Exhibit (99.18)
ISSN 1718-8369
Volume 2, number 11 | May 2, 2008 |
AS AT FEBRUARY 29, 2008 |
February 2008 highlights
o The budgetary balance for February 2008 indicates that revenue is running $1.2 billion ahead of expenditure.
o Budgetary revenue amounts to $5.7 billion, an increase of $683 million compared to last year. Own-source revenue stands at $4.5 billion, while federal transfers amount to $1.2 billion.
o Program spending is up by $271 million compared to February 2007 and stands at $3.8 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 $566 million, up $17 million compared to February 2007.
o Payments to the Generations Fund amount to $56 million, up $32 million compared to last year, excluding the impact of the additional payment of $500 million made in February 2007.
| | February 1 | | April to February 1 | | March 2008 Budget | |
| | 2007 2 | | 2008 | | 2006-2007 2 | | 2007-2008 | | 2007-2008 | | Growth
% | |
| | | | | | | | | | | | | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
Own-source revenue | | 4 079 | | 4 445 | | 43 964 | | 44 990 | | 49 295 | | - 0.8 | |
Federal transfers | | 927 | | 1 244 | | 10 058 | | 12 354 | | 13 625 | | 23.7 | |
Total | | 5 006 | | 5 689 | | 54 022 | | 57 344 | | 62 920 | | 3.7 | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
Program spending | | - 3 493 | | - 3 764 | | - 46 377 | | - 48 884 | | - 54 635 | | 5.5 | |
Debt service | | - 549 | | - 566 | | - 6 282 | | - 6 393 | | - 7 003 | | 0.0 | |
Total | | - 4 042 | | - 4 330 | | - 52 659 | | - 55 277 | | - 61 638 | | 4.8 | |
NET RESULTS OF CONSOLIDATED ENTITIES 3 | | 38 | | - 104 | | 255 | | - 73 | | - 162 | | — | |
SURPLUS (DEFICIT) FOR THE PURPOSES OF THE PUBLIC ACCOUNTS | | 1 002 | | 1 255 | | 1 618 | | 1 994 | | 1 120 | | — | |
Payments to the Generations Fund 4 | | - 524 | | - 56 | | - 547 | | - 545 | | - 603 | | — | |
Budgetary reserve | | — | | 0 | | — | | 200 | | - 517 | | — | |
BUDGETARY BALANCE 5 | | 478 | | 1 199 | | 1 071 | | 1 649 | | 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 February 29, 2008
Budgetary balance
o For the first 11 months of the current year, the budgetary balance shows revenue exceeding expenditure by $1.6 billion. This is an increase of $578 million compared to last year’s results.
Budgetary revenue
o Budgetary revenue since the beginning of the year amounts to $57.3 billion, an increase of $3.3 billion compared to the same period last year.
o Own-source revenue stands at $45.0 billion, $1.0 billion more than as at February 28, 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 $12.3 billion for the first 11 months of the current fiscal year, an increase of $2.3 billion compared to the same period in 2006-2007.
Budgetary expenditure
o As at February 29, 2008, budgetary expenditure amounts to $55.3 billion, an increase of $2.6 billion compared to last year.
o Program spending is up by $2.5 billion compared to last year and stands at $48.9 billion. The most significant changes are in the Health and Social Services ($1.5 billion) and the Education and Culture ($556 million) missions.
o Debt service amounts to $6.4 billion, up $111 million compared to February 28, 2007.
Generations Fund
o Payments to the Generations Fund amount to $545 million, including the additional payment of $200 million from the budgetary reserve.
Net financial requirements
o For the period from April 2007 to February 2008, consolidated net financial requirements stand at $819 million.
— The increase of $986 million compared to the same period in 2006-2007 stems chiefly from the dividend Hydro-Québec paid to the government in February 2007.
