2003 Annual Report
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Schedule P - PriceWaterhouseCoopers LLP Actual Costs and Budget for Year 4
Ms. Bonnie A. Tough
Hodgson Tough Shields DesBrisay O’Donnell
Barristers & Solicitors
Suite 550 36 Toronto ST
TORONTO ON M5C 2C5
May 22, 2003
Dear Ms. Tough:
Compensation for Hepatitis C Infected Persons
Your Ref: 1024
Our File Number: 20-73-26335-07-001 (to March 2003)
20-73-26335-08-001 (from April 2004)
Analysis of Fees for the 15 Months Ended March 2003
Further to our discussion with Ms. Julia Evans of your office,
we are pleased to set out below an analysis of our fees for
the 15 months ended March 2003, separating the first three
months from January to March 2002 from the remaining 12 months.
For the purpose of the analysis below, we have valued our
time for each separate period using the proposed billing rate
of $212 per hour.
Service |
|
|
| Finalize 2001 income tax calculations |
|
51.5 |
| Develop and finalize 2002 income tax calculations |
|
40.5 |
| Develop initial 2003 income tax calculations |
|
12.5 |
| History file updates for previous payments |
18.5 |
16.0 |
| Minor software maintenance / upgrades |
19.1 |
11.1 |
| Billings and administration |
|
7.0 |
| Interpretation, JC reporting and other assistance |
4.1 |
16.1 |
| |
|
|
| Total |
41.7 |
154.7 |
| Hourly Billing Rate |
$212 |
$212 |
| Disbursements |
$1,093 |
$467 |
| Total Amount Charged (Before GST) |
$9,933 |
$33,264 |
As previously explained in our letter of April 8, 2003, the
total amount charged for the 15 months ended March 2003 equals
$43,197, which is virtually identical to the interim billings
rendered over this 15 month period.
Proposed Budget for the 12 months Ended March 2004
In developing our proposed budget for the 12 months ended
March 2004, we have referred in part to the professional time
incurred during the 12 months ended March 2003, as set out
above. However, we have also made the following significant
adjustments:
-
We reduced the time expected to be incurred finalizing the income tax
calculations for the current year and developing preliminary income tax
calculations for the following year. This is because all provinces have
now switched to a tax on income basis from a tax-on tax basis, and the complexity
associated with these changes has now been addressed in the software; and
-
Based on recent inflation trends, we used an average billing rate of $220
per hour (increased from $212 per hour up to March 2003).
As a consequence of the above changes, our proposed budget for the 12 months
to March 2004 decreases from $32,797 (being the value of the time incurred
during the 12 months ended March 2003) to $22,000, before disbursements
and GST. Adding an estimate of $500 for disbursements, we respectfully request
a proposed budget for the 12 months ended March 2004 of $22,500 (before
GST), as calculated below.
Service (prior years in brackets) |
|
|
| |
|
|
| Finalize 2002 (2001) income tax calculations |
51.5 |
5.0 |
| Develop & finalize 2003 (2002) income tax calculations |
40.5 |
20.0 |
| Develop initial 2004 (2003) income tax calculations |
12.5 |
15.0 |
History file updates for previous payments and Minor
software maintenance / upgrades |
27.1 |
35.0 |
| Billings and administration |
7.0 |
10.0 |
| Interpretation, JC reporting and other assistance |
16.1 |
15.0 |
| |
|
|
| Total |
154.7 |
100.0 |
| Hourly Billing Rate |
$212 |
$220 |
| Value of Professional Time |
$32,797 |
$22,000 |
| Disbursements |
$467 |
$500 |
| Total Amount Charged (Before GST) |
$33,264 |
$22,500 |
General
We trust that the above will be satisfactory to you. Should
further assistance be required, please do not hesitate to
contact the undersigned.
Yours very truly,
Daniel M. Edwards
Financial Advisory Services
DME/ke
cc: Mr. Ronald Jackson
PricewaterhouseCoopers Ottawa
cc: Ms. Laura Bruneau
The 86-90 Hepatitis C Claims Center
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