Exhibit 99.28
| SUMMARY OF CONSOLIDATED BUDGETARY TRANSACTIONS | ||||||||||||||||
| (unaudited data, millions of dollars) | ||||||||||||||||
| January | April to January | March 2019 budget(1) | ||||||||||||||
| 2018 | 2019 | 2017-2018 | 2018-2019 | Change (%) | 2018-2019 | Change (%) | (2) | |||||||||
| GENERAL FUND | ||||||||||||||||
| Revenue | ||||||||||||||||
| Own-source revenue | 4 645 | 4 887 | 49 330 | 53 302 | 8.1 | 64 844 | 4.6 | |||||||||
| Federal transfers | 1 675 | 1 705 | 16 849 | 17 529 | 4.0 | 20 999 | 4.6 | |||||||||
| Total revenue | 6 320 | 6 592 | 66 179 | 70 831 | 7.0 | 85 843 | 4.6 | |||||||||
| Expenditure | ||||||||||||||||
| Program spending | –5 512 | –6 268 | –58 333 | –61 305 | 5.1 | –76 869 | 6.1 | |||||||||
| Debt service | –587 | –530 | –5 949 | –5 561 | –6.5 | –6 775 | –5.2 | |||||||||
| Total expenditure | –6 099 | –6 798 | –64 282 | –66 866 | 4.0 | –83 644 | 5.1 | |||||||||
| NET RESULTS OF CONSOLIDATED ENTITIES(3) | ||||||||||||||||
| Non-budget-funded bodies and special funds(4) | –115 | –51 | 1 129 | 1 334 | — | 276 | — | |||||||||
| Health and social services and education networks(5) | 103 | 2 | 83 | 17 | — | 25 | — | |||||||||
| Generations Fund | 285 | 233 | 1 818 | 2 580 | — | 3 106 | — | |||||||||
| Total consolidated entities | 273 | 184 | 3 030 | 3 931 | — | 3 407 | — | |||||||||
| SURPLUS (DEFICIT)(6) | 494 | –22 | 4 927 | 7 896 | — | 5 606 | — | |||||||||
| BALANCED BUDGET ACT | ||||||||||||||||
| Deposits of dedicated revenues in the Generations Fund | –285 | –233 | –1 818 | –2 580 | — | –3 106 | — | |||||||||
| BUDGETARY BALANCE(7) | 209 | –255 | 3 109 | 5 316 | — | 2 500 | — | |||||||||
CHANGE IN THE BUDGETARY BALANCE IN 2018-2019
The cumulative results at January 31, 2019 showed a budgetary surplus of $5.3 billion.
Based on the March 2019 budget forecasts, the budgetary surplus is expected to decrease to $2.5 billion over the last two months of the fiscal year. The decrease in the budgetary balance is due to:
an anticipated slowdown in the growth of revenue which, coupled with an anticipated acceleration in the growth of spending, will contribute to reducing the surplus by $1.2 billion;
the initiatives announced in the December 2018 Update on Québec’s Economic and Financial Situation, for which a balance of $144 million is still to be recorded;
the targeted, non-recurring initiatives totalling $1.4 billion in order to improve public services and increase the potential of the economy, announced in Budget 2019-2020.
In keeping with the government’s commitment, the preliminary results for 2018-2019 will be presented in June 2019 in the Monthly Report on Financial Transactions at March 31, 2019.
