Exhibit (99.17)
ISSN 1718-8369
Volume 2, number 10 | April 8, 2008 |
AS AT JANUARY 31, 2008 |
January 2008 highlights
o The budgetary balance for January 2008 indicates that revenue is running $66 million ahead of expenditure.
o Budgetary revenue amounts to $5.2 billion, an increase of $101 million compared to last year. Own-source revenue stands at $4.0 billion, while federal transfers amount to $1.2 billion.
o Program spending is up by $613 million compared to January 2007 and stands at $4.4 billion. This increase is attributable, in particular, to the rise in spending relating to the health and social services network.
o Debt service stands at $587 million, an amount comparable to that of January 2007.
o Payments to the Generations Fund amount to $48 million, up $25 million compared to last year.
| | January1 | | April to January1 | | March 2008 Budget | |
| | 20072 | | 2008 | | 2006-20072 | | 2007-2008 | | 2007-2008 | | Growth
% | |
| | | | | | | | | | | | | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
Own-source revenue | | 4 197 | | 3 975 | | 39 885 | | 40 545 | | 49 295 | | - 0.8 | |
Federal transfers | | 931 | | 1 254 | | 9 131 | | 11 110 | | 13 625 | | 23.7 | |
Total | | 5 128 | | 5 229 | | 49 016 | | 51 655 | | 62 920 | | 3.7 | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
Program spending | | - 3 820 | | - 4 433 | | - 42 884 | | - 45 120 | | - 54 635 | | 5.5 | |
Debt service | | - 579 | | - 587 | | - 5 733 | | - 5 827 | | - 7 003 | | 0.0 | |
Total | | - 4 399 | | - 5 020 | | - 48 617 | | - 50 947 | | - 61 638 | | 4.8 | |
NET RESULTS OF CONSOLIDATED ENTITIES 3 | | 33 | | - 95 | | 217 | | 31 | | - 162 | | — | |
SURPLUS (DEFICIT) FOR THE PURPOSES OF THE PUBLIC ACCOUNTS | | 762 | | 114 | | 616 | | 739 | | 1 120 | | — | |
Payments to the Generations Fund 4 | | - 23 | | - 48 | | - 23 | | - 489 | | - 603 | | — | |
Budgetary reserve | | — | | 0 | | — | | 200 | | - 517 | | — | |
BUDGETARY BALANCE 5 | | 739 | | 66 | | 593 | | 450 | | 0 | | — | |
1 See the note on the accounting reform on the next page.
2 Some figures for 2006-2007 have been reclassified for consistency with the presentation adopted in 2007-2008.
3 Includes the net results of the non-budget-funded bodies and special funds, the health and social services and education networks, and the Generations Fund.
4 The Generations Fund began operations on January 1, 2007.
5 Corresponds to the consolidated budgetary balance for the purposes of the Balanced Budget Act.
Cumulative results as at January 31, 2008
Budgetary balance
o For the first ten months of the current year, the budgetary balance shows revenue exceeding expenditure by $450 million. This is a decline of $143 million compared to last year’s results.
Budgetary revenue
o Budgetary revenue since the beginning of the year amounts to $51.6 billion, an increase of $2.6 billion compared to the same period last year.
o Own-source revenue stands at $40.5 billion, $660 million more than as at January 31, 2007. This improvement is attributable in particular to economic growth, resulting in increased revenue from personal income tax and the sales tax.
o Federal transfers amount to $11.1 billion for the first ten months of the current fiscal year, an increase of $2.0 billion compared to the same period in 2006-2007.
Budgetary expenditure
o As at January 31, 2008, budgetary expenditure amounts to $50.9 billion, an increase of $2.3 billion compared to last year.
o Program spending is up by $2.2 billion compared to last year and stands at $45.1 billion. The most significant changes are in the Health and Social Services ($1.4 billion) and the Education and Culture ($522 million) missions.
o Debt service amounts to $5.8 billion, up $94 million compared to January 31, 2007.
Generations Fund
o Payments to the Generations Fund amount to $489 million, including the additional payment of $200 million made further to the use of part of the budgetary reserve.
Net financial requirements
o For the period from April 2007 to January 2008, consolidated net financial requirements stand at $2.6 billion, a decline of $195 million compared to last year.
Note on the accounting reform
o The results for the month of January 2008 and the year 2007-2008 reflect the changes made to the accounting practices as part of the accounting reform announced on December 11, 2007.
o The comparative figures for 2006-2007 have not been restated to reflect the changes made by the accounting reform. The impact of the reform in 2007-2008 shown in the 2008-2009 Budget Plan has been established at $853 million.1 Accordingly, caution is required when making comparisons between 2006-2007 and 2007-2008.
1 See the 2008-2009 Budget Plan, Section C – The Government’s Budgetary and Financial Stance, March 13, 2008 and the fall 2007 Update on Québec’s Economic and Financial Situation for more information on the impact of the accounting reform.
