Public Accounts

The committee met to study the public accounts for fiscal years 2023-24 and 2024-25, with appearances from Canadian Heritage officials and Bank of Canada representatives. The meeting also touched on Bill C-18.

Francis Bilodeau, Deputy Minister of Canadian Heritage, stated that the department’s roughly $2.1 billion budget is 90% grants and contributions, with spending focused on creativity, arts, culture, sport, diversity and inclusion, and heritage celebrations. He emphasized that the department operates within a strong framework of internal controls and that variances between planned and actual spending are transparently reported. He did not make specific recommendations but stressed the department’s commitment to prudent financial management.

Andrew Brown, Associate Deputy Minister, confirmed that a special review was launched into the Office of the Commissioner of Indigenous Languages after anonymous allegations, including about a $10 million conference. He noted that the office is an independent, arm’s-length organization and that the department only provides high-level oversight through annual business plans and reports. He disagreed with the suggestion that the department should have pre-approved the conference budget, citing the need for independence.

Joëlle Montminy, Senior Assistant Deputy Minister, noted that the audiovisual sector receives the largest share of cultural funding, and that budget 2025 included increased investments for local and community festivals. She acknowledged that high demand for community festival funding has led to decreases for some events, and that eligibility rules requiring local artists can affect funding for festivals in remote regions.

Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, discussed productivity, stating that Canada’s productivity continues to decline and that business investment is needed to improve it. She explained that the bank’s balance sheet has normalized after pandemic quantitative easing, and that the bank’s deficit stems from that program, not from lending to banks. She noted that the bank will consider all economic data, including recent GDP contraction, in its next policy rate decision, but did not signal a specific direction.

Coralia Bulhoes, Managing Director and CFO, provided specific figures on the bank’s settlement balances and government bond holdings, confirming that the balance sheet has reached a steady state. She did not make recommendations or disagree with other witnesses.