Quebec 18-K/A Annual report (foreign governments) (amended)

Exhibit 99.4

    Volume 6, number 11 July 6, 2012    

PRELIMINARY AS AT MARCH 31, 2012

Note to the readers: Preliminary results for 2011-2012

The results published on July 6, 2012 regarding the fiscal year ended March 31, 2012 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 this fall in the 2011-2012 Public Accounts.

Highlights for March 2012

q Budgetary revenue in March amounts to $6.4 billion, up $38 million compared to last year. Own-source revenue amounts to $5.1 billion while federal transfers stand at $1.3 billion.

q Program spending amounts to $6.9 billion, down $127 million compared to last year. Debt service amounts to $653 million, up $33 million compared to March 2011.

q The deficit for March 2012 stands at $973 million compared with $646 million for March 2011. Taking into account the maintenance of the $300-million contingency reserve stipulated in the budget to cover any risk resulting from the closing of the financial statements and the $97 million deposited in the Generations Fund, the monthly budgetary balance within the meaning of the Balanced Budget Act shows a deficit of $1.4 billion.

On the basis of the cumulative results as at March 31, 2012, the budgetary balance within the meaning of the Balanced Budget Act amounts to a deficit of $3 270 million. This is an improvement of $30 million compared to the deficit for 2011-2012 forecast in the budget last March 20.

    SUMMARY OF CONSOLIDATED BUDGETARY TRANSACTIONS   (millions of dollars) (Unaudited data)  

	March				April to March				2012-2013 Budget
	20111		2012		2010-20111		2011-2012		2011-2012		Forecast Growth %
BUDGETARY REVENUE
Own-source revenue		5 078		5 087		47 226		49 985		50 364		6.6
Federal transfers		1 301		1 330		15 425		15 239		15 175		- 1.6
Total		6 379		6 417		62 651		65 224		65 539		4.6
BUDGETARY EXPENDITURE
Program spending		- 6 986		- 6 859		- 60 166		- 61 525		- 61 384		2.0
Debt service		- 620		- 653		- 6 984		- 7 348		- 7 452		6.7
Total		- 7 606		- 7 512		- 67 150		- 68 873		- 68 836		2.5
CONSOLIDATED ENTITIES2
Non-budget-funded bodies and special funds		176		67		1 189		856		342		—
Health and social services and education networks		308		- 42		160		- 177		- 45		—
Generations Fund		97		97		760		840		848		—
Total		581		122		2 109		1 519		1 145		—
DEFICIT		- 646		- 973		- 2 390		- 2 130		- 2 152		—
Contingency reserve		—		- 300		—		- 300		- 300		—
BALANCED BUDGET ACT
Deposits of dedicated revenues in the Generations Fund		- 97		- 97		- 760		- 840		- 848		—
BUDGETARY BALANCE WITHIN THE MEANING OF THE BALANCED BUDGET ACT		- 743		- 1 370		- 3 150		- 3 270		- 3 300		—

1 For comparison purposes, the final figures for 2010-2011 have been adjusted to reflect the reclassification of the expenditure for doubtful accounts as a charge against tax revenues and those attributable to the creation of special funds since the tabling of the March 2010 budget, in particular the Tax Administration Fund (FRAF).

2 The details of these revenues and expenditures are shown on page 5 of this report.

Cumulative results as at March 31, 2012

Budgetary balance

q For the period from April 2011 to March 2012, the budgetary balance within the meaning of the Balanced Budget Act shows a deficit of $3 270 million. On the basis of preliminary results, this is an improvement of $30 million compared with the deficit for 2011-2012 forecast in the budget last March 20. This balance includes a $300-million contingency reserve until the results of the year are final.

Budgetary revenue

q As at March 31, 2012, budgetary revenue amounts to $65.2 billion, $2.6 billion more than as at March 31, 2011.

— Own-source revenue stands at $50.0 billion, $2.8 billion more than last year.

— Federal transfers amount to $15.2 billion, down $186 million compared to March 31, 2011.

Budgetary expenditure

q For 2011-2012, budgetary expenditure amounts to $68.9 billion, an increase of $1.7 billion, or 2.6%, compared to last year.

— Program spending rose $1.4 billion, or 2.3%, and stands at $61.5 billion. The growth forecast for 2011-2012 in the budget last March 20 is 2.0%.

— The most significant changes are in the Health and Social Services ($679 million), Education and Culture ($507 million) and Support for Individuals and Families ($193 million) missions.

— Debt service stands at $7.3 billion, an increase of $364 million or 5.2% compared to last year.

Consolidated entities

q As at March 31, 2012, the net results of consolidated entities show a surplus of $1.5 billion. These results include:

— a surplus of $856 million for non-budget-funded bodies and special funds;

— a $177-million deficit for the health and social services and the education networks;

— revenue dedicated to the Generations Fund of $840 million.

