Exhibit (99.2)
ISSN 1718-8369
Volume 4, number 12 | July 2, 2010 |
PRELIMINARY AS AT MARCH 31, 2010 |
Note to readers: Preliminary results for 2009-2010
The results published on July 2, 2010, regarding the fiscal year ended March 31, 2010 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 2009-2010 Public Accounts.
Highlights for March 2010
q | Budgetary revenue in March amounts to $5.9 billion, up $336 million compared to last year. Own-source revenue amounts to $4.7 billion, while federal transfers stand at $1.2 billion. |
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q | Program spending rose $297 million in March of this year compared to last year, to $6.8 billion. |
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q | Debt service amounts to $571 million, up $120 million compared to March 2009. |
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q | A deficit of $880 million was posted, i.e. $151 million more than in March 2009. |
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q | Taking into account the $84 million deposited in the Generations Fund and the $300-million contingency reserve provided for in the budget that is maintained to make up for any risks resulting from financial statement closing, the monthly budgetary balance for the purposes of the Balanced Budget Act shows a deficit of $1 264 million. |
On the basis of the cumulative results as at March 31, 2010, the budgetary balance, within the meaning of the Balanced Budget Act, amounts to $3.8 billion. This is an improvement compared with the deficit of $4.3 billion forecast in the 2010-2011 Budget tabled March 30.
SUMMARY OF CONSOLIDATED BUDGETARY TRANSACTIONS | | |
(millions of dollars) | | (Unaudited data) |
| | | | | | | | | | Budget |
| | March | | April to March | | 2010-2011 |
| | | | | | | | | | | | Forecast
Growth |
| | 2009 | | 2010 | | 2008-2009 | | 2009-2010 | | 2009-2010 | | % |
BUDGETARY REVENUE | | | | | | | | | | | | |
Own-source revenue | | 4 329 | | 4 682 | | 48 893 | | 48 169 | | 47 421 | | - 3.0 |
Federal transfers | | 1 225 | | 1 208 | | 14 023 | | 15 161 | | 15 229 | | 8.6 |
Total | | 5 554 | | 5 890 | | 62 916 | | 63 330 | | 62 650 | | - 0.4 |
BUDGETARY EXPENDITURE | | | | | | | | | | | | |
Program spending | | - 6 475 | | - 6 772 | | - 58 550 | | - 61 230 | | - 60 769 | | 3.8 |
Debt service | | - 451 | | - 571 | | - 6 504 | | - 6 117 | | - 6 154 | | - 5.4 |
Total | | - 6 926 | | - 7 343 | | - 65 054 | | - 67 347 | | - 66 923 | | 2.9 |
NET RESULTS OF CONSOLIDATED ENTITIES1 | | 643 | | 573 | | 880 | | 793 | | 598 | | — |
DEFICIT | | - 729 | | - 880 | | - 1 258 | | - 3 224 | | - 3 675 | 2 | — |
Contingency reserve | | — | | - 300 | | — | | - 300 | | - 300 | | — |
BALANCED BUDGET ACT | | | | | | | | | | | | |
Generations Fund3 | | - 55 | | - 84 | | - 587 | | - 725 | | - 715 | | — |
Stabilization reserve | | — | | — | | 1 845 | | 433 | | 433 | | — |
BUDGETARY BALANCE WITHIN THE MEANING OF THE BALANCED BUDGET ACT | | - 784 | | - 1 264 | | 0 | | - 3 816 | | - 4 257 | | — |
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1 Includes the net results of non-budget-funded bodies, special funds, the health and social services and the education networks, and the Generations Fund.
2 Excluding the contingency reserve of $300 million.
3 The budgetary balance for the purposes of the Balanced Budget Act excludes the results of the Generations Fund.
Cumulative results as at March 31, 2010
Budgetary balance
q For the period from April 2009 to March 2010, the budgetary balance for the purposes of the Balanced Budget Act shows a deficit of $3.8 billion.
On the basis of preliminary results, this is an improvement of $441 million compared with the deficit forecast in the 2010-2011 Budget tabled March 30. Moreover, this budgetary balance includes a $300-million contingency reserve until the year’s results are final.
Budgetary revenue
q As at March 31, 2010, budgetary revenue amounts to $63.3 billion, $414 million more than as at March 31, 2009.
— Own-source revenue stands at $48.2 billion, $724 million less than last year.
— Federal transfers amount to $15.1 billion, up $1.1 billion compared to March 31, 2009.
Budgetary expenditure
q For the period from April 2009 to March 2010, budgetary expenditure amounts to $67.3 billion, an increase of $2.3 billion, or 3.5%, compared to last year.
— Program spending rose by $2.7 billion, or 4.6%, and stands at $61.2 billion. The most significant changes are in the Health and Social Services ($1.8 billion), Economy and Environment ($443 million) and Support for Individuals and Families ($231 million) missions.
— Debt service for fiscal year 2009-2010 amounts to $6.1 billion, down $387 million compared to March 31, 2009.
Consolidated entities
q As at March 31, 2010, the net results of consolidated entities show a surplus of $793 million, i.e. $87 million less than last year.
— Revenue dedicated to the Generations Fund amounts to $725 million.
