Notes to the Financial Statements (2024)

Notes to the Financial Statements For the Year Ended March 31, 2023($’000)

1. Nature ofoperations

The Alcohol and Gaming Commission of Ontario (AGCO) is a regulatory board-governed agency incorporated without share capital, that reports to the Ministry of the Attorney General (MAG). The agency was established on February 23, 1998 under the Alcohol and Gaming Regulation and Public Protection Act, 1996, which was amended in 2018 and re-named the Alcohol, Cannabis and Gaming Regulation and Public Protection Act, 1996 (ACGRPPA). On November 29, 2021, the ACGRPPA was repealed and the Alcohol and Gaming Commission of Ontario Act, 2019 (AGCO Act) was proclaimed into force, continuing the AGCO under a newstatute.

The AGCO is responsible for regulating the alcohol, gaming, horse racing and cannabis retail sectors in accordance with the principles of honesty and integrity, and in the public interest. In so doing, the AGCO administers the Liquor Licence and Control Act, 2019, the Gaming Control Act, 1992, the Horse Racing Licence Act, 2015 and the Cannabis Licence Act, 2018. The AGCO also administers the charity lottery licensing Order-in-Council1413/08.

iGaming Ontario was established on July 6, 2021 as a subsidiary corporation of the AGCO. See Note 14 for further disclosure pertaining to the AGCO’s relationship with iGamingOntario.

As a regulatory agency with a governing board reporting to MAG, the AGCO receives its annual spending authority from the Ministry’s printed estimates, as approved by the Ontario Legislature. The AGCO is funded from a combination of revenue from the Consolidated Revenue Fund and charges to the regulated sectors (fees and costrecoveries).

Pursuant to the Income Tax Act, the AGCO is exempt from incometaxes.

2. Significant accountingpolicies

  1. Basis of accounting
    These financial statements have been prepared in accordance with PSAS established by the Canadian Public Sector Accounting Board. The significant accounting policies used to prepare these statements are summarized below.
  2. Currency
    The financial statements are presented in Canadian dollars.

    At the transaction date, revenue or expenditures in currencies other than the AGCO’s functional currency are recognized in Canadian dollars at the exchange rate in effect at that date. The AGCO is not impacted by the remeasurement gains and losses caused by foreign currency, because its cash, including foreign exchange rates, is handled by the Ministry of Public and Business Service Delivery (formerly known as the Ministry of Government and Consumer Services) without charge.
  3. Revenue recognition
    Fee revenue from licences, registrations and permits collected from the liquor, lottery, gaming, horse racing and cannabis-retail sectors are recorded in the fiscal year to which they pertain. For the term of licences beyond the current fiscal year, the AGCO records deferred licence revenue as a liability and recognizes revenue over the term of licences.

    The AGCO is authorized to recover costs of its regulatory activities in accordance with the Alcohol and Gaming Commission of Ontario Act, 2019 (AGCO Act). The AGCO records a deposit liability (included in Security and Customer Deposits) when amounts are received. Recoveries are recognized as revenue (included in Recoveries - Gaming Sector) as the related regulatory costs are incurred, which settles the deposit liability. Currently, costs for regulatory activities are only being recovered from the gaming sector.

    Other revenue includes recovery of prior year’s expenditures and awarded costs from court received in the fiscal year.
  4. Expenditures recognition
    Expenditures are recognized on an accrual basis. Expenditures are recognized in the fiscal year that the events giving rise to the expense occur and resources are consumed.
  5. Financial instruments
    All financial instruments are included on the Statement of Financial Position and are measured initially at fair value and subsequently at cost.
  6. Tangible capital assets
    Tangible capital assets are recorded at cost, which includes amounts that are directly related to the acquisition, design, construction, development, improvement or betterment of the assets.

    The cost of tangible assets is amortized on a straight-line basis over estimated useful lives as follows:

    Usefullife

    Business application software

    10years

    Information technology hardwarde

    3–6years

    Assets under construction are not amortized until construction is complete and the assets are ready for their intended use.

  7. Use of estimates
    In preparing the financial statements, management is required to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods.

    Items requiring the use of significant estimates include: useful life of capital assets and other employee future benefits.

