Exhibit (99.21)
ISSN 1718-8369
V o l u me 5, n u m b e r 1 1 | M a y 1 3 , 2 0 1 1 |
AS AT FEBRUARY 28, 2011 |
Highlights for February 2011
q Budgetary revenue in February amounts to $5.8 billion, up $581 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 $4.7 billion, up $334 million compared to last year.
q Debt service amounts to $570 million, up $71 million compared to February 2010.
q A surplus of $507 million was posted in February 2011.
q Taking the $102 million deposited in the Generations Fund into account, the monthly budgetary balance within the meaning of the Balanced Budget Act shows a surplus of $405 million.
On the basis of the cumulative results as at February 28, 2011, the budgetary balance, within the meaning of the Balanced Budget Act, amounts to a deficit of $2.4 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. This deficit includes a $300-million contingency allowance.
SUMMARY OF CONSOLIDATED BUDGETARY TRANSACTIONS | |
(millions of dollars) | (Unaudited data) |
| | February | | April to February | | Budget
2011-2012 |
| | 2010 | 1 | 2011 | | 2009-2010 | 1 | 2010-2011 | | 2010-2011 | 2 | Forecast Growth
% |
BUDGETARY REVENUE | | | | | | | | | | | | |
Own-source revenue | | 3 961 | | 4 540 | | 43 487 | | 45 973 | | 51 124 | | 6.5 |
Federal transfers | | 1 309 | | 1 311 | | 13 953 | | 14 124 | | 15 451 | | 1.9 |
Total | | 5 270 | | 5 851 | | 57 440 | | 60 097 | | 66 575 | | 5.4 |
BUDGETARY EXPENDITURE | | | | | | | | | | | | |
Program spending including FINESSS3 | | - 4 397 | | - 4 731 | | - 54 483 | | - 56 272 | | - 63 499 | | 3.1 |
Debt service | | - 499 | | - 570 | | - 5 546 | | - 6 271 | | - 6 934 | | 13.4 |
Total | | - 4 896 | | - 5 301 | | - 60 029 | | - 62 543 | | - 70 433 | | 4.0 |
NET RESULTS OF CONSOLIDATED ENTITIES4 | | - 88 | | - 43 | | 220 | | 702 | | 690 | | — |
Contingency reserve | | | | | | | | | | - 300 | | — |
SURPLUS (DEFICIT) | | 286 | | 507 | | - 2 369 | | - 1 744 | | - 3 468 | | — |
BALANCED BUDGET ACT | | | | | | | | | | | | |
Generations Fund5 | | - 74 | | - 102 | | - 641 | | - 663 | | - 732 | | — |
Stabilization reserve6 | | — | | — | | 433 | | — | | — | | — |
BUDGETARY BALANCE WITHIN THE MEANING OF THE BALANCED BUDGET ACT | | 212 | | 405 | | - 2 577 | | - 2 407 | | - 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.70 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 February 28, 2011
Budgetary balance
q For the period from April 2010 to February 2011, the budgetary balance, within the meaning of the Balanced Budget Act, shows a deficit of $2.4 billion.
Budgetary revenue
q As at February 28, 2011, budgetary revenue amounts to $60.1 billion, $2.7 billion more than as at February 28, 2010.
— Own-source revenue stands at $46 billion, $2.5 billion more than last year.
— Federal transfers amount to $14.1 billion, up $171 million compared to February 28, 2010.
Budgetary expenditure
q Since the beginning of the year, budgetary expenditure amounts to $62.5 billion, an increase of $2.5 billion, or 4.2%, compared to last year.
— For the first eleven months, program spending rose $1.8 billion, or 3.3%, and stands at $56.3 billion. The growth forecast for 2010-2011 in the budget last March 17 is 3.1% on a comparable basis.1
– The most significant changes are in the Health and Social Services ($644 million), Education and Culture ($515 million) and Economy and Environment ($259 million) missions.
— Debt service amounts to $6.3 billion, up $725 million or 13.1% compared to last year.
Consolidated entities
q As at February 28, 2011, the net results of consolidated entities show a surplus of $702 million.
— Revenue dedicated to the Generations Fund amounts to $663 million.
Net financial requirements
q As at February 28, 2010, consolidated net financial requirements stand at $5.8 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 page A.18 of the 2011-2012 Budget Plan.
