ISSN 1718-8369 | Exhibit (99.5) |
Volume 2, number 4 | September 25, 2007 |
AS AT JULY 31, 2007 |
July 2007 highlights
o The consolidated budgetary balance for the purposes of the Balanced Budget Act for July 2007 shows a surplus of $617 million in revenue over expenditure.
o Budgetary revenue amounts to $5.1 billion, an increase of $149 million compared to last year. Own-source revenue stands at $4.0 billion, while federal transfers amount to $1.1 billion.
o Program spending is up by $143 million compared to July 2006 and stands at $3.9 billion. This increase is attributable in particular to an increase in expenditure related to the health and social services and education networks.
o Debt service stands at $572 million, down $20 million compared to July 2006.
o The net results of the Generations Fund amount to $19 million.
SUMMARY OF CONSOLIDATED BUDGETARY TRANSACTIONS | |
(millions of dollars) | | (Unaudited data) | |
| | July | | April to July | | 2007-2008 Budget | |
| | | | | | | | | | | | Growth | |
| | 2006 | | 2007 | | 2006-2007 | | 2007-2008 | | 2007-2008 | | % | |
| | | | | | | | | | | | | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
Own-source revenue | | 4 048 | | 4 043 | | 15 801 | | 16 306 | | 47 953 | | - 2.7 | |
Federal transfers | | 930 | | 1 084 | | 3 620 | | 4 350 | | 13 174 | | 19.6 | |
Total | | 4 978 | | 5 127 | | 19 421 | | 20 656 | | 61 127 | | 1.4 | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
Program spending | | - 3 730 | | - 3 873 | | - 18 622 | | - 19 262 | | - 53 913 | | 4.1 | |
Debt service | | - 592 | | - 572 | | - 2 307 | | - 2 314 | | - 7 244 | | 4.0 | |
Total | | - 4 322 | | - 4 445 | | - 20 929 | | - 21 576 | | - 61 157 | | 4.1 | |
NET RESULTS OF CONSOLIDATED ORGANIZATIONS | | 42 | | - 65 | | 144 | | - 6 | | 30 | | — | |
Additional deposit in the Generations Fund | | — | | — | | — | | — | | - 200 | | — | |
Use of part of the budgetary reserve | | — | | — | | — | | — | | 200 | | — | |
CONSOLIDATED BUDGETARY BALANCE FOR THE PURPOSES OF THE BALANCED BUDGET ACT | | | | | | | | | | | | | |
| 698 | | 617 | | - 1 364 | | - 926 | | 0 | | — | |
Net results of the Generations Fund 1 | | — | | 19 | | — | | 109 | | 653 | | — | |
CONSOLIDATED BUDGETARY BALANCE | | 698 | | 636 | | - 1 364 | | - 817 | | 653 | | — | |
1 The Generations Fund began operations on January 1, 2007.
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Cumulative results as at July 31, 2007
Budgetary balance
o For the first four months of the year, consistent with the historical trend, the cumulative results show revenue running behind expenditure.
o For the period from April to July 2007, the consolidated budgetary balance for the purposes of the Balanced Budget Act shows expenditure exceeding revenue by $926 million. Nonetheless, this is an improvement of $438 million compared to last year’s results.
Budgetary revenue
o Budgetary revenue since the beginning of the year amounts to $20.7 billion, an increase of $1.2 billion compared to last year.
o Own-source revenue stands at $16.3 billion, $505 million more than as at July 31, 2006. This improvement is attributable in particular to the robust economy, resulting in increased revenue from personal income tax and the sales tax.
o Federal transfers amount to $4.4 billion for the first four months of the current fiscal year, an increase of $730 million compared to the same period in 2006-2007.
Budgetary expenditure
o As at July 31, 2007, budgetary expenditure amounts to $21.6 billion, an increase of $647 million compared to last year.
o Program spending is up by $640 million compared to last year and stands at $19.3 billion. The most significant changes are in the education and culture ($335 million) and health and social services missions ($240 million).
o Debt service amounts to $2.3 billion, comparable to the amount for July 31, 2006.
Generations Fund
o The net results of the Generations Fund amount to $109 million.
Net financial requirements
o For the period from April to July 2007, net financial requirements stand at $2.2 billion, a decline of $894 million compared to last year.
o This reduction is attributable to the $547-million improvement in the budgetary balance and a decline in non-budgetary requirements of $347 million.