Net financial requirements

q As at March 31, 2012, consolidated net financial requirements stand at $6.4 billion, an increase of $639 million compared to last year. 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
	20111		2012		Change		2010-20111		2011-2012		Change
BUDGETARY REVENUE
Own-source revenue		5 078		5 087		9		47 226		49 985		2 759
Federal transfers		1 301		1 330		29		15 425		15 239		- 186
Total		6 379		6 417		38		62 651		65 224		2 573
BUDGETARY EXPENDITURE
Program spending		- 6 986		- 6 859		127		- 60 166		- 61 525		- 1 359
Debt service		- 620		- 653		- 33		- 6 984		- 7 348		- 364
Total		- 7 606		- 7 512		94		- 67 150		- 68 873		- 1 723
CONSOLIDATED ENTITIES2
Non-budget-funded bodies and special funds		176		67		- 109		1 189		856		- 333
Health and social services and education networks		308		- 42		- 350		160		- 177		- 337
Generations Fund		97		97		—		760		840		80
Total		581		122		- 459		2 109		1 519		- 590
DEFICIT		- 646		- 973		- 327		- 2 390		- 2 130		260
Consolidated non-budgetary requirements		722		1 214		492		- 3 343		- 4 242		- 899
CONSOLIDATED NET FINANCIAL SURPLUS (REQUIREMENTS)		76		241		165		- 5 733		- 6 372		- 639

1 For comparison purposes, the final figures for 2010-2011 have been adjusted to reflect the reclassification of the expenditure for doubtful accounts as a charge against tax revenues and those attributable to the creation of special funds since the tabling of the March 2010 budget, in particular the Tax Administration Fund (FRAF).

2 The details of these revenues and expenditures are shown on page 5 of this report.

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    CONSOLIDATED REVENUE FUND REVENUE   (millions of dollars) (Unaudited data)  

	March						April to March
Revenue by source	20111		2012		Change %		2010-20111		2011-2012		Change %
Own-source revenue excluding government enterprises
Income and property taxes
Personal income tax		1 535		1 833		19.4		17 913		18 703		4.4
Contributions to Health Services Fund		620		648		4.5		5 974		6 244		4.5
Corporate taxes		722		574		- 20.5		3 639		3 784		4.0
Consumption taxes		1 145		1 255		9.6		12 669		14 378		13.5
Others sources		417		311		- 25.4		2 193		2 127		- 3.0
Total own-source revenue excluding government enterprises		4 439		4 621		4.1		42 388		45 236		6.7
Revenue from government enterprises		639		466		- 27.1		4 838		4 749		- 1.8
Total own-source revenue		5 078		5 087		0.2		47 226		49 985		5.8
Federal transfers
Equalization		712		652		- 8.4		8 552		7 815		- 8.6
Protection payment		—		31		—		—		369		—
Health transfers		363		369		1.7		4 309		4 511		4.7
Transfers for post-secondary education and other social programs		124		128		3.2		1 455		1 489		2.3
Other programs		102		150		47.1		1 109		1 055		- 4.9
Total federal transfers		1 301		1 330		2.2		15 425		15 239		- 1.2
BUDGETARY REVENUE		6 379		6 417		0.6		62 651		65 224		4.1

1 For comparison purposes, the final figures for 2010-2011 have been adjusted to reflect the reclassification of the expenditure for doubtful accounts as a charge against tax revenues and those attributable to the creation of special funds since the tabling of the March 2010 budget, in particular the Tax Administration Fund (FRAF).

    CONSOLIDATED REVENUE FUND EXPENDITURE   (millions of dollars) (Unaudited data)  

	March						April to March
Expenditures by mission	20111		2012		Change %		2010-20111		2011-2012		Change %
Program spending
Health and Social Services		3 202		3 194		- 0.2		28 514		29 193		2.4
Education and Culture		1 622		1 688		4.1		16 016		16 523		3.2
Economy and Environment		948		916		- 3.4		5 883		5 834		- 0.8
Support for Individuals and Families		599		565		- 5.7		5 924		6 117		3.3
Administration and Justice		615		496		- 19.3		3 829		3 858		0.8
Total program spending		6 986		6 859		- 1.8		60 166		61 525		2.3
Debt service		620		653		5.3		6 984		7 348		5.2
BUDGETARY EXPENDITURE		7 606		7 512		- 1.2		67 150		68 873		2.6

1 For comparison purposes, the final figures for 2010-2011 have been adjusted to reflect the reclassification of the expenditure for doubtful accounts as a charge against tax revenues and those attributable to the creation of special funds since the tabling of the March 2010 budget, in particular the Tax Administration Fund (FRAF).

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DETAILED INFORMATION ON THE TRANSACTIONS OF CONSOLIDATED ENTITIES
(millions of dollars)	(Unaudited data)

	March 2012
	Special funds		Non-budget- funded bodies		Health and education networks1		Generations Fund		Specified purpose accounts		Total		Consolidation adjustments2		Total
REVENUE		1 282		1 815		—		97		321		3 515		- 1 128		2 387
EXPENDITURE
Expenditure		- 1 131		- 1 687		- 42		—		- 321		- 3 181		1 016		- 2 165
Debt service		- 111		- 101		—		—		—		- 212		112		- 100
TOTAL		- 1 242		- 1 788		- 42		—		- 321		- 3 393		1 128		- 2 265
RESULTS		40		27		- 42		97		—		122		—		122
	April 2011 to March 2012
	Special funds		Non-budget- funded bodies		Health and education networks1		Generations Fund		Specified purpose accounts		Total		Consolidation adjustments2		Total
REVENUE		12 264		18 315		—		840		1 477		32 896		- 20 604		12 292
EXPENDITURE
Expenditure		- 9 871		- 16 938		- 177		—		- 1 477		- 28 463		19 623		- 8 840
Debt service		- 1 687		- 1 227		—		—		—		- 2 914		981		- 1 933
TOTAL		- 11 558		- 18 165		- 177		—		- 1 477		- 31 377		20 604		- 10 773
RESULTS		706		150		- 177		840		—		1 519		—		1 519

1 The results of the networks are presented according to the modified equity accounting method.

2 Consolidation adjustments include the elimination of program spending of the Consolidated Revenue Fund.

For more information, contact the Direction des communications of the ministère des Finances du Québec at 418 528-9323.

The report is also available on the ministère des Finances du Québec website: www.finances.gouv.qc.ca.

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