Exhibit (99.2)
ISSN 1718-8369
Volume 3, number 12 | | June 23, 2009 |
PRELIMINARY AS AT MARCH 31, 2009
Note to the reader: Preliminary results for 2008-2009
The results published as at June 23, 2009, regarding the fiscal year ended March 31, 2009, are preliminary. These preliminary results will be reviewed to reflect additional information obtained until the time the financial statements are closed. The final results will be presented in the 2008-2009 Public Accounts.
Budgetary balance
· The preliminary results for 2008-2009 show that, for the purposes of the Balanced Budget Act, the budget is balanced.
· As at March 31, 2009, there is a deficit of $1.3 billion. In addition to this deficit, there are also, in particular, payments to the Generations Fund of $587 million.
· To balance the budget, an amount of $2 086 million will be drawn from the budgetary reserve of $2 301 million. This amount drawn from the budgetary reserve is $80 million more than what was forecast in the budget.
SUMMARY OF CONSOLIDATED BUDGETARY TRANSACTIONS | | |
(millions of dollars) | | (Unaudited data) |
| | April to March | | March 2009 Budget | |
| | | | | | | | | | Growth | |
| | 2007-2008 | | 2008-2009 | | Changes | | 2008-2009 | | % | |
BUDGETARY REVENUE | | | | | | | | | | | |
Own-source revenue | | 49 464 | | 48 812 | | - 652 | | 48 555 | | - 1.8 | |
Federal transfers | | 13 629 | | 14 041 | | 412 | | 13 924 | | 2.2 | |
Total | | 63 093 | | 62 853 | | - 240 | | 62 479 | | - 1.0 | |
BUDGETARY EXPENDITURE | | | | | | | | | | | |
Program spending | | - 54 826 | | - 58 236 | | - 3 410 | | - 57 400 | | 4.7 | |
Debt service | | - 7 021 | | - 6 498 | | 523 | | - 6 589 | | - 6.2 | |
Total | | - 61 847 | | - 64 734 | | - 2 887 | | - 63 989 | | 3.5 | |
NET RESULTS OF CONSOLIDATED ENTITIES 1 | | 404 | | 533 | | 129 | | 205 | | — | |
SURPLUS (DEFICIT) | | 1 650 | | - 1 348 | | - 2 998 | | - 1 305 | | — | |
BALANCED BUDGET ACT | | | | | | | | | | | |
Generations Fund 2 | | - 449 | | - 587 | | - 138 | | - 569 | | — | |
Interest income allocated to the budgetary reserve | | — | | - 19 | | - 19 | | — | | — | |
Deposit in the Generations Fund from the budgetary reserve | | - 200 | | - 132 | | 68 | | - 132 | | — | |
Budgetary reserve | | - 1 001 | | 2 086 | | 3 087 | | 2 006 | | — | |
BUDGETARY BALANCE FOR THE PURPOSES OF THE BALANCED BUDGET ACT | | 0 | | 0 | | 0 | | 0 | | — | |
(1) | Includes the net results of the non-budget-funded bodies, the special funds, the health and social services and the education networks, and the Generations Fund. |
(2) | The budgetary balance for the purposes of the Balanced Budget Act excludes the results of the Generations Fund. |
Budgetary revenue
· For 2008-2009, total budgetary revenue amounts to $62.8 billion, a decline of $240 million compared with the results for 2007-2008.
· Own-source revenue stands at $48.8 billion, $652 million less than as at March 31, 2008. Own-source revenue excluding government enterprises amounts to $43.8 billion, a decline of $653 million compared to 2007-2008. This decline in revenue is attributable to the slowdown in economic growth and the impact of the fiscal measures announced in recent budgets, including:
· the personal income tax cut in effect since January 1, 2008;
· the reduction in the capital tax rate.
· Federal transfers amount to $14.0 billion for the 12 months of fiscal year 2008-2009, an increase of $412 million compared to last year.
Budgetary expenditure
· As at March 31, 2009, total budgetary expenditure amounts to $64.7 billion, an increase of $2.9 billion compared to last year.
· Program spending rose by $3.4 billion compared to 2007-2008 and stands at $58.2 billion. The most significant changes are in the Health and Social Services ($1.5 billion), Education and Culture ($922 million), and Economy and Environment missions ($591 million).
· Debt service amounts to $6.5 billion, down $523 million compared to 2007-2008.
Consolidated entities
· For 2008-2009, the net results of consolidated entities show a surplus of $533 million, i.e. $129 million more than for last year.
Generations Fund
· Payments to the Generations Fund reached $719 million, including the additional payment of $132 million from the budgetary reserve.
Net financial requirements
· For 2008-2009, consolidated net financial requirements amount to $231 million.