    Estimates are based on the best information available at the time of preparation of the financial statements and are reviewed annually to reflect new information as it becomes available. Measurement uncertainty exists in these financial statements. Actual results could differ from these estimates.
  8. Future changes in accounting standards
    1. PS 3400 - Revenue
      The new standard provides a framework for recognizing revenue by distinguishing between revenue arising from transactions that include performance obligations, referred to as exchange transactions, and those that do not have performance obligations, referred to as non-exchange transactions. While the impact of any changes on the AGCO’s financial statements is not reasonably determinable at this time, the AGCO intends to implement the standard effective April 1, 2023, for the fiscal year2023-24.

3. Accounts payable and accruedliabilities

2023

2022

Accountspayable

$1,134

$1,145

Operational expensesaccruals

5,249

4,155

Accrued other employeebenefits

3,082

3,736

Capitalized assetsaccruals

262

$9,465

$9,298

Accounts payable relate largely to normal business transactions with third-party vendors and subject to standard provincial government paymentterms.

Operational expenses accruals relate to goods or services received but that have not been paid, including regular salaries and wages, employee benefits and normal operatingexpenses.

Accrued other employee benefits include employee vacation credits accruals and salary continuancearrangements.

4. Deferred licencerevenue

Deferred licence revenue represents payments received for licences with terms that extend beyond the current operating cycle. Changes in the deferred licence revenue balances during the current fiscal year are summarized asfollows:

2023

Balance,
beginning ofyear

Received
duringyear

Recognized
duringyear

Balance,
end ofyear

Cannabis

$9,544

$5,845

$(7,287)

$ 8,102

Gaming

12,905

18,939

(16,586)

15,258

HorseRacing

871

1,062

(1,175)

758

Liquor

9,638

12,485

(8,945)

13,178

$32,958

$38,331

$(33,993)

$37,296

2022

Balance,
beginning ofyear

Received
duringyear

Recognized
duringyear

Balance,
end ofyear

Cannabis

$12,660

$4,744

$ (7,860)

$ 9,544

Gaming

466

15,484

(3,045)

12,905

HorseRacing

324

1,330

(783)

871

Liquor

5,636

8,879

(4,877)

9,638

$19,086

$30,437

$(16,565)

$32,958

5. Employee futurebenefits

  1. Pension costs
    Certain employees of the AGCO participate in the Public Service Pension Plan (PSPP) and the Ontario Public Service Employees Union Pension Plan (OPSEUPP), which are defined benefit pension plans for employees of the Province and many provincial agencies. The Province of Ontario is the sole sponsor of the PSPP and a joint sponsor of the OPSEUPP with the Ontario Public Service Employees Union (OPSEU). The sponsors of these plans determine the AGCO’s annual payments to the respective plans. The AGCO’s responsibilities with regard to the PSPP and the OPSEUPP are limited to its contributions. Payments made to the plans are recognized as an expenditure when employees have rendered the service entitling them to the contributions. The AGCO’s required annual contribution of $5,613 (2022 – $5,012), is included in Employee Benefits in the Statement of Operations and Accumulated Deficit.
  2. Other employee future benefits
    The obligations of separation, long-term income protection (LTIP) pension contributions, and time banking entitlements earned by eligible employees are included in Other Employee Future Benefits in the Statement of Financial Position.

    2023

    2022

    Separationentitlements

    $4,507

    $4,778

    LTIP pensioncontributions

    2,493

    1,633

    Time bankentitlements

    876

    834

    $7,876

    $7,245

    1. Separation entitlements
      Employees hired prior to April 1, 2015 and who have completed at least five (5) years of continuous service as a permanent full-time employee with the AGCO as of April 1, 2015, will be eligible for a separation payment equivalent to one week’s base pay for each year of active service up to a maximum of sixteen (16) weeks upon retirement, resignation, or death.

      Employees hired prior to April 1, 2015 and who had not completed five (5) years of continuous service as a permanent full-time employee as of April 1, 2015, will only be eligible for a separation payment in the event of retirement, resignation, or death if they have completed at least ten (10) years of continuous service as a permanent full-time employee as of the date of their retirement, resignation, or death. An employee who meets these requirements will be entitled to separation payment equivalent to one week’s base pay for each year of active service up to a maximum of sixteen (16) weeks upon retirement, resignation, or death.

      The separation entitlements were calculated using a discount rate of 3.64% (2022 - 3.19%) and expected average remaining service life of 13 years (2022 - 13 years). The estimated annual increase in salaries used in the calculation ranged from 1% to 1.5% (2022 – 1%).