| CHANGE IN THE BUDGETARY BALANCE ACCORDING TO THE MARCH 2019 BUDGET | ||
| (millions of dollars) | ||
| 2018-2019 | ||
| MONTHLY REPORT ON FINANCIAL TRANSACTIONS AT JANUARY 31, 2019(7) | 5 316 | |
| UPCOMING RESULTS FOR FEBRUARY TO MARCH 2019 | ||
Results related to the economic and budgetary situation | ||
– Revenue and expenditure of the General Fund | –858 | |
– Results of bodies and funds | –382 | |
Subtotal | –1 240 | |
Balance of initiatives from the December 2018 update to be completed | –144 | |
Targeted initiatives for improving public services and increasing the potential of the economy – March 2019 | ||
– Improving the quality of education and health services | –90 | |
– Increasing the potential of the economy | –357 | |
– Acting for the environment | –51 | |
– Supporting communities and other initiatives | –935 | |
Subtotal | –1 432 | |
| TOTAL | –2 816 | |
| ANTICIPATED BUDGETARY BALANCE(7) – MARCH 2019 BUDGET | 2 500 |
Note: Totals may not add due to rounding.
2
GENERAL FUND REVENUE
For January 2019, General Fund revenue reached $6.6 billion, an increase of $272 million compared to January 2018.
Own-source revenue reached $4.9 billion, an increase of $242 million, or 5.2%, compared to January 2018.
Federal transfers amounted to $1.7 billion, up $30 million compared to January 2018.
For the period from April 1, 2018 to January 31, 2019, General Fund revenue totalled $70.8 billion, an increase of $4.7 billion, or 7.0%, compared to January 31, 2018.
Own-source revenue stood at $53.3 billion, up $4.0 billion, or 8.1%, compared to last year.
– This increase is due primarily to growth in personal income tax ($1.6 billion), consumption taxes ($859 million) and corporate taxes ($834 million).
Federal transfers amounted to $17.5 billion, up $680 million compared to January 31, 2018.
– This growth stems primarily from a $543-million increase in equalization revenue.
| GENERAL FUND REVENUE | |||||||||||||
| (unaudited data, millions of dollars) | |||||||||||||
| January | April to January | ||||||||||||
| Revenue by source | 2018 | 2019 | Change (%) | 2017-2018 | 2018-2019 | Change (%) | |||||||
| Own-source revenue excluding revenue from government enterprises | |||||||||||||
| Income and property taxes | |||||||||||||
Personal income tax | 1 342 | 1 483 | 10.5 | 18 048 | 19 648 | 8.9 | |||||||
Contributions for health services | 577 | 585 | 1.4 | 6 161 | 6 417 | 4.2 | |||||||
Corporate taxes | 549 | 507 | –7.7 | 4 107 | 4 941 | 20.3 | |||||||
| Consumption taxes | 1 247 | 1 366 | 9.5 | 16 224 | 17 083 | 5.3 | |||||||
| Other sources | 108 | 138 | 27.8 | 1 307 | 1 493 | 14.2 | |||||||
| Total own-source revenue excluding revenue from government enterprises | 3 823 | 4 079 | 6.7 | 45 847 | 49 582 | 8.1 | |||||||
| Revenue from government enterprises | 822 | 808 | –1.7 | 3 483 | 3 720 | 6.8 | |||||||
| Total own-source revenue | 4 645 | 4 887 | 5.2 | 49 330 | 53 302 | 8.1 | |||||||
| Federal transfers | |||||||||||||
| Equalization | 924 | 978 | 5.8 | 9 234 | 9 777 | 5.9 | |||||||
| Health transfers | 512 | 500 | –2.3 | 5 171 | 5 257 | 1.7 | |||||||
| Transfers for post-secondary education and other social programs | 137 | 116 | –15.3 | 1 417 | 1 330 | –6.1 | |||||||
| Other programs | 102 | 111 | 8.8 | 1 027 | 1 165 | 13.4 | |||||||
| Total federal transfers | 1 675 | 1 705 | 1.8 | 16 849 | 17 529 | 4.0 | |||||||
| TOTAL | 6 320 | 6 592 | 4.3 | 66 179 | 70 831 | 7.0 |
3
GENERAL FUND EXPENDITURE
For January 2019, General Fund expenditure totalled $6.8 billion, up $699 million, or 11.5%, compared to the same period the previous fiscal year.
Program spending rose by $756 million, or 13.7%, to $6.3 billion.
Debt service amounted to $530 million, a decrease of $57 million compared to the same period the previous year.
