FINANCIALS/RECO 2017 ANNUAL REPORT /49 CATEGORY 2017 2016 Higher/ (Lower) Per cent Departmental expenses 14,769,285 12,861,196 1,908,089 14.8% Facilities 1,620,505 1,511,908 108,597 7.2% Board & Committees 329,947 230,082 99,865 43.4% Other corporate 3,474,135 3,027,383 446,752 14.8% Total Expenses 20,193,872 17,630,569 2,563,303 14.5% EXPENSES Total expenses increased by $2,563,303 or 14.5 per cent. Departmental expenses increased by $1,908,089 or 14.8 per cent, from $12,861,196 in fiscal 2016 to $14,769,285 in fiscal 2017. The increase to departmental costs resulted from additional resources required to address increased volumes and backlogs and changes made to the organizational structure that focused on delivering better customer service. Board and committee per diems and training and meeting costs were higher by $99,865, with additional support provided by the Board for CEO selection and transition. Other corporate expenses, which include expenses such as communications activities, consulting costs, election costs, the government fee under the Administrative Agreement and amortization, were higher by $446,752. This was primarily due to the timing of communication activities, increased participation in national and international regulators’ groups and other corporate categories. INTEREST INCOME Interest earned increased by $41,226, from $255,006 in fiscal 2016 to $296,232 in fiscal 2017, largely due to an increase in amounts invested. NET CURRENT ASSETS Net current assets, which exclude deferred liabilities, were $26,527,197 at December 31, 2017, compared to $22,716,669 at December 31, 2016. NET INCOME AND ACCUMULATED FUND BALANCE Net income includes operating revenues and interest income, less expenses, and was $2,340,832 in fiscal 2017, compared to $1,517,470 in fiscal 2016. This income resulted in an accumulated fund balance of $14,655,737, compared to $12,314,905 in fiscal 2016.