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

Exhibit 99.22

ISSN 1718-8369

Volume 7, number 10	May 17, 2013
AS AT FEBRUARY 28, 2013

Highlights for February 2013

q Budgetary revenue in February amounts to $5.8 billion, up $171 million compared to last year. Own-source revenue amounts to $4.3 billion while federal transfers stand at $1.5 billion.

q Program spending amounts to $4.7 billion, up $48 million compared to last year.

q Debt service stands at $620 million, up $31 million compared to last year.

q Consolidated budgetary transactions show a surplus of $505 million for February 2013, compared with a surplus of $576 million for February 2012.

q Taking the $99 million deposited in the Generations Fund into account, the monthly budgetary balance within the meaning of the Balanced Budget Act shows a surplus of $406 million for February 2013.

On the basis of the cumulative results as at February 28, 2013, the budgetary balance, within the meaning of the Balanced Budget Act, amounts to a deficit of $955 million. As announced in the March 2013 Update on Québec’s Economic and Financial Situation, the budget deficit objective of $1 500 million for fiscal year 2012-2013 is maintained.

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

	February				April to February					Update on Québec’s Economic and Financial Situation Spring 2013
	20121		2013		2011-20121		2012-2013			2012-2013			Forecast Growth %
BUDGETARY REVENUE
Own-source revenue		4 273		4 280		45 237		47 178	2		52 942	2		5.3
Federal transfers		1 314		1 478		13 909		14 158			15 710			3.1
Total		5 587		5 758		59 146		61 336			68 652			4.8
BUDGETARY EXPENDITURE
Program spending		-4 602		-4 650		-54 666		-55 818			-62 642			1.9
Debt service		-589		-620		-6 695		-7 079			-7 822			6.5
Total		-5 191		-5 270		-61 361		-62 897			-70 464			2.3
CONSOLIDATED ENTITIES3
Non-budget-funded bodies and special funds		126		-56		789		817			462			—
Health and social services and education networks		-41		-26		-135		-211			-100			—
Generations Fund		95		99		743		853			936			—
Total		180		17		1 397		1 459			1 298			—
Contingency reserve		—		—		—		—			-50			—
Exceptional loss – closing of the Gentilly-2 generating station		—		—		—		-1 876			-1 876			—
SURPLUS (DEFICIT)		576		505		-818		-1 978			-2 440			—
BALANCED BUDGET ACT
Deposits of dedicated revenues in the Generations Fund		-95		-99		-743		-853			-936			—
Exceptional loss – closing of the Gentilly-2 generating station4		—		—		—		1 876			1 876			—
BUDGETARY BALANCE WITHIN THE MEANING
OF THE BALANCED BUDGET ACT		481		406		-1 561		-955			-1 500			—

(1) For comparison purposes, the data for 2011-2012 have been adjusted to reflect improvements to the estimation method of mandataries for personal income tax revenue and health services contributions.

(2) Excluding the exceptional loss of $1 876 million resulting from the closure of the Gentilly-2 nuclear power plant in 2012-2013 included in Hydro-Québec’s audited financial statements as at December 31, 2012.

(3) The details of these transactions by type of entity are shown on page 5 of this report.

(4) Since this is a one-time event independent of the management of its day-to-day operations, the government announced, in Budget 2013-2014 last November 20, amendments to the Balanced Budget Act to exclude from the budgetary balance the exceptional loss resulting from the closure of the Gentilly-2 nuclear power plant.

Cumulative results as at February 28, 2013

Budgetary balance

q For the period from April 2012 to February 2013, the budgetary balance, within the meaning of the Balanced Budget Act, amounts to a deficit of $955 million.

q As mentioned in the March 2013 Update on Québec’s Economic and Financial Situation, the budget deficit forecast for fiscal year 2012-2013 is set at $1.5 billion. The following items have a particular effect on the budgetary balance during the year:

— the recognition of an amount of $733 million corresponding to the first portion of the financial compensation arising from the harmonization of the Québec sales tax (QST) with the federal goods and services tax (GST). This amount, recognized at the rate of $244 million per month from January to March 2013, helps reduce the deficit for the fiscal year;

— the additional cost of $407 million relating to payments of the solidarity tax credit during the first three months of 2012-2013, whereas no payment was made during the same period in 2011-2012, since this tax credit was only introduced on July 1, 2011. That contributes to increasing the deficit as at February 28;

— a contingency reserve of $50 million.