Note on the accounting reform
o | | The results for the month of February 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. |
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| | February | | April to February | |
| | 2007 | | 2008 | | Changes | | 2006-2007 | | 2007-2008 | | Changes | |
| | | | | | | | | | | | | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
Own-source revenue | | 4 079 | | 4 445 | | 366 | | 43 964 | | 44 990 | | 1 026 | |
Federal transfers | | 927 | | 1 244 | | 317 | | 10 058 | | 12 354 | | 2 296 | |
Total | | 5 006 | | 5 689 | | 683 | | 54 022 | | 57 344 | | 3 322 | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
Program spending | | - 3 493 | | - 3 764 | | - 271 | | - 46 377 | | - 48 884 | | - 2 507 | |
Debt service | | - 549 | | - 566 | | - 17 | | - 6 282 | | - 6 393 | | - 111 | |
Total | | - 4 042 | | - 4 330 | | - 288 | | - 52 659 | | - 55 277 | | - 2 618 | |
NET RESULTS OF CONSOLIDATED ENTITIES | | 38 | | - 104 | | - 142 | | 255 | | - 73 | | - 328 | |
SURPLUS (DEFICIT) FOR THE PURPOSES OF THE PUBLIC ACCOUNTS | | 1 002 | | 1 255 | | 253 | | 1 618 | | 1 994 | | 376 | |
Deposit of dedicated revenues in the Generations Fund | | - 24 | | - 56 | | - 32 | | - 47 | | - 345 | | - 298 | |
Additional deposit in the Generations Fund | | - 500 | | 0 | | 500 | | - 500 | | - 200 | | 300 | |
Budgetary reserve | | — | | 0 | | 0 | | — | | 200 | | 200 | |
BUDGETARY BALANCE 1 | | 478 | | 1 199 | | 721 | | 1 071 | | 1 649 | | 578 | |
Revenue dedicated to the Generations Fund | | 524 | | 56 | | - 468 | | 547 | | 345 | | - 202 | |
CONSOLIDATED BUDGETARY BALANCE | | 1 002 | | 1 255 | | 253 | | 1 618 | | 1 994 | | 376 | |
Consolidated non-budgetary surplus (requirements) | | 1 987 | | 553 | | - 1 434 | | - 1 451 | | - 2 813 | | - 1 362 | |
CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS) | | 2 989 | | 1 808 | | - 1 181 | | 167 | | - 819 | | - 986 | |
1 Corresponds to the consolidated budgetary balance for the purposes of the Balanced Budget Act.
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| | February | | April to February | |
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 | | 1 529 | | 1 605 | | 5.0 | | 16 332 | | 17 141 | | 5.0 | |
Contributions to Health Services Fund | | 400 | | 476 | | 19.0 | | 4 628 | | 4 951 | | 7.0 | |
Corporate taxes | | 531 | | 949 | | 78.7 | | 3 800 | | 4 278 | | 12.6 | |
Consumption taxes | | 720 | | 603 | | - 16.3 | | 11 418 | | 11 816 | | 3.5 | |
Other sources | | 232 | | 220 | | - 5.2 | | 2 235 | | 2 370 | | 6.0 | |
Total | | 3 412 | | 3 853 | | 12.9 | | 38 413 | | 40 556 | | 5.6 | |
Revenue from government enterprises | | 667 | | 592 | | - 11.2 | | 5 551 | | 4 434 | | - 20.1 | |
Total own-source revenue | | 4 079 | | 4 445 | | 9.0 | | 43 964 | | 44 990 | | 2.3 | |
Federal transfers | | | | | | | | | | | | | |
Equalization | | 467 | | 596 | | 27.6 | | 5 073 | | 6 563 | | 29.4 | |
Health transfers | | 311 | | 375 | | 20.6 | | 3 322 | | 3 549 | | 6.8 | |
Transfers for post-secondary education | | | | | | | | | | | | | |
and other social programs | | 93 | | 159 | | 71.0 | | 966 | | 1 356 | | 40.4 | |
Other programs | | 56 | | 114 | | — | | 697 | | 886 | | 27.1 | |
Total federal transfers | | 927 | | 1 244 | | 34.2 | | 10 058 | | 12 354 | | 22.8 | |
TOTAL BUDGETARY REVENUE | | 5 006 | | 5 689 | | 13.6 | | 54 022 | | 57 344 | | 6.1 | |
| | February | | April to February | |
Expenditures by mission | | 2007 | | 2008 | | Changes
% | | 2006-2007 | | 2007-2008 | | Changes
% | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Program spending | | | | | | | | | | | | | |
Health and Social Services | | 1 596 | | 1 701 | | 6.6 | | 19 979 | | 21 462 | | 7.4 | |
Education and Culture | | 795 | | 829 | | 4.3 | | 12 351 | | 12 907 | | 4.5 | |
Economy and Environment | | 386 | | 410 | | 6.2 | | 5 321 | | 5 646 | | 6.1 | |
Support for Individuals and Families | | 430 | | 442 | | 2.8 | | 4 724 | | 4 870 | | 3.1 | |
Administration and Justice | | 286 | | 382 | | 33.6 | | 4 002 | | 3 999 | | - 0.1 | |
Total program spending | | 3 493 | | 3 764 | | 7.8 | | 46 377 | | 48 884 | | 5.4 | |
Debt service | | 549 | | 566 | | 3.1 | | 6 282 | | 6 393 | | 1.8 | |
TOTAL BUDGETARY EXPENDITURE | | 4 042 | | 4 330 | | 7.1 | | 52 659 | | 55 277 | | 5.0 | |
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.
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