Exhibit (99.20)
ISSN 1718-8369
Volume 4, number 11 | May 14, 2010 |
AS AT FEBRUARY 28, 2010 |
Highlights for February 2010
· Budgetary revenue in February amounts to $5.3 billion, up $100 million compared to last year. Own-source revenue amounts to $4.0 billion, while federal transfers stand at $1.3 billion.
· Program spending rose $86 million in February of this year compared to last year, to $4.1 billion.
· Debt service amounts to $499 million, down $10 million compared to February 2009.
· A surplus of $570 million was achieved, i.e. $3 million less than in February 2009.
· Taking the $74 million deposited in the Generations Fund into account, the monthly budgetary balance for the purposes of the Balanced Budget Act shows a surplus of $496 million.
On the basis of the cumulative results as at February 28, 2010, the budget balance, within the meaning of the Balanced Budget Act, shows a deficit of $2.6 billion after using the $433-million stabilization reserve. As presented in the 2010-2011 Budget tabled March 30, the forecast budgetary balance for 2009-2010 is expected to show a deficit of $4.3 billion.
SUMMARY OF CONSOLIDATED BUDGETARY TRANSACTIONS | | |
(millions of dollars) | | (Unaudited data) |
| | | | | | | | | | Budget | |
| | February | | April to February | | 2010-2011 | |
| | | | | | | | | | | | Forecast | |
| | | | | | | | | | | | Growth | |
| | 2009 | | 2010 | | 2008-2009 | | 2009-2010 | | 2009-2010 | | % | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
Own-source revenue | | 4 010 | | 3 961 | | 44 564 | | 43 487 | | 47 421 | | - 3.0 | |
Federal transfers | | 1 160 | | 1 309 | | 12 798 | | 13 953 | | 15 229 | | 8.6 | |
Total | | 5 170 | | 5 270 | | 57 362 | | 57 440 | | 62 650 | | - 0.4 | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
Program spending | | - 4 027 | | - 4 113 | | - 52 075 | | - 54 458 | | - 60 769 | | 3.8 | |
Debt service | | - 509 | | - 499 | | - 6 053 | | - 5 546 | | - 6 154 | | - 5.4 | |
Total | | - 4 536 | | - 4 612 | | - 58 128 | | - 60 004 | | - 66 923 | | 2.9 | |
NET RESULTS OF CONSOLIDATED ENTITIES1 | | - 61 | | - 88 | | 237 | | 220 | | 598 | | — | |
Contingency reserve | | — | | — | | — | | — | | - 300 | | — | |
SURPLUS (DEFICIT) | | 573 | | 570 | | - 529 | | - 2 344 | | - 3 975 | | — | |
BALANCED BUDGET ACT | | | | | | | | | | | | | |
Generations Fund2 | | - 98 | | - 74 | | - 532 | | - 641 | | - 715 | | — | |
Stabilization reserve | | — | | — | | — | | 433 | | 433 | | — | |
BUDGETARY BALANCE WITHIN THE MEANING OF THE BALANCED BUDGET ACT | | 475 | | 496 | | - 1 061 | | - 2 552 | | - 4 257 | | — | |
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.
Cumulative results as at February 28, 2010
Budgetary balance
· For the period from April 2009 to February 2010, the budgetary balance for the purposes of the Balanced Budget Act shows a deficit of $2.6 billion.
Budgetary revenue
· As at February 28, 2010, budgetary revenue amounts to $57.4 billion, $78 million more than as at February 28, 2009.
· Own-source revenue stands at $43.5 billion, $1.1 billion less than last year.
· Federal transfers amount to $13.9 billion, up $1.2 billion compared to February 28, 2009.
Budgetary expenditure
· For the period from April 2009 to February 2010, budgetary expenditure amounts to $60.0 billion, an increase of $1.9 billion, or 3.2%, compared to last year.
· Program spending rose by $2.4 billion, or 4.6%, and stands at $54.5 billion. The most significant changes are in the Health and Social Services ($1.5 billion), Economy and Environment ($392 million) and Support for Individuals and Families ($203 million) missions.
· For the first eleven months of the fiscal year, debt service amounts to $5.5 billion, down $507 million compared to February 2009.
Consolidated entities
· As at February 28, 2010, the net results of consolidated entities show a surplus of $220 million, i.e. $17 million less than last year.
· Revenue dedicated to the Generations Fund amounts to $641 million.
Net financial requirements
· Since the beginning of the year, consolidated net financial requirements stand at $7.4 billion, an increase of $4.0 billion compared to last year. The additional financial requirements reflect the current budget deficit as well as the variation, from one year to the next, in receipts and disbursements made in the course of the government’s operations.