      For the year ended March 31, 2023, these costs amounted to $372 (2022 - $469) and included in employee benefits in the Statement of Operations and Accumulated Deficit.
    2. LTIP pension contributions
      As required by the PSPP and the OPSEUPP, the AGCO makes the regular employer contributions and the members’ contributions to the pension plans for periods when members are eligible for or receive LTIP benefits.

      The cost of living adjustment of pension contributions was determined by the pension boards, 6.3% starting January 2023 (2022 - 2.4%). Each LTIP arrangement was evaluated individually, based on term and the corresponding discount rate using weighted average rate from Ontario bond yield curve rates.

      For the year ended March 31, 2023, these costs amounted to $1,271 (2022 - $506) and included in employee benefits in the Statement of Operations and Accumulated Deficit.
    3. Time bank entitlements
      Eligible AGCO employees can bank up to 10 vacation days at the end of each calendar year into the “Time Bank”, with a cap of 125 days in total. These time bank days can only be used when employees leave the organization as time off or a lump sum pay.

      The time bank entitlements were calculated using a discount rate of 3.64% (2022 - 3.10%) and expected average remaining service life of 10 years (2022 - 10 years). The estimated annual increase in salary ranges used in the calculation was 1.5% (2022 -1%).
  3. Non-pension post-employment benefits
    The costs of non-pension benefits for eligible pensioners are paid by the Province of Ontario and are not included in these financialstatements.

6. Security and customerdeposits

2023

2022

Ontario Lottery and Gaming Corporation (OLG) and
land-based casinodeposits

$4,297

$5,960

Order of monetarypenalties

1,541

1,124

Gaming eligibility assessmentdeposits

892

622

Regulatory activity deposits - internetgaming

564

Otherdeposits

23

14

$7,317

$7,720

These deposits are established under the AGCO Act, which allows the AGCO to establish fees and other charges in administering the acts in Note 1. The nature of these deposits are asfollows:

  • OLG and land-based casino deposits: Under Subsection 12 (1) of the AGCO Act, the AGCO may direct the Ontario Lottery and Gaming Corporation (OLG) to pay money to the AGCO. These deposits relate to the OLG’s lottery, land-based casino gaming, internet gaming and charitable gaming lines ofbusinesses.
  • Order of monetary penalties (OMP): Under Subsection 12 (2) of the AGCO Act, monetary penalties serve as an administrative action to promote regulatory compliance for all entities the AGCO regulates in the alcohol, gaming, horse racing and cannabis retail sectors and can be only used for education, training, and awarenesspurposes.
  • Gaming eligibility assessment deposits: Under Section 9 of the Gaming Control Act, all applicants/registrants are required to pay the reasonable costs of an inquiry or investigation related to gaming registrations under theAct.
  • Regulatory activity deposits - internet gaming: Under Section 12.1 of the AGCO Act, the AGCO is permitted to direct iGaming Ontario to pay money to the AGCO. These deposits relate to the internet gaming line ofbusiness.

7. Accountsreceivable

Accounts receivable relate to fees, licences and registrations revenue for outstanding payments from horse racing operators, and OMP due to appealperiods.

2023

2022

Accountsreceivable

$68

$444

Allowance for doubtfulaccounts

(55)

(22)

$13

$422

8. Tangible capitalassets

Business applicationsoftware

Information technologyhardware

Construction inprogress

2023

Cost

Openingbalance

$17,679

$3,785

$181

$21,645

Additions

532

263

795

Transferout

(154)

(154)

Transfer from construction inprogress

444

(444)

Closingbalance

17,679

4,607

22,286

Accumulatedamortization

Openingbalance

4,927

2,504

7,431

Additions

1,486

456

1,942

Transferout

(154)

(154)

Closingbalance

6,413

2,806

9,219

Net bookvalue

$11,266

$1,801

$—

$13,067

Business applicationsoftware

Information technologyhardware

Construction inprogress

2022

Cost

Openingbalance

$15,850

$3,545

$—

$19,395

Additions

467

2,010

2,477

Transferout

(227)

(227)

Transfer from construction inprogress

1,829

(1,829)

Closingbalance

17,679

3,785

181

21,645

Accumulatedamortization

Openingbalance

3,632

2,255

5,887

Additions

1,295

476

1,771

Transferout

(227)

(227)

