Exhibit (99.3)
ISSN 1718-8369
Volume 3, number 1 | July 11, 2008 |
AS AT APRIL 30, 2008 |
Budgetary balance
o The monthly report as at April 30, 2008, reflects the results of the first month of fiscal year 2008-2009.
o Consistent with the historical trend, the budgetary balance as at April 30, 2008 shows expenditure exceeding revenue.
— An $898-million gap in April 2008 reflects the fact that early in the year:
– tax revenues are proportionately lower, in particular because of the payment of the tax credit for child support;
– program spending is made more quickly because of the allocation details of certain grants.
The monthly gap will gradually narrow over the coming months.
— In addition, as mentioned in the 2008-2009 budget, the budget will be balanced using $1.4 billion from the budgetary reserve, i.e. a portion of the amounts accumulated as at March 31, 2008.
| | April | | March 2008 Budget |
| | | | | | | | | | Growth |
| | 2007-2008 1 | | 2008-2009 | | Changes | | 2008-2009 | | % |
| | | | | | | | | | |
BUDGETARY REVENUE | | | | | | | | | | |
Own-source revenue | | 3 790 | | 3 651 | | - 139 | | 48 917 | | - 0.8 |
Federal transfers | | 1 107 | | 1 161 | | 54 | | 14 063 | | 3.2 |
Total | | 4 897 | | 4 812 | | - 85 | | 62 980 | | 0.1 |
BUDGETARY EXPENDITURE | | | | | | | | | | |
Program spending | | - 5 033 | | - 5 278 | | - 245 | | - 56 948 | | 4.2 |
Debt service | | - 546 | | - 539 | | 7 | | - 6 907 | | - 1.4 |
Total | | - 5 579 | | - 5 817 | | - 238 | | - 63 855 | | 3.6 |
NET RESULTS OF CONSOLIDATED ENTITIES 2 | | 127 | | 162 | | 35 | | 447 | | — |
Contingency reserve | | — | | — | | — | | - 200 | | — |
SURPLUS (DEFICIT) FOR THE PURPOSES OF | | | | | | | | | | |
THE PUBLIC ACCOUNTS | | - 555 | | - 843 | | - 288 | | - 628 | | — |
Deposit of dedicated revenues in the Generations Fund | | - 33 | | - 55 | | - 22 | | - 742 | | — |
BUDGETARY BALANCE BEFORE USE OF BUDGETARY RESERVE | | - 588 | | - 898 | | - 310 | | - 1 370 | | — |
Budgetary reserve | | — | | — | | — | | 1 370 | | — |
BUDGETARY BALANCE FOR THE PURPOSES
OF THE | | | | | | | | | | |
BALANCED BUDGET ACT | | - 588 | | - 898 | | - 310 | | 0 | | — |
1 The comparative figures for April 2007 have been restated to reflect the changes made to the accounting policies implemented in the accounting reform.
2 Includes the net results of the non-budget-funded bodies, the special funds, the health and social services and education networks, and the Generations Fund.
Budgetary revenue
o For April 2008, budgetary revenue totals $4.8 billion, a decline of $85 million compared to the same period in 2007-2008.
o Own-source revenue stands at $3.6 billion, $139 million less than as at April 30, 2007. The increase in revenue attributable to economic growth was more than offset by the personal income tax cut in effect since January 1, 2008, and by larger refunds to businesses for the Québec sales tax in April 2008.
o Federal transfers for the first month of fiscal year 2008-2009 amount to $1.2 billion, an increase of $54 million compared to last year.
Budgetary expenditure
o As at April 30, 2008, budgetary expenditure amounts to $5.8 billion, an increase of $238 million compared to last year.
o Program spending rose $245 million compared to 2007-2008, amounting to $5.3 billion. The largest changes are attributable to the Health and Social Services ($153 million) and Economy and Environment ($70 million) missions.
o Debt service amounts to $539 million, a decrease of $7 million compared to April 2007.
Consolidated entities
o As at April 30, 2008, the net results of consolidated entities show a surplus of $162 million, i.e. $35 million more than last year.
Generations Fund
o Dedicated revenue paid into the Generations Fund reached $55 million.
Net financial requirements
o In April 2008, consolidated net financial requirements stand at $378 million, a decline of $648 million compared to April 2007.
