Exhibit 99.4
ISSN 1715-2690
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| Volume 1, number 3 | | August 24, 2006 |
AS AT JUNE 30, 2006
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June 2006 highlights
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- In June 2006, the Québec government's revenue exceeded its spending by $69 million, compared with a negative difference of $848 million in June 2005.
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- The improvement is attributable mainly to the exceptional gain of $806 million from the sale of Hydro-Québec's participation in Transelec Chile.
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- Budgetary revenue amounts to $6.3 billion, of which $5.4 billion is own-source revenue, i.e. an increase of $1.3 billion compared to last year.
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- Program spending comes to $5.7 billion, up $307 million (5.7%) compared to last year.
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- Debt service rose by $58 million compared to the same period last year.
SUMMARY OF CONSOLIDATED BUDGETARY TRANSACTIONS
| (millions of dollars) | | (Unaudited data) |
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| | June
| | April to June
| | March 23, 2006 Budget
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| | 20051
| | 2006
| | 2005-20061
| | 2006-2007
| | 2006-2007
| | Growth2
%
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| Budgetary transactions of the Consolidated Revenue Fund | | | | | | | | | | | | |
| | Own-source revenue | | 4 241 | | 5 442 | | 10 246 | | 11 753 | | 47 105 | | 3.6 |
| | Federal transfers | | 839 | | 907 | | 2 403 | | 2 690 | | 10 796 | | 8.3 |
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| | Budgetary revenue | | 5 080 | | 6 349 | | 12 649 | | 14 443 | | 57 901 | | 4.4 |
| | Program spending | | -5 415 | | -5 722 | | -14 238 | | -14 892 | | -50 873 | | 3.9 |
| | Debt service | | -547 | | -605 | | -1 656 | | -1 715 | | -7 205 | | 5.2 |
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| | Budgetary expenditure | | -5 962 | | -6 327 | | -15 894 | | -16 607 | | -58 078 | | 4.1 |
| Net results of consolidated organizations | | 34 | | 47 | | 82 | | 102 | | 177 | | -48.1 |
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| Consolidated budgetary balance for the purposes of the Balanced Budget Act | | -848 | | 69 | | -3 163 | | -2 062 | | 0 | | — |
| Net results of the Generations Fund3 | | — | | — | | — | | — | | 74 | | — |
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| Consolidated budgetary balance | | -848 | | 69 | | -3 163 | | -2 062 | | 74 | | — |
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- Monthly allocation of financial transactions based on best available data and estimates.
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- According to the 2006-2007 Budget.
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- The Generations Fund will go into operation on January 1, 2007.
Cumulative results to June 30, 2006
Budgetary balance
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- For the period from April to June 2006, in accordance with the historical trend, revenue is running $2.1 billion behind expenditure.
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- This difference will be eliminated over the course of fiscal 2006-2007.
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- However, this is an improvement of $1.1 billion compared to the budgetary balance at the same time last year. Even excluding the exceptional gain from the sale of Transelec Chile, there is an improvement in the budgetary balance of $300 million.
Budgetary revenue
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- Since the beginning of the year, budgetary revenue amounts to $14.4 billion, up $1.8 billion compared to the first quarter of 2005-2006.
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- Own-source revenue is up $1.5 billion compared to the same period last year, i.e. an increase of 14.7%. Growth of own-source revenue in the first quarter is greater than the annual growth of 3.6% forecast in the budget last March, essentially because of two factors:
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- first, the exceptional gain from the sale of Hydro-Québec's participation in Transelec Chile;
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- second, as explained in the April and May reports, the introduction of the Child Assistance measure whose payments, charged against personal income tax revenue, are spread throughout the year rather than made all at once, as was formerly the case, when income tax returns are filed.
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- Federal transfers to June 30, 2006 amount to $2.7 billion, up 11.9% compared to the same period in 2005.
Budgetary expenditure
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- Budgetary expenditure to June 30, 2006 stands at $16.6 billion.
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- Program spending is $654 million (4.6%) higher than in the same period last year, including $354 million for health and social services.
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- The increase in debt service for the quarter is 3.6%.
Net financial requirements
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- Despite the improvement of $1.1 billion in the budgetary balance, net financial requirements are $470 million greater than last year. This is attributable, in particular, to the fact that the large profits earned by Hydro-Québec have not yet been paid to the government as dividends.