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CONSOLIDATED BUDGETARY AND FINANCIAL TRANSACTIONS | | |
(millions of dollars) | | (Unaudited data) |
| | April to March | |
| | 2007-2008 | | 2008-2009 | | Changes | |
BUDGETARY REVENUE | | | | | | | |
Own-source revenue | | 49 464 | | 48 812 | | - 652 | |
Federal transfers | | 13 629 | | 14 041 | | 412 | |
Total | | 63 093 | | 62 853 | | - 240 | |
BUDGETARY EXPENDITURE | | | | | | | |
Program spending | | - 54 826 | | - 58 236 | | - 3 410 | |
Debt service | | - 7 021 | | - 6 498 | | 523 | |
Total | | - 61 847 | | - 64 734 | | - 2 887 | |
NET RESULTS OF CONSOLIDATED ENTITIES | | 404 | | 533 | | 129 | |
SURPLUS (DEFICIT) | | 1 650 | | - 1 348 | | - 2 998 | |
Generations Fund | | - 449 | | - 587 | | - 138 | |
Deposit in the Generations Fund from the budgetary reserve | | - 200 | | - 132 | | 68 | |
Interest income allocated to the budgetary reserve | | — | | - 19 | | - 19 | |
Budgetary reserve | | - 1 001 | | 2 086 | | 3 087 | |
BUDGETARY BALANCE FOR THE PURPOSES OF THE BALANCED BUDGET ACT | | 0 | | 0 | | 0 | |
Generations Fund | | 449 | | 587 | | 138 | |
Interest income allocated to the budgetary reserve | | — | | 19 | | 19 | |
CONSOLIDATED BUDGETARY BALANCE | | 449 | | 606 | | 157 | |
Consolidated non-budgetary surplus (requirements) | | - 1 156 | | - 837 | | 319 | |
CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS) | | - 707 | | - 231 | | 476 | |
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CONSOLIDATED REVENUE FUND REVENUE | | |
(millions of dollars) | | (Unaudited data) |
| | March | | April to March | |
| | | | | | Changes | | | | | | Changes | |
Revenue by source | | 2008 | | 2009 | | % | | 2007-2008 | | 2008-2009 | | % | |
| | | | | | | | | | | | | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
Own-source revenue excluding government enterprises | | | | | | | | | | | | | |
Income and property taxes | | | | | | | | | | | | | |
Personal income tax | | 1 624 | | 1 038 | | - 36.1 | | 18 648 | | 17 934 | | - 3.8 | |
Contributions to Health Services Fund | | 485 | | 515 | | 6.2 | | 5 404 | | 5 620 | | 4.0 | |
Corporate taxes | | 541 | | 927 | | 71.3 | | 4 819 | | 4 122 | | - 14.5 | |
Consumption taxes | | 864 | | 1 065 | | 23.3 | | 12 962 | | 13 330 | | 2.8 | |
Other sources | | 236 | | 285 | | 20.8 | | 2 606 | | 2 780 | | 6.7 | |
Total | | 3 750 | | 3 830 | | 2.1 | | 44 439 | | 43 786 | | - 1.5 | |
Revenue from government enterprises | | 600 | | 437 | | - 27.2 | | 5 025 | | 5 026 | | 0.0 | |
Total own-source revenue | | 4 350 | | 4 267 | | - 1.9 | | 49 464 | | 48 812 | | - 1.3 | |
Federal transfers | | | | | | | | | | | | | |
Equalization | | 597 | | 669 | | 12.1 | | 7 160 | | 8 028 | | 12.1 | |
Health transfers | | 376 | | 298 | | - 20.7 | | 3 925 | | 3 740 | | - 4.7 | |
Transfers for post-secondary education and other social programs | | 160 | | 97 | | - 39.4 | | 1 516 | | 1 267 | | - 16.4 | |
Other programs | | 142 | | 179 | | 26.1 | | 1 028 | | 1 006 | | - 2.1 | |
Total federal transfers | | 1 275 | | 1 243 | | - 2.5 | | 13 629 | | 14 041 | | 3.0 | |
TOTAL BUDGETARY REVENUE | | 5 625 | | 5 510 | | - 2.0 | | 63 093 | | 62 853 | | - 0.4 | |
CONSOLIDATED REVENUE FUND EXPENDITURE | | |
(millions of dollars) | | (Unaudited data) |
| | March | | April to March | |
| | | | | | Changes | | | | | | Changes | |
Expenditures by mission | | 2008 | | 2009 | | % | | 2007-2008 | | 2008-2009 | | % | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
Program spending | | | | | | | | | | | | | |
Health and Social Services | | 2 594 | | 2 420 | | - 6.7 | | 24 055 | | 25 521 | | 6.1 | |
Education and Culture | | 1 245 | | 1 496 | | 20.2 | | 14 153 | | 15 075 | | 6.5 | |
Economy and Environment | | 965 | | 1 141 | | 18.2 | | 6 611 | | 7 202 | | 8.9 | |
Support for Individuals and Families | | 499 | | 505 | | 1.2 | | 5 368 | | 5 490 | | 2.3 | |
Administration and Justice | | 639 | | 599 | | - 6.3 | | 4 639 | | 4 948 | | 6.7 | |
Total program spending | | 5 942 | | 6 161 | | 3.7 | | 54 826 | | 58 236 | | 6.2 | |
Debt service | | 628 | | 445 | | - 29.1 | | 7 021 | | 6 498 | | - 7.4 | |
TOTAL BUDGETARY EXPENDITURE | | 6 570 | | 6 606 | | 0.5 | | 61 847 | | 64 734 | | 4.7 | |
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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