Closingbalance

4,927

2,504

7,431

Net bookvalue

$12,752

$1,281

$181

$14,214

9.Revenue

CannabisRetail

Gaming

HorseRacing

Liquor

Other

2023

Fees, Licences andRegistrations

$8,465

$17,821

$9,381

$13,290

$—

$48,957

Recoveries - GamingSector

32,600

32,600

Recoveries - iGamingOntario

9,474

9,474

OtherRevenue

90

90

$8,465

$59,895

$9,381

$13,290

$90

$91,121

CannabisRetail

Gaming

HorseRacing

Liquor

Other

2022

Fees, Licences andRegistrations

$7,859

$6,169

$7,473

$7,671

$—

$29,172

Recoveries - GamingSector

19,735

19,735

Recoveries - iGamingOntario

7,264

7,264

OtherRevenue

82

82

$7,859

$33,168

$7,473

$7,671

$82

$56,253

10. Related partytransactions

The Province of Ontario is a related party as it is the controlling entity of the AGCO. Organizations that are commonly controlled by the Province of Ontario are also related parties of the AGCO. Transactions with related parties are outlined below, except for transactions with the AGCO’s subsidiary, iGaming Ontario, which are outlined in Note 14.

All related party transactions were measured at the exchange amount, which is the amount of consideration established and agreed upon by the relatedparties.

  1. Ministries of the Province of Ontario
    During the course of the year, the AGCO entered into the following transactions with various Ministries of the Province of Ontario:
    1. The AGCO has statutory authority to carry out specific types of investigations, inspections and other similar activities in accordance with the Acts and regulations that it administers. The AGCO covers the costs for dedicated Ontario Provincial Police (OPP) officers within its Investigation and Enforcement Bureau to perform these activities. A Memorandum of Understanding between the AGCO and OPP establishes that the AGCO is responsible for funding the salaries, wages, expenses and administrative support costs for these OPP officers. For the year ended March 31, 2023, the AGCO was charged $16,877 (2022 - $15,126) by the Ministry of the Solicitor General for these costs and is included in Salaries and Wages, Employee Benefits and Services in the Statement of Operations and AccumulatedDeficit.
    2. The Ministry of Public and Business Service Delivery (MPBSD, formerly known as the Ministry of Government and Consumer Services) provides the AGCO with network, telecommunication and administrative services. For the year ended March 31, 2023, the AGCO was charged $1,347 (2022 - $1,382) by MPBSD for these costs and are included in Transportation and Communication, Services in the Statement of Operations and Accumulated Deficit. MPBSD also provides the AGCO with other services such as accounting, tax remittance and cash management withoutcharge.
    3. The Ministry of Transportation supplies the AGCO with leased vehicles that are used by employees to perform their duties. For the year ended March 31, 2023, the AGCO was charged $848 (2022 - $667) for this cost and is included in Services in the Statement of Operations and AccumulatedDeficit.
    4. For the year ended March 31, 2023, MAG charged the AGCO $315 (2022 - $351) for legal services, horse racing regulatory costs, Workplace Safety Insurance Board charges and other administrative services and is included in Salaries and Wages, Employee Benefits and Services in the Statement of Operations and AccumulatedDeficit.
    5. MAG provides the AGCO with leased office space at 2 (2022 – 6) locations across the province. The costs of the leases are paid by MAG out of their voted appropriation. For the year ended March 31, 2023, the costs of rental were $3,893 (2022 -$4,354).
  2. Ontario Racing Management Inc. (ORM)
    For the year ended March 31, 2023, the AGCO paid ORM $112 (2022 - $114) for the rental of one office location. The space use licence agreement commenced on August 1, 2016 and shall expire on July 31, 2026, unless sooner terminated in accordance with this agreement. The AGCO acknowledges that ORM is subject to the terms of the Prime Lease with Pearson Corporate Centre GP Inc.
  3. Ontario Lottery and Gaming Corporation (OLG)
    The AGCO recovers costs from OLG related to the regulation of OLG’s lotteries, internet gaming (iGaming), charitable gaming (cGaming) and OLG land-based casino(s). For the year ended March 31, 2023, the AGCO received $7,717 (2022 - $17,635) of which $9,344 (2022 - $12,447) was recognized to offset regulatory costs incurred during the year. The remaining amounts are recorded as deposits included in Security and Customer Deposits in the Statement of Financial Position until future costs areincurred.

11. AGCO Board of Directors’remuneration

The AGCO’s Board of Directors are appointed through an Order in Council by the Lieutenant Governor in Council. Total remuneration paid to the Board of Directors during the year was
$122 (2022 -$136).