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| | April |
| | 2007-2008 | | 2008-2009 | | Changes |
| | | | | | |
BUDGETARY REVENUE | | | | | | |
Own-source revenue | | 3 790 | | 3 651 | | - 139 |
Federal transfers | | 1 107 | | 1 161 | | 54 |
Total | | 4 897 | | 4 812 | | - 85 |
BUDGETARY EXPENDITURE | | | | | | |
Program spending | | - 5 033 | | - 5 278 | | - 245 |
Debt service | | - 546 | | - 539 | | 7 |
Total | | - 5 579 | | - 5 817 | | - 238 |
NET RESULTS OF CONSOLIDATED ENTITIES | | 127 | | 162 | | 35 |
SURPLUS (DEFICIT) FOR THE PURPOSES OF | | | | | | |
THE PUBLIC ACCOUNTS | | - 555 | | - 843 | | - 288 |
Deposit of dedicated revenues in the Generations Fund | | - 33 | | - 55 | | - 22 |
BUDGETARY BALANCE FOR THE PURPOSES OF THE | | | | | | |
BALANCED BUDGET ACT | | - 588 | | - 898 | | - 310 |
Revenue dedicated to the Generations Fund | | 33 | | 55 | | 22 |
CONSOLIDATED BUDGETARY BALANCE | | - 555 | | - 843 | | - 288 |
Consolidated non-budgetary surplus (requirements) | | - 471 | | 465 | | 936 |
CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS) | | - 1 026 | | - 378 | | 648 |
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| | | April | | Cumulative |
| | | | | | Changes | | | | | | Changes |
Revenue by source | | 2007 | | 2008 | | % | | 2007-2008 | | 2008-2009 | | % |
BUDGETARY REVENUE | | | | | | | | | | | | |
| | | | | | | | | | | | |
Own-source revenue excluding | | | | | | | | | | | | |
government enterprises | | | | | | | | | | | | |
Income and property taxes | | | | | | | | | | | | |
Personal income tax | | 1 304 | | 1 231 | | - 5.6 | | 1 304 | | 1 231 | | - 5.6 |
Contributions to Health Services Fund | | 433 | | 481 | | 11.1 | | 433 | | 481 | | 11.1 |
Corporate taxes | | 306 | | 351 | | 14.7 | | 306 | | 351 | | 14.7 |
Consumption taxes | | 1 041 | | 958 | | - 8.0 | | 1 041 | | 958 | | - 8.0 |
Other sources | | 255 | | 241 | | - 5.5 | | 255 | | 241 | | - 5.5 |
Total | | 3 339 | | 3 262 | | - 2.3 | | 3 339 | | 3 262 | | - 2.3 |
Revenue from government enterprises | | 451 | | 389 | | - 13.7 | | 451 | | 389 | | - 13.7 |
Total own-source revenue | | 3 790 | | 3 651 | | - 3.7 | | 3 790 | | 3 651 | | - 3.7 |
Federal transfers | | | | | | | | | | | | |
Equalization | | 597 | | 669 | | 12.1 | | 597 | | 669 | | 12.1 |
Health transfers | | 309 | | 319 | | 3.2 | | 309 | | 319 | | 3.2 |
Transfers for post-secondary education | | | | | | | | | | | | |
and other social programs | | 114 | | 110 | | - 3.5 | | 114 | | 110 | | - 3.5 |
Other programs | | 87 | | 63 | | - 27.6 | | 87 | | 63 | | - 27.6 |
Total federal transfers | | 1 107 | | 1 161 | | 4.9 | | 1 107 | | 1 161 | | 4.9 |
TOTAL BUDGETARY REVENUE | | 4 897 | | 4 812 | | - 1.7 | | 4 897 | | 4 812 | | - 1.7 |
| | April | | Cumulative |
| | | | | | Changes | | | | | | Changes |
Expenditures by mission | | 2007 | | 2008 | | % | | 2007-2008 | | 2008-2009 | | % |
BUDGETARY EXPENDITURE | | | | | | | | | | | | |
| | | | | | | | | | | | |
Program spending | | | | | | | | | | | | |
Health and Social Services | | 1 972 | | 2 125 | | 7.8 | | 1 972 | | 2 125 | | 7.8 |
Education and Culture | | 1 441 | | 1 413 | | - 1.9 | | 1 441 | | 1 413 | | - 1.9 |
Economy and Environment | | 881 | | 951 | | 7.9 | | 881 | | 951 | | 7.9 |
Support for Individuals and Families | | 430 | | 449 | | 4.4 | | 430 | | 449 | | 4.4 |
Administration and Justice | | 309 | | 340 | | 10.0 | | 309 | | 340 | | 10.0 |
Total program spending | | 5 033 | | 5 278 | | 4.9 | | 5 033 | | 5 278 | | 4.9 |
Debt service | | 546 | | 539 | | - 1.3 | | 546 | | 539 | | - 1.3 |
TOTAL BUDGETARY EXPENDITURE | | 5 579 | | 5 817 | | 4.3 | | 5 579 | | 5 817 | | 4.3 |
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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