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CONSOLIDATED BUDGETARY AND FINANCIAL TRANSACTIONS | | |
(millions of dollars) | | (Unaudited data) |
| | February | | April to February | |
| | 2009 | | 2010 | | Change | | 2008-2009 | | 2009-2010 | | Change | |
BUDGETARY REVENUE | | | | | | | | | | | | | |
Own-source revenue | | 4 010 | | 3 961 | | - 49 | | 44 564 | | 43 487 | | - 1 077 | |
Federal transfers | | 1 160 | | 1 309 | | 149 | | 12 798 | | 13 953 | | 1 155 | |
Total | | 5 170 | | 5 270 | | 100 | | 57 362 | | 57 440 | | 78 | |
BUDGETARY EXPENDITURE | | | | | | | | | | | | | |
Program spending | | - 4 027 | | - 4 113 | | - 86 | | - 52 075 | | - 54 458 | | - 2 383 | |
Debt service | | - 509 | | - 499 | | 10 | | - 6 053 | | - 5 546 | | 507 | |
Total | | - 4 536 | | - 4 612 | | - 76 | | - 58 128 | | - 60 004 | | - 1 876 | |
NET RESULTS OF CONSOLIDATED ENTITIES | | - 61 | | - 88 | | - 27 | | 237 | | 220 | | - 17 | |
SURPLUS (DEFICIT) | | 573 | | 570 | | - 3 | | - 529 | | - 2 344 | | - 1 815 | |
Consolidated non-budgetary surplus (requirements) | | 8 | | 214 | | 206 | | - 2 920 | | - 5 066 | | - 2 146 | |
CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS) | | 581 | | 784 | | 203 | | - 3 449 | | - 7 410 | | - 3 961 | |
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CONSOLIDATED REVENUE FUND REVENUE |
(millions of dollars) | (Unaudited data) |
| | February | | April to February | |
| | | | | | Change | | | | | | Change | |
Revenue by source | | 2009 | | 2010 | | % | | 2008-2009 | | 2009-2010 | | % | |
Own-source revenue excluding government enterprises | | | | | | | | | | | | | |
Income and property taxes | | | | | | | | | | | | | |
Personal income tax | | 1 451 | | 1 559 | | 7.4 | | 16 896 | | 16 318 | | - 3.4 | |
Contributions to Health Services Fund | | 433 | | 436 | | 0.7 | | 5 105 | | 5 183 | | 1.5 | |
Corporate taxes | | 521 | | 258 | | - 50.5 | | 3 195 | | 2 910 | | - 8.9 | |
Consumption taxes | | 740 | | 864 | | 16.8 | | 12 265 | | 12 487 | | 1.8 | |
Other sources | | 288 | | 241 | | - 16.3 | | 2 514 | | 2 302 | | - 8.4 | |
Total own-source revenue excluding government enterprises | | 3 433 | | 3 358 | | - 2.2 | | 39 975 | | 39 200 | | - 1.9 | |
Revenue from government enterprises | | 577 | | 603 | | 4.5 | | 4 589 | | 4 287 | | - 6.6 | |
Total own-source revenue | | 4 010 | | 3 961 | | - 1.2 | | 44 564 | | 43 487 | | - 2.4 | |
Federal transfers | | | | | | | | | | | | | |
Equalization | | 669 | | 696 | | 4.0 | | 7 359 | | 7 658 | | 4.1 | |
Health transfers | | 296 | | 342 | | 15.5 | | 3 442 | | 3 807 | | 10.6 | |
Transfers for post-secondary education and other social programs | | 98 | | 134 | | 36.7 | | 1 170 | | 1 327 | | 13.4 | |
Other programs | | 97 | | 137 | | 41.2 | | 827 | | 1 161 | | 40.4 | |
Total federal transfers | | 1 160 | | 1 309 | | 12.8 | | 12 798 | | 13 953 | | 9.0 | |
BUDGETARY REVENUE | | 5 170 | | 5 270 | | 1.9 | | 57 362 | | 57 440 | | 0.1 | |
CONSOLIDATED REVENUE FUND EXPENDITURE | | |
(millions of dollars) | | (Unaudited data) |
| | February | | April to February | |
| | | | | | Change | | | | | | Change | |
Expenditures by mission | | 2009 | | 2010 | | % | | 2008-2009 | | 2009-2010 | | % | |
Program spending | | | | | | | | | | | | | |
Health and Social Services | | 1 902 | | 1 998 | | 5.0 | | 23 101 | | 24 623 | | 6.6 | |
Education and Culture | | 809 | | 846 | | 4.6 | | 13 579 | | 13 746 | | 1.2 | |
Economy and Environment | | 480 | | 453 | | - 5.6 | | 6 145 | | 6 537 | | 6.4 | |
Support for Individuals and Families | | 461 | | 469 | | 1.7 | | 4 985 | | 5 188 | | 4.1 | |
Administration and Justice | | 375 | | 347 | | - 7.5 | | 4 265 | | 4 364 | | 2.3 | |
Total program spending | | 4 027 | | 4 113 | | 2.1 | | 52 075 | | 54 458 | | 4.6 | |
Debt service | | 509 | | 499 | | - 2.0 | | 6 053 | | 5 546 | | - 8.4 | |
BUDGETARY EXPENDITURE | | 4 536 | | 4 612 | | 1.7 | | 58 128 | | 60 004 | | 3.2 | |
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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