For the period from April 1, 2018 to January 31, 2019, General Fund expenditure totalled $66.9 billion, up $2.6 billion compared to the same period the previous fiscal year.
Program spending rose by $3.0 billion, or 5.1%, reaching $61.3 billion.
– The most significant changes were in the Health and Social Services mission ($1.1 billion), the Education and Culture mission ($1.1 billion) and the Economy and Environment mission ($589 million).
Debt service amounted to $5.6 billion, a decrease of $388 million compared to last year.
| GENERAL FUND EXPENDITURE | |||||||||||||
| (unaudited data, millions of dollars) | |||||||||||||
| January | April to January | ||||||||||||
| Expenditure by mission | 2018 | (8) | 2019 | Change (%) | 2017-2018 | (8) | 2018-2019 | Change (%) | |||||
| Program spending | |||||||||||||
| Health and Social Services | 2 610 | 3 012 | 15.4 | 30 018 | 31 145 | 3.8 | |||||||
| Education and Culture | 1 709 | 1 885 | 10.3 | 15 296 | 16 398 | 7.2 | |||||||
| Economy and Environment | 325 | 442 | 36.0 | 4 114 | 4 703 | 14.3 | |||||||
| Support for Individuals and Families | 493 | 537 | 8.9 | 5 161 | 5 322 | 3.1 | |||||||
| Administration and Justice | 375 | 392 | 4.5 | 3 744 | 3 737 | –0.2 | |||||||
| Total program spending | 5 512 | 6 268 | 13.7 | 58 333 | 61 305 | 5.1 | |||||||
| Debt service | 587 | 530 | –9.7 | 5 949 | 5 561 | –6.5 | |||||||
| TOTAL | 6 099 | 6 798 | 11.5 | 64 282 | 66 866 | 4.0 | |||||||
4
CONSOLIDATED ENTITIES
For January 2019, the results of consolidated entities showed a surplus of $184 million. These results include:
a deficit of $33 million for special funds;
dedicated revenues of $233 million for the Generations Fund;
a deficit of $18 million for non-budget-funded bodies;
a surplus of $2 million for the health and social services and education networks.
For the period from April 1, 2018 to January 31, 2019, the results of consolidated entities showed a surplus of $3.9 billion.
These results include:
a surplus of $720 million for special funds;
dedicated revenues of $2.6 billion for the Generations Fund;
a surplus of $614 million for non-budget-funded bodies;
a surplus of $17 million for the health and social services and education networks.
| DETAILS OF THE TRANSACTIONS OF CONSOLIDATED ENTITIES | ||||||||||||||||||
| (unaudited data, millions of dollars) | ||||||||||||||||||
| January 2019 | ||||||||||||||||||
| Transfers | ||||||||||||||||||
| Specified | (expenditures) | Non-budget- | Health and | |||||||||||||||
| Special | Generations | purpose | related to the | funded | education | Consolidation | ||||||||||||
| funds | Fund | accounts | tax system | bodies | networks | (5) | Total | adjustments | (9) | Total | ||||||||
| Revenue | 1 092 | 233 | 285 | 898 | 1 955 | �� | 4 463 | –2 431 | 2 032 | |||||||||
| Expenditure | ||||||||||||||||||
Expenditure | –975 | — | –285 | –898 | –1 918 | 2 | –4 074 | 2 364 | –1 710 | |||||||||
Debt service | –150 | — | — | — | –55 | — | –205 | 67 | –138 | |||||||||
| Subtotal | –1 125 | — | –285 | –898 | –1 973 | 2 | –4 279 | 2 431 | –1 848 | |||||||||
| SURPLUS (DEFICIT) | –33 | 233 | — | — | –18 | 2 | 184 | — | 184 | |||||||||
| April 2018 to January 2019 | ||||||||||||||||||
| Transfers | ||||||||||||||||||
| Specified | (expenditures) | Non-budget- | Health and | |||||||||||||||
