Exhibit 99.21
Excerpts from "Budget Speech 2020-2021", March 10, 2020
TABLE 1
Québec government
Summary of budgetary transactions
Preliminary results for 2019-2020
(millions of dollars)
| | | 2019-2020 | |
| REVENUE | | | |
| Own-source revenue | | 92 846 | |
| Federal transfers | | 25 097 | |
| Total | | 117 943 | |
| EXPENDITURE | | | |
| Portfolio expenditures | | -104 962 | |
| Debt service | | -7 845 | |
| Total | | -112 807 | |
| Estimated losses on the CSeries investment | | -603 | |
| SURPLUS | | 4 533 | |
| BALANCED BUDGET ACT | | | |
| Deposits of dedicated revenues in the Generations Fund | | -2 633 | |
| BUDGETARY BALANCE(1) | | 1 900 | |
(1) Balance within the meaning of the Balanced Budget Act.
| Your Future, | |
| Your Budget | 35 |
TABLE 2
Québec government
Summary of budgetary transactions
Forecasts for 2020-2021
(millions of dollars)
| | | 2020-2021 | |
| REVENUE | | | |
| Own-source revenue | | 95 603 | |
| Federal transfers | | 25 692 | |
| Total | | 121 295 | |
| EXPENDITURE | | | |
| Portfolio expenditures | | -110 300 | |
| Debt service | | -8 266 | |
| Total | | -118 566 | |
| SURPLUS | | 2 729 | |
| BALANCED BUDGET ACT | | | |
| Deposits of dedicated revenues in the Generations Fund | | -2 729 | |
| BUDGETARY BALANCE(1) | | - | |
(1) Balance within the meaning of the Balanced Budget Act.
| | Budget Speech |
| 36 | 2020-2021 |
TABLE 3
Québec government
Revenue
Forecasts for 2020-2021
(millions of dollars)
| | | 2020-2021 | |
| OWN-SOURCE REVENUE | | | |
| Income and property taxes | | | |
| Personal income tax | | 35 435 | |
| Contributions for health services | | 6 896 | |
| Corporate taxes | | 8 530 | |
| School property tax | | 1 349 | |
| | | 52 210 | |
| Consumption taxes | | | |
| Sales taxes(1),(2) | | 19 019 | |
| Fuel | | 2 308 | |
| Tobacco products | | 943 | |
| Alcoholic beverages(3) | | 643 | |
| Cannabis(4) | | 48 | |
| | | 22 961 | |
| Revenue from government enterprises | | | |
| Hydro-Québec | | 2 275 | |
| Loto-Québec | | 1 372 | |
| Société des alcools du Québec | | 1 222 | |
| Investissement Québec | | 131 | |
| Société québécoise du cannabis | | 50 | |
| Other | | -236 | |
| | | 4 814 | |
| Duties and permits | | 4 643 | |
| Miscellaneous revenue | | 10 975 | |
| TOTAL OWN-SOURCE REVENUE | | 95 603 | |
| | | | |
| FEDERAL TRANSFERS | | | |
| Equalization | | 13 253 | |
| Health transfers | | 6 768 | |
| Transfers for post-secondary education and other social programs | | 1 581 | |
| Other programs | | 4 090 | |
| TOTAL FEDERAL TRANSFERS | | 25 692 | |
| TOTAL REVENUE | | 121 295 | |
(1) Sales taxes, within the meaning of the Public Accounts, include the QST, the tax on insurance premiums, the tax on lodging and the specific tax on new tires.
(2) For presentation purposes, revenue from pari-mutuel is included in sales taxes.
(3) Revenue from the specific tax on alcoholic beverages includes the annual amount of $500 million dedicated to the Generations Fund.
(4) Québec's component of the excise duty on the sale of cannabis.
| Your Future, | |
| Your Budget | 37 |
TABLE 4
Québec government
Expenditure
Forecasts for 2020-2021
(millions of dollars)
| | | 2020-2021 | |
| PORTFOLIO EXPENDITURES | | | |
| Program spending of the General Fund(1) | | 86 191 | |
| Other expenditure(2) | | 24 109 | |
| Total | | 110 300 | |
| DEBT SERVICE | | | |
| General Fund | | 5 859 | |
| Other sectors(2) | | 2 407 | |
| Total | | 8 266 | |
| TOTAL EXPENDITURE | | 118 566 | |
(1) Program spending includes transfers intended for consolidated entities.
(2) The other expenditure and the debt service of other sectors include consolidation adjustments.
| | Budget Speech |
| 38 | 2020-2021 |
TABLE 5
Québec government
Expenditure
Forecasts for 2020-2021
(millions of dollars)
| | | 2020-2021 | |
| PORTFOLIO EXPENDITURES | | | |
| Affaires municipales et Habitation | | 3 078 | |
| Agriculture, Pêcheries et Alimentation | | 1 066 | |
| Conseil du trésor et Administration gouvernementale | | 2 858 | |
| Conseil exécutif | | 533 | |
| Culture et Communications | | 1 444 | |
| Économie et Innovation | | 2 759 | |
| Éducation et Enseignement supérieur | | 25 734 | |
| Énergie et Ressources naturelles | | 748 | |
| Environnement et Lutte contre les changements climatiques | | 1 646 | |
| Famille | | 6 936 | |
| Finances | | 3 434 | |
| Forêts, Faune et Parcs | | 1 074 | |
| Immigration, Francisation et Intégration | | 581 | |
| Justice | | 1 274 | |
| National Assembly | | 138 | |
| Persons Appointed by the National Assembly | | 110 | |
| Relations internationales et Francophonie | | 132 | |
| Santé et Services sociaux | | 47 760 | |
| Sécurité publique | | 2 122 | |
| Tourisme | | 399 | |
| Transports | | 5 370 | |
| Travail, Emploi et Solidarité sociale | | 5 304 | |
| Inter-portfolio eliminations(1) | | -4 200 | |
| Total | | 110 300 | |
| DEBT SERVICE | | 8 266 | |
| TOTAL EXPENDITURE | | 118 566 | |
Note: Totals may not add due to rounding.
(1) Inter-portfolio eliminations result mainly from the elimination of reciprocal transactions between entities in different portfolios.
| Your Future, | |
| Your Budget | 39 |
TABLE 6
Québec government
Non-budgetary transactions
Forecasts for 2020-2021
(millions of dollars)
| | | 2020-2021 | |
| INVESTMENTS, LOANS AND ADVANCES | | -2 737 | |
| CAPITAL EXPENDITURES | | | |
| Investments | | -8 070 | |
| Amortization | | 4 374 | |
| Less: PPP investments | | 230 | |
| Total | | -3 466 | |
| RETIREMENT PLANS AND OTHER EMPLOYEE FUTURE BENEFITS | | 3 383 | |
| OTHER ACCOUNTS | | -932 | |
| TOTAL NON-BUDGETARY TRANSACTIONS | | -3 752 | |
Note: A negative entry indicates a financial requirement and a positive entry, a source of financing.
| | Budget Speech |
| 40 | 2020-2021 |