2
|
| | January | | April to January | |
| | 2007 | | 2008 | | Changes | | 2006-2007 | | 2007-2008 | | Changes | |
| | | | | | | | | | | | | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
Own-source revenue | | 4 197 931 | | 3 975 | | - 222 | | 39 885 | | 40 545 | | 660 | |
Federal transfers | | | 1 254 | | 323 | | 9 131 | | 11 110 | | 1 979 | |
Total | | 5 128 | | 5 229 | | 101 | | 49 016 | | 51 655 | | 2 639 | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
Program spending | | - 3 820 | | - 4 433 | | - 613 | | - 42 884 | | - 45 120 | | - 2 236 | |
Debt service | | - 579 | | - 587 | | - 8 | | - 5 733 | | - 5 827 | | - 94 | |
Total | | - 4 399 | | - 5 020 | | - 621 | | - 48 617 | | - 50 947 | | - 2 330 | |
NET RESULTS OF CONSOLIDATED ENTITIES | | 33 | | - 95 | | - 128 | | 217 | | 31 | | - 186 | |
SURPLUS (DEFICIT) FOR THE PURPOSES OF THE PUBLIC ACCOUNTS | | 762 | | 114 | | - 648 | | 616 | | 739 | | 123 | |
Payments to the Generations Fund | | - 23 | | - 48 | | - 25 | | - 23 | | - 489 | | - 466 | |
Budgetary reserve | | — | | 0 | | 0 | | — | | 200 | | 200 | |
BUDGETARY BALANCE 1 | | 739 | | 66 | | - 673 | | 593 | | 450 | | - 143 | |
Revenue dedicated to the Generations Fund | | 23 | | 48 | | 25 | | 23 | | 289 | | 266 | |
CONSOLIDATED BUDGETARY BALANCE | | 762 | | 114 | | - 648 | | 616 | | 739 | | 123 | |
Consolidated non-budgetary surplus (requirements) | | 1 116 | | 836 | | - 280 | | - 3 438 | | - 3 366 | | 72 | |
CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS) | | 1 878 | | 950 | | - 928 | | - 2 822 | | - 2 627 | | 195 | |
1 Corresponds to the consolidated budgetary balance for the purposes of the Balanced Budget Act.
3
| | January | | April to January | |
Revenue by source | | 2007 | | 2008 | | Changes
% | | 2006-2007 | | 2007-2008 | | Changes
% | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Own-source revenue excluding | | | | | | | | | | | | | |
government enterprises | | | | | | | | | | | | | |
Income and property taxes | | | | | | | | | | | | | |
Personal income tax | | 1 651 | | 1 308 | | - 20.8 | | 14 803 | | 15 536 | | 5.0 | |
Contributions to Health Services Fund | | 418 | | 504 | | 20.6 | | 4 228 | | 4 475 | | 5.8 | |
Corporate taxes | | 415 | | 313 | | - 24.6 | | 3 269 | | 3 329 | | 1.8 | |
Consumption taxes | | 825 | | 982 | | 19.0 | | 10 698 | | 11 213 | | 4.8 | |
Other sources | | 231 | | 204 | | - 11.7 | | 2 003 | | 2 150 | | 7.3 | |
Total | | 3 540 | | 3 311 | | - 6.5 | | 35 001 | | 36 703 | | 4.9 | |
Revenue from government enterprises | | 657 | | 664 | | 1.1 | | 4 884 | | 3 842 | | - 21.3 | |
Total own-source revenue | | 4 197 | | 3 975 | | - 5.3 | | 39 885 | | 40 545 | | 1.7 | |
Federal transfers | | | | | | | | | | | | | |
Equalization | | 467 | | 597 | | 27.8 | | 4 606 | | 5 967 | | 29.5 | |
Health transfers | | 311 | | 375 | | 20.6 | | 3 011 | | 3 174 | | 5.4 | |
Transfers for post-secondary education | | | | | | | | | | | | | |
and other social programs | | 94 | | 154 | | 63.8 | | 873 | | 1 197 | | 37.1 | |
Other programs | | 59 | | 128 | | 1 16.9 | | 641 | | 772 | | 20.4 | |
Total federal transfers | | 931 | | 1 254 | | 34.7 | | 9 131 | | 11 110 | | 21.7 | |
TOTAL BUDGETARY REVENUE | | 5 128 | | 5 229 | | 2.0 | | 49 016 | | 51 655 | | 5.4 | |
|
| | January | | April to January | |
Expenditures by mission | | 2007 | | 2008 | | Changes
% | | 2006-2007 | | 2007-2008 | | Changes
% | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Program spending | | | | | | | | | | | | | |
Health and Social Services | | 1 710 | | 2 174 | | 27.1 | | 18 383 | | 19 761 | | 7.5 | |
Education and Culture | | 979 | | 1 004 | | 2.6 | | 11 556 | | 12 078 | | 4.5 | |
Economy and Environment | | 363 | | 432 | | 19.0 | | 4 935 | | 5 236 | | 6.1 | |
Support for Individuals and Families | | 455 | | 436 | | - 4.2 | | 4 294 | | 4 428 | | 3.1 | |
Administration and Justice | | 313 | | 387 | | 23.6 | | 3 716 | | 3 617 | | - 2.7 | |
Total program spending | | 3 820 | | 4 433 | | 16.0 | | 42 884 | | 45 120 | | 5.2 | |
Debt service | | 579 | | 587 | | 1.4 | | 5 733 | | 5 827 | | 1.6 | |
TOTAL BUDGETARY EXPENDITURE | | 4 399 | | 5 020 | | 14.1 | | 48 617 | | 50 947 | | 4.8 | |
For information on this monthly report, contact Luc Monty at 418 691-2225.
The report is also available on the ministère des Finances du Québec website: www.finances.gouv.qc.ca.
4
