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($ millions)
2013 2012
Consolidated Statement of Operations
Revenue $ 799.2 $ 743.4
Expenses 776.2 768.3
  23.0 (24.9)
Employee future benefits remeasurements and other items 44.1 5.2
Excess / (Deficiency) of revenues over expenses $ 67.1 $ (19.7)
Consolidated Statement of Financial Position
Assets $ 1,856.9 $ 1,738.4
Liabilities 1,033.5 1,066.2
Net Assets $ 823.4 $ 672.2
Net Assets is Comprised of:
Endowments $ 710.3 $ 616.8
Internally restricted 282.2 221.3
Unrestricted (169.1) (165.9)
  $ 823.4 $ 672.2


Actual Results for 2012-2013

Queen's audited financial statements, which report on the university's consolidated activities over the 2012-13 fiscal year, reflect Queen's commitment to careful stewardship in the face of fiscal challenges.

While the Consolidated Statement of Operations reports a $67 million excess of revenues over expenses, the greatest part of this surplus is the result of strong performance of investments held both by the university and the Queen’s Pension Plan. Investment returns can be volatile and are dependent on economic conditions, and the favorable returns in the current year help to counter the poor investment performance of the prior years. The investment returns experienced by the Queen’s Pension Plan do not represent expendable funds to the university. Rather, they help to reduce the significant deficit in the plan.

With government funding on the decline, a lowered cap on tuition fee increases, substantial pressures created through low interest rates, looming pension solvency deficit payments, and the need to address nearly $250 million in deferred maintenance, the university must continue to be very cautious financially. For more than 170 years, Queen’s has been a community that imagines what the future can be, and works together to realize it. This is the Queen’s spirit of initiative, and it is what will see our university flourish despite the challenges we have ahead.