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CONSOLIDATED BUDGETARY AND FINANCIAL TRANSACTIONS | |
(millions of dollars) | | (Unaudited data ) | |
| | July | | April to July | |
| | 2006 | | 2007 | | Changes | | 2006-2007 | | 2007-2008 | | Changes | |
| | | | | | | | | | | | | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
Own-source revenue | | 4 048 | | 4 043 | | - 5 | | 15 801 | | 16 306 | | 505 | |
Federal transfers | | 930 | | 1 084 | | 154 | | 3 620 | | 4 350 | | 730 | |
Total | | 4 978 | | 5 127 | | 149 | | 19 421 | | 20 656 | | 1 235 | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
Program spending | | - 3 730 | | - 3 873 | | - 143 | | - 18 622 | | - 19 262 | | - 640 | |
Debt service | | - 592 | | - 572 | | 20 | | - 2 307 | | - 2 314 | | - 7 | |
Total | | - 4 322 | | - 4 445 | | - 123 | | - 20 929 | | - 21 576 | | - 647 | |
NET RESULTS OF CONSOLIDATED ORGANIZATIONS | | 42 | | - 65 | | - 107 | | 144 | | - 6 | | - 150 | |
CONSOLIDATED BUDGETARY BALANCE FOR THE PURPOSES OF THE BALANCED BUDGET ACT | | 698 | | 617 | | - 81 | | - 1 364 | | - 926 | | 438 | |
Net results of the Generations Fund | | — | | 19 | | 19 | | — | | 109 | | 109 | |
CONSOLIDATED BUDGETARY BALANCE | | 698 | | 636 | | - 62 | | - 1 364 | | - 817 | | 547 | |
Consolidated non-budgetary surplus (requirements) | | 1 139 | | 380 | | - 759 | | - 1 748 | | - 1 401 | | 347 | |
CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS) | | 1 837 | | 1 016 | | - 821 | | - 3 112 | | - 2 218 | | 894 | |
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CONSOLIDATED REVENUE FUND REVENUE | |
(millions of dollars) | | (Unaudited data ) | |
| | July | | April to July | |
| | | | | | Changes | | | | | | Changes | |
Revenue by source | | 2006 | | 2007 | | % | | 2006-2007 | | 2007-2008 | | % | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Own-source revenue excluding government enterprises | | | | | | | | | | | | | |
Income and property taxes | | | | | | | | | | | | | |
Personal income tax | | 1 518 | | 1 478 | | - 2.6 | | 5 231 | | 6 076 | | 16.2 | |
Contributions to Health Services Fund | | 492 | | 433 | | - 12.0 | | 1 799 | | 1 815 | | 0.9 | |
Corporate taxes | | 418 | | 541 | | 29.4 | | 1 419 | | 1 514 | | 6.7 | |
Consumption taxes | | 1 091 | | 1 070 | | - 1.9 | | 4 204 | | 4 411 | | 4.9 | |
Other sources | | 179 | | 257 | | 43.6 | | 847 | | 1 021 | | 20.5 | |
Total | | 3 698 | | 3 779 | | 2.2 | | 13 500 | | 14 837 | | 9.9 | |
Revenue from government enterprises | | 350 | | 264 | | - 24.6 | | 2 301 | | 1 469 | | - 36.2 | |
Total own-source revenue | | 4 048 | | 4 043 | | - 0.1 | | 15 801 | | 16 306 | | 3.2 | |
Federal transfers | | | | | | | | | | | | | |
Equalization | | 466 | | 597 | | 28.1 | | 1 805 | | 2 387 | | 32.2 | |
Health transfers | | 300 | | 309 | | 3.0 | | 1 201 | | 1 233 | | 2.7 | |
Transfers for post-secondary education and other social programs | | | | | | | | | | | | | |
| | 87 | | 114 | | 31.0 | | 347 | | 457 | | 31.7 | |
Other programs | | 77 | | 64 | | - 16.9 | | 267 | | 273 | | 2.2 | |
Total federal transfers | | 930 | | 1 084 | | 16.6 | | 3 620 | | 4 350 | | 20.2 | |
TOTAL BUDGETARY REVENUE | | 4 978 | | 5 127 | | 3.0 | | 19 421 | | 20 656 | | 6.4 | |
CONSOLIDATED REVENUE FUND EXPENDITURE | |
(millions of dollars) | | (Unaudited data ) | |
| | July | | April to July | |
| | | | | | Changes | | | | | | Changes | |
Expenditures by mission | | 2006 1 | | 2007 | | % | | 2006-2007 1 | | 2007-2008 | | % | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Program spending | | | | | | | | | | | | | |
Health and Social Services | | 1 683 | | 1 845 | | 9.6 | | 7 645 | | 7 885 | | 3.1 | |
Education and Culture | | 659 | | 740 | | 12.3 | | 5 430 | | 5 765 | | 6.2 | |
Economy and Environment | | 573 | | 497 | | - 13.3 | | 2 234 | | 2 275 | | 1.8 | |
Support for Individuals and Families | | 448 | | 441 | | - 1.6 | | 1 741 | | 1 755 | | 0.8 | |
Administration and Justice | | 367 | | 350 | | - 4.6 | | 1 572 | | 1 582 | | 0.6 | |
Total program spending | | 3 730 | | 3 873 | | 3.8 | | 18 622 | | 19 262 | | 3.4 | |
Debt service | | 592 | | 572 | | - 3.4 | | 2 307 | | 2 314 | | 0.3 | |
TOTAL BUDGETARY EXPENDITURE | | 4 322 | | 4 445 | | 2.8 | | 20 929 | | 21 576 | | 3.1 | |
1 Some comparative figures for 2006-2007 have been reclassified for consistency with the presentation adopted in 2007-2008.
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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