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PRINCE EDWARD ISLAND
LIQUOR CONTROL COMMISSION
Notes to Financial Statements
March 31, 2015
15.
Related Party Transactions
These financial statements include the results of normal operating transactions with various
provincial departments, Crown corporations, and agencies with which the Commission is
related. Operating transactions with related parties, such as insurance and property taxes of
$202,020 (2014
-
$177,452) and interest on debentures of $70,633 (2014
-
$78,074), are
recorded at rates as determined by the Province of Prince Edward Island.
Key management received $561,397 (2014
-
$578,699) during the year for salaries and
benefits. Long-term benefits such as pensions and senior management compensation plan
are the responsibility of the province and are not included in these financial statements.
The Commission’s employee salaries and benefits are paid by
the province and
subsequently reimbursed by the Commission.
Comprehensive income earned during the period is payable to the province. The outstanding
amount due to the province at year-end is $12,279,437 (2014- $12,180,649).
16.
Other Operating Expenses
Other operating expenses include debit and credit card fees, consulting, legal, vehicle, and
security expenses.
17.
Subsequent Event
Subsequent to year-end, the Prince Edward Island Liquor Control Commission renewed their
lease at the Oaktree location for an additional ten years under similar terms and conditions
as the previous lease.