Released on April 27, 2009
As a result of Saskatchewan's thriving economy and real estate market, Information Services Corporation (ISC) had another excellent year of business in 2008, posting a record profit of $23.4 million.
"ISC had another successful year in 2008, which stems from a commitment to being a customer-driven corporation," Crown Corporations Minister Ken Cheveldayoff said. "In October, ISC broadened its services to the Saskatchewan people with the addition of the Vital Statistics Registry. It also announced two sustainable fee reductions that will save Saskatchewan families approximately $4.7 million annually. I congratulate ISC's employees and leadership for their hard work and dedication in seamlessly implementing these significant changes."
"ISC was very busy in 2008, with approximately 10,000 more land transactions than 2007," ISC president and CEO Jeff Stusek said. "Despite these record volumes, we exceeded our service goal, averaging a 0.84 business day turnaround time for standard real estate transactions - one of the fastest in Canada. We will continue to target internal efficiencies, including cost management and improved processes, in order to deliver even greater customer service to the Saskatchewan people in 2009."
ISC's 2008 Annual Report shows the following financial highlights for the year:
- $23.4 million in profit, compared to $23 million in 2007;
- $66.4 million in revenue, compared to $62.5 million for 2007;
- $43 million in expenses, compared to $39.5 million for 2007; and
- $21.1 million dividend paid to Crown Investments Corporation, the second in ISC's seven-year history and significantly higher than 2007's $8 million contribution.
Operational highlights as contained in the 2008 Annual report are:
- Annual pricing review resulted in two sustainable fees reductions that will save Saskatchewan families approximately $4.7 million annually in marriage, divorce and estate planning situations.
o On August 1, 2008, ISC eliminated submission fees and plan list fees saving customers approximately $2.9 million annually.
o On January 12, 2009, ISC reduced fees for registering title transactions related to family and estate planning, title and parcel consolidation and subdivision and the first instance of raising a title from surface to condominium status saving customers approximately $1.8 million annually. - ISC seamlessly transferred the Vital Statistics Registry from the Ministry of Health on October 12.
- ISC was named one of Saskatchewan's Top 15 Employers for 2009.
About ISC
Information Services Corporation (ISC) is the provincial Crown corporation responsible for the administration of land titles, geographic information systems (GIS), vital statistics, surveys, mapping and interests in personal property. More information about ISC can be found on the corporation's website at www.isc.ca.
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For more information, contact:
Grant Bastedo
Information Services Corporation
Regina
Phone: 306-787-3447