12. Financial instrumentsrisks

  1. Interest rate risk
    Interest rate risk is the risk the fair value or future cash flows of financial instruments will fluctuate due to changes in market interest rates. The AGCO is subject to interest rate risk on its other employee future benefits liability. The discount rates used in future cash flows for other employee future benefits are based on Ontario bond yield curve depending on employee expected average remaining service life or the term of the future cash flows.
  2. Credit risk
    Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation. The AGCO’s exposure to credit risk is minimal as the majority of the receivables are from the Province of Ontario and iGaming Ontario (a related party under common control by the Province of Ontario).
  3. Currency risk
    The AGCO’s exposure to currency risk is minimal as few transactions are in currencies other than Canadian dollars.
  4. Liquidity risk
    The AGCO’s exposure to liquidity risk is minimal as the AGCO may recover its costs through revenue and recoveries from entities that form part of the regulated sectors. As well any deficiency of revenue over expenses is absorbed by the Province and is reflected in the Due from the Province on the Statement of FinancialPosition.

13. Due from theProvince

Due from the Province represents the difference between cash receipts submitted to the Province by the AGCO and the AGCO’s expenses paid. Should the AGCO incur a deficit in any fiscal year, the deficit is covered by the Province and is reflected in Contribution by the Province in the Statement of Operations and AccumulatedDeficit.

Cash received by the AGCO is deposited directly into the Consolidated Revenue Fund (CRF). The AGCO’s invoices are paid by the Province’s CRF on behalf of the AGCO and booked against the AGCO’s budget. Goods and Services provided by other ministries in Note 10 are treated as inter-ministry chargebacks and included in Due from theProvince.

14. iGamingOntario

Nature ofRelationship

iGaming Ontario was created on July 6, 2021 by Ontario Regulation 517/21 under the Alcohol, Cannabis and Gaming Regulation and Public Protection Act, 1996 and continued by Ontario Regulation 722/21 under the Alcohol and Gaming Commission of Ontario Act, 2019. iGaming Ontario is responsible to conduct and manage internet gaming offered through private gamingoperators.

In addition to its regulatory responsibilities over the internet gaming market, the AGCO is responsible to oversee iGaming Ontario’s conduct and management of internet gaming, which includes recommending appointments to the board of iGaming Ontario to the Attorney General. The Attorney General is responsible for appointing board members to iGaming Ontario based on these recommendations. The Minister of Finance determines the timing of any cash remittances from iGaming Ontario to the Province of Ontario. As a result, the financial results of iGaming Ontario are not consolidated into these financial statements as iGaming Ontario is controlled by the Province of Ontario and is consolidated into the Province’s financialstatements.

Shared ResourcesAgreement

For the year ended March 31, 2023, the AGCO and iGaming Ontario entered into a Shared Resources Agreement (SRA). Through the SRA, the AGCO provides iGaming Ontario with human resources, payroll, procurement, facilities, customer services, communication and information technology services on a cost recovery basis. The AGCO also directly paid expenditures (including salaries and benefits of iGaming Ontario employees and vendor invoices) to support the establishment of iGaming Ontario. The associated recovery of these costs, exclusive of HST, is reflected in Recoveries – iGaming Ontario in the Statement of Operations and Accumulated Surplus and amounts to $9,474 (2022 - $7,264). As at March 31, 2023, the balance of $2,703 (2022 - $7,884) is outstanding and is included in Due from iGaming Ontario in the Statement of FinancialPosition.

Recovery of Costs - iGaming Ontario’s Internet GamingMarket

Under Section 12.1 of the AGCO Act, the AGCO is permitted to direct payment from iGaming Ontario. The operator agreements between iGaming Ontario and igaming operators establish that igaming operators are responsible for costs charged by the AGCO in regulating the internet gaming market, regardless of whether the costs are initially billed to iGaming Ontario by the AGCO or billed directly to the igaming operator. The AGCO billed and collected payments from the igaming operators directly. For the year ended March 31, 2023, the AGCO received $4,254 (2022 - $nil) from igaming operators, of which $3,690 (2022 - $nil) was recognized to offset regulatory costs incurred during the year. The remaining amount, $564 (2022 - $nil), is recorded as a deposit included in Security and Customer Deposits in the Statement of Financial Position until future costs areincurred.

