Exhibit 99.20
Excerpts from “Budget Speech 2018-2019”, March 27, 2018
TABLE 1
| Québec government |
| Summary of consolidated budgetary transactions |
| Preliminary results for 2017-2018 |
| (millions of dollars) |
| | | 2017-2018 | |
| CONSOLIDATED REVENUE | | | |
| Own-source revenue | | 84 527 | |
| Federal transfers | | 22 669 | |
| Total | | 107 196 | |
| CONSOLIDATED EXPENDITURE | | | |
| Mission expenditures | | –94 817 | |
| Debt service | | –9 237 | |
| Total | | –104 054 | |
| Contingency reserve | | — | |
| SURPLUS | | 3 142 | |
| BALANCED BUDGET ACT | | | |
| Deposits of dedicated revenues in the Generations Fund | | –2 292 | |
| BUDGETARY BALANCE(1) | | 850 | |
| (1) | Budgetary balance within the meaning of the Balanced Budget Act. |
| | Quality of Life | |
| | and Mobility | 47 |
TABLE 2
| Québec government |
| Summary of consolidated budgetary transactions |
| Forecasts for 2018-2019 |
| (millions of dollars) |
| | | 2018-2019 | |
| CONSOLIDATED REVENUE | | | |
| Own-source revenue | | 85 923 | |
| Federal transfers | | 23 674 | |
| Total | | 109 597 | |
| CONSOLIDATED EXPENDITURE | | | |
| Mission expenditures | | –99 313 | |
| Debt service | | –9 380 | |
| Total | | –108 693 | |
| Contingency reserve | | — | |
| SURPLUS | | 904 | |
| BALANCED BUDGET ACT | | | |
| Deposits of dedicated revenues in the Generations Fund | | –2 491 | |
| Use of the stabilization reserve | | 1 587 | |
| BUDGETARY BALANCE(1) | | — | |
(1) Budgetary balance within the meaning of the Balanced Budget Act, after use of the stabilization reserve.
| | Budget Speech | |
| 48 | 2018-2019 | |
TABLE 3
| Québec government |
| Consolidated revenue |
| Forecasts for 2018-2019 |
| (millions of dollars) |
| | | 2018-2019 | |
| OWN-SOURCE REVENUE | | | |
| Income and property taxes | | | |
| Personal income tax | | 30 549 | |
| Contributions for health services | | 6 028 | |
| Corporate taxes | | 8 028 | |
| School property tax | | 1 817 | |
| | | 46 422 | |
| Consumption taxes | | | |
| Sales taxes | | 16 967 | |
| Fuel | | 2 321 | |
| Tobacco products | | 993 | |
| Alcoholic beverages | | 640 | |
| | | 20 921 | |
| Revenue from government enterprises | | | |
| Hydro-Québec | | 2 075 | |
| Loto-Québec | | 1 236 | |
| Société des alcools du Québec | | 1 112 | |
| Other | | –91 | |
| | | 4 332 | |
| Duties and permits | | 3 797 | |
| Miscellaneous revenue | | 10 451 | |
| TOTAL OWN-SOURCE REVENUE | | 85 923 | |
| | | | |
| FEDERAL TRANSFERS | | | |
| Equalization | | 11 732 | |
| Health transfers | | 6 431 | |
| Transfers for post-secondary education and other social programs | | 1 659 | |
| Other programs | | 3 852 | |
| TOTAL FEDERAL TRANSFERS | | 23 674 | |
| TOTAL CONSOLIDATED REVENUE | | 109 597 | |
| | Quality of Life | |
| | and Mobility | 49 |
TABLE 4
| Québec government |
| Consolidated expenditure |
| Forecasts for 2018-2019 |
| (millions of dollars) |
| | | 2018-2019 | |
| MISSION EXPENDITURES | | | |
| Program spending of the General Fund(1) | | –76 869 | |
| Other consolidated expenditure(2) | | –22 444 | |
| Total | | –99 313 | |
| DEBT SERVICE | | | |
| General Fund | | –7 160 | |
| Other sectors(2) | | –2 220 | |
| Total | | –9 380 | |
| TOTAL CONSOLIDATED EXPENDITURE | | –108 693 | |
| (1) | Program spending includes transfers intended for consolidated entities. |
| (2) | The other consolidated expenditure and the debt service of other sectors include consolidation adjustments. |
| | Budget Speech | |
| 50 | 2018-2019 | |
TABLE 5
| Québec government |
| Expenditure of the General Fund |
| Forecasts for 2018-2019 |
| (millions of dollars) |
| | | 2018-2019 | |
| PROGRAM SPENDING OF THE GENERAL FUND | | | |
| Assemblée nationale | | 139.6 | |
| Persons appointed by the National Assembly | | 188.0 | |
| Affaires municipales et Occupation du territoire | | 1 889.0 | |
| Agriculture, Pêcheries et Alimentation | | 899.2 | |
| Conseil du trésor et Administration gouvernementale | | 1 721.6 | |
| Conseil exécutif | | 463.0 | |
| Culture et Communications(1) | | 726.2 | |
| Développement durable, Environnement et Lutte contre les changements climatiques | | 175.5 | |
| Économie, Science et Innovation | | 1 017.4 | |
| Éducation et Enseignement supérieur | | 19 380.1 | |
| Énergie et Ressources naturelles | | 84.1 | |
| Famille | | 2 657.2 | |
| Finances(1) | | 200.5 | |
| Forêts, Faune et Parcs | | 488.5 | |
| Immigration, Diversité et Inclusion | | 339.0 | |
| Justice | | 1 016.6 | |
| Relations internationales et Francophonie | | 111.6 | |
| Santé et Services sociaux | | 38 540.8 | |
| Sécurité publique | | 1 587.7 | |
| Tourisme | | 185.4 | |
| Transports, Mobilité durable et Électrification des transports | | 698.2 | |
| Travail, Emploi et Solidarité sociale | | 4 360.2 | |
| TOTAL PROGRAM SPENDING OF THE GENERAL FUND | | 76 869.4 | |
| DEBT SERVICE | | 7 160.0 | |
| TOTAL EXPENDITURE OF THE GENERAL FUND | | 84 029.4 | |
| (1) | Excluding debt service. |
| | Quality of Life | |
| | and Mobility | 51 |
TABLE 6
| Québec government |
| Non-budgetary transactions |
| Forecasts for 2018-2019 |
| (millions of dollars) |
| | | 2018-2019 | |
| INVESTMENTS, LOANS AND ADVANCES | | –2 294 | |
| CAPITAL EXPENDITURES | | | |
| Investments | | –7 505 | |
| Amortization | | 4 309 | |
| Less: PPP investments | | 103 | |
| Total | | –3 093 | |
| RETIREMENT PLANS AND OTHER EMPLOYEE FUTURE BENEFITS | | 2 879 | |
| OTHER ACCOUNTS | | –480 | |
| TOTAL NON-BUDGETARY TRANSACTIONS | | –2 988 | |
Note: A negative entry indicates a financial requirement and a positive entry, a source of financing.
| | Budget Speech | |
| 52 | 2018-2019 | |
