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Surplus Management and Results Reporting

We examined whether the Public Trustee has processes to determine how much should be retained in the surplus account and how to utilize the balance that has accumulated over time. We also examined the processes the Public Trustee uses to set, communicate and report the results of its operations.

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Summary

The Public Trustee manages the financial assets of vulnerable Albertans. The Public Trustee acts to protect and manage the interests of Albertans who are otherwise unable to make financial decisions for themselves. This role includes administering estates or trusts for represented adults, minor children, and deceased and missing persons. There are approximately 20,000 open case files. The Public Trustee has a fiduciary responsibility to act in their best interest, protect their assets and comply with legislative requirements. Clients, beneficiaries and families deserve to know that their loved ones’ financial needs are being properly managed by the Public Trustee.

Objective and scope

Our objective was to determine if:

  • the Public Trustee has adequate systems to monitor the accumulated surplus
  • the Public Trustee has systems in place to report on its results measured against plans and
    objectives

Conclusion

The Public Trustee does not have adequate systems to manage the surplus funds arising from the management of the assets of the Public Trustee’s clients.

The Public Trustee does not have adequate processes to support reporting on the results the Public Trustee’s operations, including adequate results analysis.

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