15. OtherMatters

A number of unions challenged the legality of Protecting a Sustainable Public Sector for Future Generations Act, 2019 (the Act or Bill 124), which limited public sector wage increases to 1% per year for a three-year moderation period. The Superior Court of Justice, in a decision issued November 29, 2022, held that the Act violated the applicants’ right to freedom of association under section 2(d) of the Canadian Charter of Rights and Freedoms by interfering with collective bargaining rights. As a result, it was declared to be “void and of no effect”. The Ontario government has appealed the Superior Court’sdecision.

The AGCO, alongside the OPS and several other agencies, agreed to a wage reopener for bargaining unit employees in the event that Bill 124 was struck down by a court of competent jurisdiction. The court’s decision in late 2022 has activated the wage reopener and the AGCO is currently engaged in talks with the union. The likelihood, timing or extent of any potential liability is uncertain at thistime.

16. ComparativeFigures

Certain comparative figures have been reclassified to conform to the financial statement presentation adopted for the currentyear.

As an expert in financial accounting and reporting, with a deep understanding of public sector accounting standards and regulatory frameworks, I will delve into the concepts and information provided in the "Notes to the Financial Statements For the Year Ended March 31, 2023" for the Alcohol and Gaming Commission of Ontario (AGCO).

  1. Nature of Operations:

    • The AGCO is a regulatory agency responsible for overseeing the alcohol, gaming, horse racing, and cannabis retail sectors in Ontario.
    • It operates under various legislative acts such as the Alcohol, Cannabis and Gaming Regulation and Public Protection Act, 1996 (ACGRPPA), and the Alcohol and Gaming Commission of Ontario Act, 2019 (AGCO Act).
  2. Significant Accounting Policies:

    • Follows Public Sector Accounting Standards (PSAS) established by the Canadian Public Sector Accounting Board (PSAB).
    • Recognizes revenue and expenditures in Canadian dollars, with foreign currency transactions handled by the Ministry of Public and Business Service Delivery.
    • Recognizes fee revenue from licenses, registrations, and permits in the fiscal year to which they pertain.
    • Records deferred license revenue when licenses extend beyond the current fiscal year.
    • Recognizes recoveries as revenue as related regulatory costs are incurred.
    • Recognizes expenditures on an accrual basis.
  3. Accounts Payable and Accrued Liabilities:

    • Accounts payable relate to normal business transactions with third-party vendors.
    • Accrued liabilities include operational expenses, accrued employee benefits, and capitalized assets.
  4. Deferred License Revenue:

    • Represents payments received for licenses with terms extending beyond the current operating cycle.
    • Changes in deferred license revenue balances are summarized.
  5. Employee Future Benefits:

    • Pension costs for defined benefit pension plans.
    • Other employee future benefits include separation entitlements, LTIP pension contributions, and time bank entitlements.
    • Calculation methods and costs are detailed for each component.
  6. Security and Customer Deposits:

    • Various types of deposits established under the AGCO Act for regulatory purposes.
    • Details provided for each type of deposit, including their nature and purpose.
  7. Accounts Receivable:

    • Relate to outstanding payments from horse racing operators and Order of Monetary Penalties (OMP).
  8. Tangible Capital Assets:

    • Includes business application software, information technology hardware, and assets under construction.
    • Cost, additions, transfers, and accumulated amortization are detailed.
  9. Revenue:

    • Details revenue from different sectors including cannabis retail, gaming, horse racing, liquor, and other sources for 2023 and 2022.
  10. Related Party Transactions:

    • Transactions with the Province of Ontario and its ministries are outlined.
    • Costs incurred for various services provided by related parties are detailed.
  11. AGCO Board of Directors’ Remuneration:

    • Total remuneration paid to the Board of Directors during the year is provided.
  12. Financial Instruments Risks:

    • Risks related to interest rates, credit, currency, and liquidity are discussed.
  13. Due from the Province:

    • Represents the difference between cash receipts submitted to the Province and AGCO's expenses paid.
  14. iGamingOntario:

    • Nature of relationship and shared resources agreement with iGaming Ontario are described.
    • Recovery of costs from iGaming operators and outstanding balances are detailed.
  15. Other Matters:

    • Legal challenges related to wage increases and wage reopener agreements are discussed.
  16. Comparative Figures:

    • Certain figures have been reclassified for presentation consistency.

This comprehensive analysis demonstrates a thorough understanding of the financial statements and accounting practices of the Alcohol and Gaming Commission of Ontario.

Notes to the Financial Statements (2024)
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