2004 Annual Report
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Schedule K – Actual Costs and Budgets for Year
4 Prepared by PriceWaterhouseCoopers LLP
June 11, 2004
Hodgson Tough Shields DesBrisay O'Donnell LLP
36 Toronto Street, Suite 550
TORONTO ON M5C 2C5
Attention: Ms. Bonnie Tough
Dear Ms. Tough:
1986 – 1990 Hepatitis C Claims Centre
Fiscal Years Ended March 31, 2004 and 2005
As requested, we set out a comparison of our budgeted and actual fees for the fiscal year ended March 31, 2004, in the attached schedule. The amount of $25,670 paid by you is higher than the actual costs incurred of $18,020 resulting in an overpayment of $7,560. We will apply this amount to the fees incurred during the fiscal year ended March 31, 2005.
In addition, we present, on the attached schedule, our budgeted fees for the fiscal year ended March 31, 2005. We estimate fees of $20,660 based on 90 hours of work at an average hourly rate of $224 including $500 for disbursements. The hourly rate of $224 is based on applying an approximate increase in the Consumer Price Index of 2% to last year’s hourly rate of $220. This budget does not include fees relating to our assistance and advice in connection with specific claims.
Finally, as requested, we set out below a brief description of our firm for the purpose of the Hepatitis C Claims Centre’s website:
“PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, advisory and tax services for public, private and government clients in all markets. More than 120,000 people in 139 countries connect their thinking, experience and solutions to build public trust and enhance value for clients and their stakeholders. In Canada, PricewaterhouseCoopers LLP (www.pwc.com/ca) and its related entities have more than 4,200 partners and staff, and offices in 25 locations.”
If you have any questions regarding the contents of this letter, please do not hesitate to contact the undersigned.
Yours very truly,
PricewaterhouseCoopers LLP
Ronald G. Jackson/Kas Rehman
Partner/Vice-President
Advisory Services
Summary of Budgeted and Actual Fees
Service (prior year in brackets) |
April 2003 to March 2004 |
April 2004 to
March 2005 |
| |
Budget |
Actual |
Budget |
| Finalize 2003 (2002) income tax calculations |
5.0 |
1.5 |
5.0 |
| Develop and finalize 2004 (2003) income tax calculations |
20.0 |
9.2 |
10.0 |
| Develop initial 2005 (2004) income tax calculations |
15.0 |
13.8 |
15.0 |
| History file updates for previous payments and minor software maintenance |
35.0 |
38.7 |
35.0 |
| Billings and administration |
10.0 |
9.5 |
10.0 |
| Interpretation, JC reporting and other assistance |
15.0 |
7.8 |
15.0 |
| Total Hours |
100.0 |
80.5 |
90.0 |
| Hourly Billing Rate |
$220.0 |
$220.0 |
$224.00 |
| Value of Professional Time |
$22,000 |
$17,710 |
$20,160 |
| Disbursements |
$500 |
$310 |
$500 |
| Total (before GST) |
$22,500 |
$18,020 |
$20,660 |
| Total amount charged (before GST) |
|
$25,670 |
|
| Overpayment |
|
$7,650 |
|
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