Budgetary revenue

q As at February 28, 2013, budgetary revenue amounts to $61.3 billion, $2 190 million more than as at February 29, 2012.

— Own-source revenue stands at $47.2 billion, $1 941 million more than at the same date last year.

— Federal transfers amount to $14.2 billion, up $249 million compared to February 29, 2012.

Budgetary expenditure

q Since the beginning of the fiscal year, budgetary expenditure amounts to $62.9 billion, an increase of $1 536 million, or 2.5%, compared to last year.

— For the first eleven months of the fiscal year, program spending rose by $1 152 million, or 2.1%, and stands at $55.8 billion.

— The most significant changes are in the Health and Social Services ($819 million) and the Education and Culture ($267 million) missions.

— In comparison, the March 2013 Update on Québec’s Economic and Financial Situation stipulates growth of 1.9% for program spending in 2012-2013. Measures have already been taken to meet the program spending growth objective.

— Debt service stands at $7.1 billion, an increase of $384 million or 5.7% compared to last year.

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Consolidated entities

q As at February 28, 2013, the results of consolidated entities show a surplus of $1 459 million. These results include:

— a surplus of $817 million for special funds and non-budget-funded bodies;

— a $211-million deficit for the health and social services and the education networks;

— revenue dedicated to the Generations Fund of $853 million.

Net financial requirements

q As at February 28, 2013, consolidated net financial requirements stand at $4.9 billion, a decrease of $1.7 billion 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.

    CONSOLIDATED BUDGETARY AND FINANCIAL TRANSACTIONS   (millions of dollars) (Unaudited data)  

	February						April to February
	20121		2013		Change		2011-20121		2012-2013			Change
BUDGETARY REVENUE
Own-source revenue		4 273		4 280		7		45 237		47 178	2		1 941
Federal transfers		1 314		1 478		164		13 909		14 158			249
Total		5 587		5 758		171		59 146		61 336			2 190
BUDGETARY EXPENDITURE
Program spending		-4 602		-4 650		-48		-54 666		-55 818			-1 152
Debt service		-589		-620		-31		-6 695		-7 079			-384
Total		-5 191		-5 270		-79		-61 361		-62 897			-1 536
CONSOLIDATED ENTITIES3
Non-budget-funded bodies and special funds		126		-56		-182		789		817			28
Health and social services and education networks		-41		-26		15		-135		-211			-76
Generations Fund		95		99		4		743		853			110
Total		180		17		-163		1 397		1 459			62
Exceptional loss –  Closing of Gentilly-2 nuclear generating station		—		—		—		—		-1 876			-1 876
SURPLUS (DEFICIT)		576		505		-71		-818		-1 978			-1 160
Consolidated non-budgetary requirements		-481		290		771		-5 834		-2 956			2 878
CONSOLIDATED NET FINANCIAL REQUIREMENTS		95		795		700		-6 652		-4 934			1 718

(1) For comparison purposes, the data for 2011-2012 have been adjusted to reflect improvements to the estimation method of mandataries for personal income tax revenue and health services contributions.

(2) Excluding the exceptional loss of $1 876 million resulting from the closure of the Gentilly-2 nuclear power plant in 2012-2013 included in Hydro-Québec’s audited financial statements as at December 31, 2012.

(3) The details of these transactions by type of entity are shown on page 5 of this report.

