Exhibit (99.20)
ISSN 1718-8369
V o l u m e 5, n u m b e r 1 0 | | A p r i l 15, 2 0 1 1 |
AS AT JANUARY 31, 2011 |
Highlights for January 2011
q Budgetary revenue in January amounts to $5.8 billion, up $592 million compared to last year. Own-source revenue amounts to $4.5 billion while federal transfers stand at $1.3 billion.
q Program spending amounts to $4.9 billion, up $159 million compared to last year.
q Debt service amounts to $581 million, up $75 million compared to January 2010.
q A surplus of $292 million was posted in January 2011.
q Taking the $87 million deposited in the Generations Fund into account, the monthly budgetary balance within the meaning of the Balanced Budget Act shows a surplus of $205 million.
On the basis of the cumulative results as at January 31, 2011, the budgetary balance, within the meaning of the Balanced Budget Act, amounts to a deficit of $2.8 billion. As forecast in the 2011-2012 Budget of last March 17, the 2010-2011 budget deficit within the meaning of the Balanced Budget Act should amount to $4.2 billion.
SUMMARY OF CONSOLIDATED BUDGETARY TRANSACTIONS | | |
(millions of dollars) | | (Unaudited data) |
| | | | | | Budget |
| | January | | April to January | | 2011-2012 |
| | | | | | | | | | | | Forecast |
| | | | | | | | | | | | Growth |
| | 2010 | 1 | 2011 | | 2009-2010 | 1 | 2010-2011 | | 2010-2011 | 2 | % |
BUDGETARY REVENUE | | | | | | | | | | | | |
Own-source revenue | | 3 910 | | 4 461 | | 39 526 | | 41 433 | | 51 124 | | 6.5 |
Federal transfers | | 1 276 | | 1 317 | | 12 644 | | 12 813 | | 15 451 | | 1.9 |
Total | | 5 186 | | 5 778 | | 52 170 | | 54 246 | | 66 575 | | 5.4 |
BUDGETARY EXPENDITURE | | | | | | | | | | | | |
Program spending including FINESSS3 | | - 4 740 | | - 4 899 | | - 50 086 | | - 51 541 | | - 63 499 | | 3.1 |
Debt service | | - 506 | | - 581 | | - 5 047 | | - 5 701 | | - 6 934 | | 13.4 |
Total | | - 5 246 | | - 5 480 | | - 55 133 | | - 57 242 | | - 70 433 | | 4.0 |
NET RESULTS OF CONSOLIDATED ENTITIES4 | | 71 | | - 6 | | 308 | | 745 | | 690 | | — |
Contingency reserve | | | | | | | | | | - 300 | | — |
SURPLUS (DEFICIT) | | 11 | | 292 | | - 2 655 | | - 2 251 | | - 3 468 | | — |
BALANCED BUDGET ACT | | | | | | | | | | | | |
Generations Fund5 | | - 90 | | - 87 | | - 567 | | - 561 | | - 732 | | — |
Stabilization reserve6 | | — | | — | | 433 | | — | | — | | — |
BUDGETARY BALANCE WITHIN THE MEANING OF THE BALANCED BUDGET ACT | | - 79 | | 205 | | - 2 789 | | - 2 812 | | - 4 200 | | — |
1 | For comparison purposes, expenditure for 2009-2010 has been adjusted to reflect a change made in 2010-2011 to the monthly expenditure allocation rates used by the Ministère de l’Éducation, du Loisir et du Sport for its networks. |
2 | For comparison purposes, budgetary revenue and expenditure are shown according to the structure of the 2010-2011 Budget. See 2011-2012 Budget Plan on page A.18 for program spending and on pages C.11 and C.69 for own-source revenue. |
3 | Including expenditures of the Fund to Finance Health and Social Services Institutions. The forecast for the year amounts to $180 million. |
4 | These net results are those of non-budget-funded bodies, special funds, the health and social services and the education networks, and the Generations Fund. |
5 | The budgetary balance within the meaning of the Balanced Budget Act excludes the results of the Generations Fund. |
6 | The stabilization reserve is used in accordance with the Balanced Budget Act. |
Cumulative results as at January 31, 2011
Budgetary balance
q For the period from April 2010 to January 2011, the budgetary balance, within the meaning of the Balanced Budget Act, shows a deficit of $2.8 billion, $23 million more than last year.
Budgetary revenue
q As at January 31, 2011, budgetary revenue amounts to $54.2 billion, $2.1 billion more than as at January 31, 2010.
— Own-source revenue stands at $41.4 billion, $1.9 billion more than last year.
— Federal transfers amount to $12.8 billion, up $169 million compared to January 31, 2010.
Budgetary expenditure
q Since the beginning of the year, budgetary expenditure amounts to $57.2 billion, an increase of $2.1 billion, or 3.8%, compared to last year.
— For the first ten months of the year, program spending rose by $1.5 billion, i.e. 2.9%, to $51.5 billion. The forecast increase for 2010-2011 in the budget of last March 17 is 3.1% on a comparable basis.1
– The most significant changes are in the Health and Social Services ($607 million), Education and Culture ($421 million) and Administration and Justice ($191 million) missions.
— Debt service amounts to $5.7 billion, up $654 million or 13.0% compared to last year.
Consolidated entities
q As at January 31, 2011, the net results of consolidated entities show a surplus of $745 million.
— Revenue dedicated to the Generations Fund amounts to $561 million.
Net financial requirements
q As at January 31, 2011, consolidated net financial requirements stand at $6.6 billion, a decrease of $1.6 billion compared to last year. The 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.