| Special | Generations | purpose | related to the | funded | education | Consolidation | ||||||||||||
| funds | Fund | accounts | tax system | bodies | networks | (5) | Total | adjustments | (9) | Total | ||||||||
| Revenue | 11 538 | 2 580 | 905 | 5 578 | 20 271 | — | 40 872 | –22 815 | 18 057 | |||||||||
| Expenditure | ||||||||||||||||||
Expenditure | –8 892 | — | –905 | –5 578 | –19 205 | 17 | –34 563 | 22 004 | –12 559 | |||||||||
Debt service | –1 926 | — | — | — | –452 | — | –2 378 | 811 | –1 567 | |||||||||
| Subtotal | –10 818 | — | –905 | –5 578 | –19 657 | 17 | –36 941 | 22 815 | –14 126 | |||||||||
| SURPLUS (DEFICIT) | 720 | 2 580 | — | — | 614 | 17 | 3 931 | — | 3 931 | |||||||||
5
NET FINANCIAL SURPLUS (REQUIREMENTS)
Net financial surpluses (requirements) reflect the current budgetary balance, as well as the year-over-year change in receipts and disbursements in the course of the government’s transactions.
For January 2019, the consolidated net financial surplus stood at $2.3 billion, a decrease of $386 million over last year.
For the period from April 1, 2018 to January 31, 2019, the consolidated net financial surplus stood at $4.6 billion, a decrease of $934 million over last year.
| CONSOLIDATED BUDGETARY AND FINANCIAL TRANSACTIONS | |||||||||||||
| (unaudited data, millions of dollars) | |||||||||||||
| January | April to January | ||||||||||||
| 2018 | 2019 | Change | 2017-2018 | 2018-2019 | Change | ||||||||
| GENERAL FUND | |||||||||||||
| Revenue | |||||||||||||
| Own-source revenue | 4 645 | 4 887 | 242 | 49 330 | 53 302 | 3 972 | |||||||
| Federal transfers | 1 675 | 1 705 | 30 | 16 849 | 17 529 | 680 | |||||||
| Total revenue | 6 320 | 6 592 | 272 | 66 179 | 70 831 | 4 652 | |||||||
| Expenditure | |||||||||||||
| Program spending | –5 512 | –6 268 | –756 | –58 333 | –61 305 | –2 972 | |||||||
| Debt service | –587 | –530 | 57 | –5 949 | –5 561 | 388 | |||||||
| Total expenditure | –6 099 | –6 798 | –699 | –64 282 | –66 866 | –2 584 | |||||||
| NET RESULTS OF CONSOLIDATED ENTITIES(3) | |||||||||||||
| Non-budget-funded bodies and special funds(4) | –115 | –51 | 64 | 1 129 | 1 334 | 205 | |||||||
| Health and social services and education networks(5) | 103 | 2 | –101 | 83 | 17 | –66 | |||||||
| Generations Fund | 285 | 233 | –52 | 1 818 | 2 580 | 762 | |||||||
| Total consolidated entities | 273 | 184 | –89 | 3 030 | 3 931 | 901 | |||||||
| SURPLUS (DEFICIT)(6) | 494 | –22 | –516 | 4 927 | 7 896 | 2 969 | |||||||
| Consolidated non-budgetary surplus (requirements) | 2 185 | 2 315 | 130 | 642 | –3 261 | –3 903 | |||||||
| CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS) | 2 679 | 2 293 | –386 | 5 569 | 4 635 | –934 | |||||||
6
| BUDGET FORECASTS FOR 2018-2019 | ||||||||
| (millions of dollars) | ||||||||
| March 2018 | March 2019 | |||||||
| budget | Adjustments | budget | (1) | Change (%) | (2) | |||
| Own-source revenue excluding revenue from government enterprises | ||||||||
| Income and property taxes | ||||||||
Personal income tax | 23 238 | 587 | 23 825 | 4.2 | ||||
Contributions for health services | 7 382 | 364 | 7 746 | 3.2 | ||||
Corporate taxes | 6 038 | 872 | 6 910 | 13.4 | ||||
| Consumption taxes | 19 578 | 411 | 19 989 | 4.3 | ||||
| Other sources | 1 655 | 119 | 1 774 | 3.6 | ||||