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

	February						April to February
Revenue by source	20121		2013		Change %		2011-20121		2012-2013			Change %
Own-source revenue excluding government enterprises
Income and property taxes
Personal income tax		1 527		1 411		-7.6		17 137		17 224			0.5
Contributions to Health Services Fund		512		518		1.2		5 668		6 017			6.2
Corporate taxes		483		513		6.2		3 210		3 334			3.9
Consumption taxes		1 030		1 133		10.0		13 123		14 364			9.5
Others sources		206		146		-29.1		1 816		1 688			-7.0
Total own-source revenue excluding government enterprises		3 758		3 721		-1.0		40 954		42 627			4.1
Revenue from government enterprises		515		559		8.5		4 283		4 551	2		6.3
Total own-source revenue		4 273		4 280		0.2		45 237		47 178			4.3
Federal transfers
Equalization		651		616		-5.4		7 163		6 775			-5.4
Protection payment		31		30		-3.2		338		332			-1.8
Health transfers		369		407		10.3		4 142		4 383			5.8
Transfers for post-secondary education and other social programs		128		124		-3.1		1 361		1 360			-0.1
Other programs		135		56		-58.5		905		819			-9.5
Subtotal		1 314		1 233		-6.2		13 909		13 669			-1.7
Harmonization of the QST with the GST – Compensation		—		245		—		—		489			—
Total federal transfers		1 314		1 478		12.5		13 909		14 158			1.8
BUDGETARY REVENUE		5 587		5 758		3.1		59 146		61 336			3.7

(1) For comparison purposes, the data for 2011-2012 have been adjusted to reflect improvements to the estimation method of mandataries for personal income tax revenue and health services contributions.

(2) Excluding the exceptional loss of $1 876 million resulting from the closure of the Gentilly-2 nuclear power plant in 2012-2013 included in Hydro-Québec’s audited financial statements as at December 31, 2012.

    GENERAL FUND EXPENDITURE   (millions of dollars) (Unaudited data)  

	February						April to February
Expenditures by mission	2012		2013		Change %		2011-2012		2012-2013		Change %
Program spending
Health and Social Services		2 095		2 162		3.2		25 999		26 818		3.2
Education and Culture		1 209		1 249		3.3		14 835		15 102		1.8
Economy and Environment		487		471		-3.3		4 918		4 747		-3.5
Support for Individuals and Families		506		497		-1.8		5 544		5 625		1.5
Administration and Justice		305		271		-11.1		3 370		3 526		4.6
Total program spending		4 602		4 650		1.0		54 666		55 818		2.1
Debt service		589		620		5.3		6 695		7 079		5.7
BUDGETARY EXPENDITURE		5 191		5 270		1.5		61 361		62 897		2.5

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

	February 2013
	Special funds		Generations Fund		Specified purpose accounts		Transfers (expenditures) related to the tax system		Non-budget- funded bodies		Health and education networks1		Total		Consolidation adjustments2		Total
REVENUE		769		99		47		300		1 703		—		2 918		-1 665		1 253
EXPENDITURE
Expenditure		-709		—		-47		-300		-1 595		-26		-2 677		1 585		-1 092
Debt service		-136		—		—		—		-88		—		-224		80		-144
TOTAL		-845		—		-47		-300		-1 683		-26		-2 901		1 665		-1 236
RESULTS		-76		99		—		—		20		-26		17		—		17
	April to February 2013
	Special funds		Generations Fund		Specified purpose accounts		Transfers (expenditures) related to the tax system		Non-budget- funded bodies		Health and education networks1		Total		Consolidation adjustments2		Total
REVENUE		8 548		853		867		4 945		20 162		—		35 375		-19 552		15 823
EXPENDITURE
Expenditure		-6 323		—		-867		-4 945		-18 878		-211		-31 224		18 613		-12 611
Debt service		-1 642		—		—		—		-1 050		—		-2 692		939		-1 753
TOTAL		-7 965		—		-867		-4 945		-19 928		-211		-33 916		19 552		14 364
RESULTS		583		853		—		—		234		-211		1 459		—		1 459

(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 general fund.

For more information, contact the Direction des communications of the Ministère des Finances et de l’Économie at 418 646-3983.

The report is also available on the Ministère des Finances et de l’Économie website: www.finances.gouv.qc.ca.

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