1 See 2011-2012 Budget Plan on page A.18.
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CONSOLIDATED BUDGETARY AND FINANCIAL TRANSACTIONS | | |
(millions of dollars) | | (Unaudited data) |
| | January | | April to January |
| | 2010 | 1 | 2011 | | Change | | 2009-2010 | 1 | 2010-2011 | | Change |
BUDGETARY REVENUE | | | | | | | | | | | | |
Own-source revenue | | 3 910 | | 4 461 | | 551 | | 39 526 | | 41 433 | | 1 907 |
Federal transfers | | 1 276 | | 1 317 | | 41 | | 12 644 | | 12 813 | | 169 |
Total | | 5 186 | | 5 778 | | 592 | | 52 170 | | 54 246 | | 2 076 |
BUDGETARY EXPENDITURE | | | | | | | | | | | | |
Program spending including FINESSS | | - 4 740 | | - 4 899 | | - 159 | | - 50 086 | | - 51 541 | | - 1 455 |
Debt service | | - 506 | | - 581 | | - 75 | | - 5 047 | | - 5 701 | | - 654 |
Total | | - 5 246 | | - 5 480 | | - 234 | | - 55 133 | | - 57 242 | | - 2 109 |
NET RESULTS OF CONSOLIDATED ENTITIES | | 71 | | - 6 | | - 77 | | 308 | | 745 | | 437 |
SURPLUS (DEFICIT) | | 11 | | 292 | | 281 | | - 2 655 | | - 2 251 | | 404 |
Consolidated non-budgetary surplus (requirements) | | 797 | | 1 155 | | 358 | | - 5 539 | | - 4 380 | | 1 159 |
CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS) | | 808 | | 1 447 | | 639 | | - 8 194 | | - 6 631 | | 1 563 |
1 For comparison purposes, expenditure for 2009-2010 has been adjusted to reflect a change made in 2010-2011 to the monthly allocation rates used by the ministère de l’Éducation, du Loisir et du Sport for its networks.
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CONSOLIDATED REVENUE FUND REVENUE | | |
(millions of dollars) | | (Unaudited data) |
| | January | | April to January |
| | | | | | Change | | | | | | Change |
Revenue by source | | 2010 | | 2011 | | % | | 2009-2010 | | 2010-2011 | | % |
Own-source revenue excluding government enterprises | | | | | | | | | | | | |
Income and property taxes | | | | | | | | | | | | |
Personal income tax | | 1 375 | | 1 512 | | 10.0 | | 14 759 | | 15 612 | | 5.8 |
Contributions to Health Services Fund | | 598 | | 592 | | - 1.0 | | 4 747 | | 4 883 | | 2.9 |
Corporate taxes | | 233 | | 170 | | - 27.0 | | 2 650 | | 2 547 | | - 3.9 |
Consumption taxes | | 934 | | 1 165 | | 24.7 | | 11 623 | | 12 553 | | 8.0 |
Other sources | | 186 | | 262 | | 40.9 | | 2 063 | | 2 264 | | 9.7 |
Total own-source revenue excluding government enterprises | | 3 326 | | 3 701 | | 11.3 | | 35 842 | | 37 859 | | 5.6 |
Revenue from government enterprises | | 584 | | 760 | | 30.1 | | 3 684 | | 3 574 | | - 3.0 |
Total own-source revenue | | 3 910 | | 4 461 | | 14.1 | | 39 526 | | 41 433 | | 4.8 |
Federal transfers | | | | | | | | | | | | |
Equalization | | 696 | | 713 | | 2.4 | | 6 962 | | 7 127 | | 2.4 |
Health transfers | | 348 | | 363 | | 4.3 | | 3 465 | | 3 583 | | 3.4 |
Transfers for post-secondary education and other social programs | | 120 | | 123 | | 2.5 | | 1 193 | | 1 207 | | 1.2 |
Other programs | | 112 | | 118 | | 5.4 | | 1 024 | | 896 | | - 12.5 |
Total federal transfers | | 1 276 | | 1 317 | | 3.2 | | 12 644 | | 12 813 | | 1.3 |
BUDGETARY REVENUE | | 5 186 | | 5 778 | | 11.4 | | 52 170 | | 54 246 | | 4.0 |
CONSOLIDATED REVENUE FUND EXPENDITURE | | |
(millions of dollars) | | (Unaudited data) |
| | January | | April to January |
| | | | | | Change | | | | | | Change |
Expenditures by mission | | 2010 | 1 | 2011 | | % | | 2009-2010 | 1 | 2010-2011 | | % |
Program spending including FINESSS | | | | | | | | | | | | |
Health and Social Services | | 2 069 | | 2 180 | | 5.4 | | 22 625 | | 23 232 | | 2.7 |
Education and Culture | | 1 321 | | 1 368 | | 3.6 | | 12 641 | | 13 062 | | 3.3 |
Economy and Environment | | 469 | | 464 | | - 1.1 | | 6 084 | | 6 214 | | 2.1 |
Support for Individuals and Families | | 473 | | 468 | | - 1.1 | | 4 719 | | 4 825 | | 2.2 |
Administration and Justice | | 408 | | 419 | | 2.7 | | 4 017 | | 4 208 | | 4.8 |
Total program spending | | 4 740 | | 4 899 | | 3.4 | | 50 086 | | 51 541 | | 2.9 |
Debt service | | 506 | | 581 | | 14.8 | | 5 047 | | 5 701 | | 13.0 |
BUDGETARY EXPENDITURE | | 5 246 | | 5 480 | | 4.5 | | 55 133 | | 57 242 | | 3.8 |
1 For comparison purposes, expenditure for 2009-2010 has been adjusted to reflect a change made in 2010-2011 to the monthly allocation rates used by the ministère de l’Éducation, du Loisir et du Sport for its networks.
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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