| Total own-source revenue excluding | ||||||||
| revenue from government enterprises | 57 891 | 2 353 | 60 244 | 5.1 | ||||
| Revenue from government enterprises | 3 872 | 728 | 4 600 | –1.3 | ||||
| Total own-source revenue | 61 763 | 3 081 | 64 844 | 4.6 | ||||
| Federal transfers | 21 044 | –45 | 20 999 | 4.6 | ||||
| TOTAL GENERAL FUND REVENUE | 82 807 | 3 036 | 85 843 | 4.6 | ||||
| Program spending | ||||||||
| Health and Social Services | –38 541 | –34 | –38 575 | 5.1 | ||||
| Education and Culture | –20 368 | –16 | –20 384 | 7.4 | ||||
| Economy and Environment | –5 716 | –316 | –6 032 | 2.3 | ||||
| Support for Individuals and Families | –6 529 | 26 | –6 504 | 2.8 | ||||
| Administration and Justice(10) | –5 715 | 339 | –5 376 | 19.1 | ||||
| Total program spending | –76 869 | — | –76 869 | 6.1 | ||||
| Debt service | –7 160 | 385 | –6 775 | –5.2 | ||||
| TOTAL GENERAL FUND EXPENDITURE | –84 029 | 385 | –83 644 | 5.1 | ||||
| Net results of consolidated entities | ||||||||
| Non-budget-funded bodies and special funds(4) | –339 | 615 | 276 | — | ||||
| Health and social services and education networks(5) | –26 | 51 | 25 | — | ||||
| Generations Fund | 2 491 | 615 | 3 106 | — | ||||
| TOTAL CONSOLIDATED ENTITIES | 2 126 | 1 281 | 3 407 | — | ||||
| SURPLUS (DEFICIT)(6) | 904 | 4 702 | 5 606 | — | ||||
| BALANCED BUDGET ACT | ||||||||
| Deposits of dedicated revenues in the Generations Fund | –2 491 | –615 | –3 106 | — | ||||
| Use of the stabilization reserve | 1 587 | –1 587 | — | — | ||||
| BUDGETARY BALANCE(7) | — | 2 500 | 2 500 | — |
Note: Totals may not add due to rounding.
7
| Notes | |
| (1) | The presentation of the budgetary information in this monthly report is consistent with that of the financial framework for the General Fund and consolidated entities as published in the additional tables available on the March 2019 budget documents’ webpage: www.budget.finances.gouv.qc.ca/budget/2019-2020/en/index.asp. However, it takes into account some reclassifications to conform to the 2018-2019 budgetary structure. |
| (2) | This is the annual change compared to actual results in 2017-2018, taking into account the transition to the 2018-2019 budgetary structure. |
| (3) | Details of transactions by type of entity are presented on page 5 of this report. |
| (4) | These results include consolidation adjustments. |
| (5) | The results of the networks are presented according to the modified equity method of accounting. |
| (6) | Balance within the meaning of the Public Accounts. |
| (7) | Budgetary balance within the meaning of the Balanced Budget Act, after use of the stabilization reserve, where applicable. |
| (8) | Certain expenditures were reclassified between missions to take into account the transition to the 2018-2019 budgetary structure. |
| (9) | Consolidation adjustments include the elimination of General Fund program spending. |
| (10) | The amounts include the Contingency Fund reserve. |
The next monthly report, which will present the results at February 28, 2019, will be published on May 3, 2019.
For more information, contact the Direction des communications of the Ministère des Finances at 418 528-7382.
The report is also available on the Ministère des Finances website: www.finances.gouv.qc.ca.
8