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CONSOLIDATED BUDGETARY AND FINANCIAL TRANSACTIONS
| (millions of dollars) | | (Unaudited data) |
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| | June
| | April to June
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| | 20051
| | 2006
| | Changes
| | 2005-20061
| | 2006-2007
| | Changes
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| Budgetary transactions of the Consolidated Revenue Fund | | | | | | | | | | | | |
| | Own-source revenue | | 4 241 | | 5 442 | | 1 201 | | 10 246 | | 11 753 | | 1 507 |
| | Federal transfers | | 839 | | 907 | | 68 | | 2 403 | | 2 690 | | 287 |
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| | Budgetary revenue | | 5 080 | | 6 349 | | 1 269 | | 12 649 | | 14 443 | | 1 794 |
| | Program spending | | -5 415 | | -5 722 | | -307 | | -14 238 | | -14 892 | | -654 |
| | Debt service | | -547 | | -605 | | -58 | | -1 656 | | -1 715 | | -59 |
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| | Budgetary expenditure | | -5 962 | | -6 327 | | -365 | | -15 894 | | -16 607 | | -713 |
| Net results of consolidated organizations | | 34 | | 47 | | 13 | | 82 | | 102 | | 20 |
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| Consolidated budgetary balance | | -848 | | 69 | | 917 | | -3 163 | | -2 062 | | 1 101 |
| Consolidated non-budgetary requirements | | 232 | | -2 312 | | -2 544 | | -1 316 | | -2 887 | | -1 571 |
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| Consolidated net financial requirements | | -616 | | -2 243 | | -1 627 | | -4 479 | | -4 949 | | -470 |
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- Monthly allocation of financial transactions based on best available data and estimates.
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CONSOLIDATED REVENUE FUND REVENUE
| (millions of dollars) | | (Unaudited data) |
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| | June
| | April to June
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Revenue by source
| | 2005
| | 2006
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%
| | 2005-2006
| | 2006-2007
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%
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| Own-source revenue excluding government enterprises | | | | | | | | | | | | |
| | Income and property taxes | | | | | | | | | | | | |
| | | Personal income tax | | 1 819 | | 1 894 | | 4.1 | | 3 324 | | 3 713 | | 11.7 |
| | | Contributions to Health Services Fund | | 405 | | 432 | | 6.7 | | 1 263 | | 1 307 | | 3.5 |
| | | Corporate taxes | | 418 | | 399 | | -4.5 | | 1 010 | | 1 001 | | -0.9 |
| | Consumption taxes | | 1 143 | | 1 202 | | 5.2 | | 3 084 | | 3 113 | | 0.9 |
| | Other sources | | 164 | | 182 | | 11.0 | | 625 | | 668 | | 6.9 |
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| Total own-source revenue excluding government enterprises | | 3 949 | | 4 109 | | 4.1 | | 9 306 | | 9 802 | | 5.3 |
| Revenue from government enterprises | | 292 | | 1 333 | | — | | 940 | | 1 951 | | — |
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| Total own-source revenue | | 4 241 | | 5 442 | | 28.3 | | 10 246 | | 11 753 | | 14.7 |
Federal transfers |
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| | Equalization | | 400 | | 447 | | 11.8 | | 1 200 | | 1 339 | | 11.6 |
| | Health transfers | | 258 | | 300 | | 16.3 | | 774 | | 901 | | 16.4 |
| | Transfers for post-secondary education and other social programs | | 81 | | 86 | | 6.2 | | 245 | | 260 | | 6.1 |
| | Other programs | | 100 | | 74 | | -26.0 | | 184 | | 190 | | 3.3 |
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| Total federal transfers | | 839 | | 907 | | 8.1 | | 2 403 | | 2 690 | | 11.9 |
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| Budgetary revenue | | 5 080 | | 6 349 | | 25.0 | | 12 649 | | 14 443 | | 14.2 |
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CONSOLIDATED REVENUE FUND EXPENDITURE
| (millions of dollars) | | (Unaudited data) |
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| | June
| | April to June
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Expenditures by mission
| | 2005
| | 2006
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%
| | 2005-2006
| | 2006-2007
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%
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| Health and Social Services | | 2 194 | | 2 273 | | 3.6 | | 5 529 | | 5 883 | | 6.4 |
| Education and Culture | | 1 918 | | 2 044 | | 6.6 | | 4 570 | | 4 747 | | 3.9 |
| Economy and Environment | | 458 | | 572 | | 24.9 | | 1 525 | | 1 653 | | 8.4 |
| Support for Individuals and Families | | 452 | | 436 | | -3.5 | | 1 337 | | 1 300 | | -2.8 |
| Administration and Justice | | 393 | | 397 | | 1.0 | | 1 277 | | 1 309 | | 2.5 |
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| Total program spending | | 5 415 | | 5 722 | | 5.7 | | 14 238 | | 14 892 | | 4.6 |
| Debt service | | 547 | | 605 | | 10.6 | | 1 656 | | 1 715 | | 3.6 |
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| Budgetary expenditure | | 5 962 | | 6 327 | | 6.1 | | 15 894 | | 16 607 | | 4.5 |
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For technical information concerning this monthly report, please contact Mario Albert at (418) 691-2225.
This publication is also available on the web at: www.finances.gouv.qc.ca.
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