Net financial requirements
q In 2009-2010, consolidated net financial requirements stand at $5.5 billion, an increase of $5.0 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) |
| | March | | April to March |
| | 2009 | | 2010 | | Change | | 2008-2009 | | 2009-2010 | | Change |
BUDGETARY REVENUE | | | | | | | | | | | | |
Own-source revenue | | 4 329 | | 4 682 | | 353 | | 48 893 | | 48 169 | | - 724 |
Federal transfers | | 1 225 | | 1 208 | | - 17 | | 14 023 | | 15 161 | | 1 138 |
Total | | 5 554 | | 5 890 | | 336 | | 62 916 | | 63 330 | | 414 |
BUDGETARY EXPENDITURE | | | | | | | | | | | | |
Program spending | | - 6 475 | | - 6 772 | | - 297 | | - 58 550 | | - 61 230 | | - 2 680 |
Debt service | | - 451 | | - 571 | | - 120 | | - 6 504 | | - 6 117 | | 387 |
Total | | - 6 926 | | - 7 343 | | - 417 | | - 65 054 | | - 67 347 | | - 2 293 |
NET RESULTS OF CONSOLIDATED ENTITIES | | 643 | | 573 | | - 70 | | 880 | | 793 | | - 87 |
DEFICIT | | - 729 | | - 880 | | - 151 | | - 1 258 | | - 3 224 | | - 1 966 |
Consolidated non-budgetary surplus (requirements) | | 3 648 | | 2 805 | | - 843 | | 728 | | - 2 261 | | - 2 989 |
CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS) | | 2 919 | | 1 925 | | - 994 | | - 530 | | - 5 485 | | - 4 955 |
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CONSOLIDATED REVENUE FUND REVENUE | | |
(millions of dollars) | | (Unaudited data) |
| | March | | April to March |
| | | | | | Change | | | | | | Change |
Revenue by source | | 2009 | | 2010 | | % | | 2008-2009 | | 2009-2010 | | % |
Own-source revenue excluding government enterprises | | | | | | | | | | | | |
Income and property taxes | | | | | | | | | | | | |
Personal income tax | | 1 053 | | 1 208 | | 14.7 | | 17 949 | | 17 526 | | - 2.4 |
Contributions to Health Services Fund | | 526 | | 614 | | 16.7 | | 5 631 | | 5 797 | | 2.9 |
Corporate taxes | | 981 | | 957 | | - 2.4 | | 4 176 | | 3 867 | | - 7.4 |
Consumption taxes | | 1 138 | | 950 | | - 16.5 | | 13 403 | | 13 437 | | 0.3 |
Other sources | | 207 | | 360 | | 73.9 | | 2 721 | | 2 662 | | - 2.2 |
Total own-source revenue excluding government enterprises | | 3 905 | | 4 089 | | 4.7 | | 43 880 | | 43 289 | | - 1.3 |
Revenue from government enterprises | | 424 | | 593 | | 39.9 | | 5 013 | | 4 880 | | - 2.7 |
Total own-source revenue | | 4 329 | | 4 682 | | 8.2 | | 48 893 | | 48 169 | | - 1.5 |
Federal transfers | | | | | | | | | | | | |
Equalization | | 669 | | 697 | | 4.2 | | 8 028 | | 8 355 | | 4.1 |
Health transfers | | 298 | | 341 | | 14.4 | | 3 740 | | 4 148 | | 10.9 |
Transfers for post-secondary education and other social programs | | 97 | | 134 | | 38.1 | | 1 267 | | 1 461 | | 15.3 |
Other programs | | 161 | | 36 | | - 77.6 | | 988 | | 1 197 | | 21.2 |
Total federal transfers | | 1 225 | | 1 208 | | - 1.4 | | 14 023 | | 15 161 | | 8.1 |
BUDGETARY REVENUE | | 5 554 | | 5 890 | | 6.0 | | 62 916 | | 63 330 | | 0.7 |
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CONSOLIDATED REVENUE FUND EXPENDITURE | | |
(millions of dollars) | | (Unaudited data) |
| | March | | April to March |
| | | | | | Change | | | | | | Change |
Expenditures by mission | | 2009 | | 2010 | | % | | 2008-2009 | | 2009-2010 | | % |
Program spending | | | | | | | | | | | | |
Health and Social Services | | 2 520 | | 2 754 | | 9.3 | | 25 621 | | 27 377 | | 6.9 |
Education and Culture | | 1 541 | | 1 568 | | 1.8 | | 15 120 | | 15 314 | | 1.3 |
Economy and Environment | | 1 153 | | 1 204 | | 4.4 | | 7 298 | | 7 741 | | 6.1 |
Support for Individuals and Families | | 505 | | 533 | | 5.5 | | 5 490 | | 5 721 | | 4.2 |
Administration and Justice | | 756 | | 713 | | - 5.7 | | 5 021 | | 5 077 | | 1.1 |
Total program spending | | 6 475 | | 6 772 | | 4.6 | | 58 550 | | 61 230 | | 4.6 |
Debt service | | 451 | | 571 | | 26.6 | | 6 504 | | 6 117 | | - 6.0 |
BUDGETARY EXPENDITURE | | 6 926 | | 7 343 | | 6.0 | | 65 054 | | 67 347 | | 3.5 |
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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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