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CONSOLIDATED BUDGETARY AND FINANCIAL TRANSACTIONS | |
(millions of dollars) | (Unaudited data) |
| | February | | April to February |
| | 2010 | 1 | 2011 | | Change | | 2009-2010 | 1 | 2010-2011 | | Change |
BUDGETARY REVENUE | | | | | | | | | | | | |
Own-source revenue | | 3 961 | | 4 540 | | 579 | | 43 487 | | 45 973 | | 2 486 |
Federal transfers | | 1 309 | | 1 311 | | 2 | | 13 953 | | 14 124 | | 171 |
Total | | 5 270 | | 5 851 | | 581 | | 57 440 | | 60 097 | | 2 657 |
BUDGETARY EXPENDITURE | | | | | | | | | | | | |
Program spending including FINESSS | | - 4 397 | | - 4 731 | | - 334 | | - 54 483 | | - 56 272 | | - 1 789 |
Debt service | | - 499 | | - 570 | | - 71 | | - 5 546 | | - 6 271 | | - 725 |
Total | | - 4 896 | | - 5 301 | | - 405 | | - 60 029 | | - 62 543 | | - 2 514 |
NET RESULTS OF CONSOLIDATED ENTITIES | | - 88 | | - 43 | | 45 | | 220 | | 702 | | 482 |
SURPLUS (DEFICIT) | | 286 | | 507 | | 221 | | - 2 369 | | - 1 744 | | 625 |
Consolidated non-budgetary surplus (requirements) | | 498 | | 315 | | - 183 | | - 5 041 | | - 4 065 | | 976 |
CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS) | | 784 | | 822 | | 38 | | - 7 410 | | - 5 809 | | 1 601 |
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) |
| | February | | April to February |
| | | | | | Change | | | | | | Change |
Revenue by source | | 2010 | | 2011 | | % | | 2009-2010 | | 2010-2011 | | % |
Own-source revenue excluding government enterprises | | | | | | | | | | | | |
Income and property taxes | | | | | | | | | | | | |
Personal income tax | | 1 559 | | 1 589 | | 1.9 | | 16 318 | | 17 201 | | 5.4 |
Contributions to Health Services Fund | | 436 | | 471 | | 8.0 | | 5 183 | | 5 354 | | 3.3 |
Corporate taxes | | 258 | | 625 | | 1 42.2 | | 2 908 | | 3 172 | | 9.1 |
Consumption taxes | | 864 | | 908 | | 5.1 | | 12 487 | | 13 461 | | 7.8 |
Other sources | | 241 | | 322 | | 33.6 | | 2 304 | | 2 586 | | 12.2 |
Total own-source revenue excluding government enterprises | | 3 358 | | 3 915 | | 16.6 | | 39 200 | | 41 774 | | 6.6 |
Revenue from government enterprises | | 603 | | 625 | | 3.6 | | 4 287 | | 4 199 | | - 2.1 |
Total own-source revenue | | 3 961 | | 4 540 | | 14.6 | | 43 487 | | 45 973 | | 5.7 |
Federal transfers | | | | | | | | | | | | |
Equalization | | 696 | | 713 | | 2.4 | | 7 658 | | 7 840 | | 2.4 |
Health transfers | | 342 | | 363 | | 6.1 | | 3 807 | | 3 946 | | 3.7 |
Transfers for post-secondary education and other social programs | | 134 | | 124 | | - 7.5 | | 1 327 | | 1 331 | | 0.3 |
Other programs | | 137 | | 111 | | - 19.0 | | 1 161 | | 1 007 | | - 13.3 |
Total federal transfers | | 1 309 | | 1 311 | | 0.2 | | 13 953 | | 14 124 | | 1.2 |
BUDGETARY REVENUE | | 5 270 | | 5 851 | | 11.0 | | 57 440 | | 60 097 | | 4.6 |
CONSOLIDATED REVENUE FUND EXPENDITURE | |
(millions of dollars) | (Unaudited data) |
| | February | | April to February |
Expenditures by mission | | 2010 | 1 | 2011 | | Change
% | | 2009-2010 | 1 | 2010-2011 | | Change
% |
Program spending including FINESSS | | | | | | | | | | | | |
Health and Social Services | | 1 998 | | 2 035 | | 1.9 | | 24 623 | | 25 267 | | 2.6 |
Education and Culture | | 1 130 | | 1 224 | | 8.3 | | 13 771 | | 14 286 | | 3.7 |
Economy and Environment | | 453 | | 582 | | 28.5 | | 6 537 | | 6 796 | | 4.0 |
Support for Individuals and Families | | 469 | | 500 | | 6.6 | | 5 188 | | 5 325 | | 2.6 |
Administration and Justice | | 347 | | 390 | | 12.4 | | 4 364 | | 4 598 | | 5.4 |
Total program spending | | 4 397 | | 4 731 | | 7.6 | | 54 483 | | 56 272 | | 3.3 |
Debt service | | 499 | | 570 | | 14.2 | | 5 546 | | 6 271 | | 13.1 |
BUDGETARY EXPENDITURE | | 4 896 | | 5 301 | | 8.3 | | 60 029 | | 62 543 | | 4.2 |
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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