fair value of an asset of a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as: Level 1: quoted pri...
As a result of its ownership by the Province of British Columbia, the Group is not able to obtain financing through the issuance of new equity. All capital resources, both sustaining and growth or investment capital, must be generated out of operating cash flows or disposals of surplus property, or, where there is a shortfall, through debt. The Gro...
All transactions with the Province of BC and its ministries, agencies and Crown corporations occurred in the normal course of business and are at arm’s length, which is representative of fair value, unless otherwise disclosed in these notes.
All outstanding balances with these related parties are to be settled in cash within 3 months of the reporting date. None of the balances are secured. During the fiscal year, there were no transactions or outstanding balances with BCTFA. Other related party transactions have been disclosed elsewhere in the notes to the consolidated financial statem...
BC Rail was a provincially owned regional railway, operated by the BC government from 1918 to 2004. At its height, it boasted 2,320 km (1,440 mi) of track and was the third largest railway in Canada. The railway got its start in 1912 as the Pacific Great Eastern Railway (PGE).
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Apr 12, 2024 · Passenger revenues more than doubled from $138 million in 2021 to $345 million in 2022. Other rail revenues, including government payments, increased 22.6% from 2021 to $1.7 billion in 2022. Expenditures rise sharply. Total rail operating expenses rose 16.4% to $12.7 billion in 2022.
