Exhibit 99.7
Excerpts from “2006-2007 Budget – Budget Speech”, March 23, 2006
GOUVERNEMENT DU QUÉBEC
SUMMARY OF CONSOLIDATED FINANCIAL TRANSACTIONS
2005-2006 FISCAL YEAR
(millions of dollars)
| April 21, 2005
Budget Speech | Preliminary
results |
|---|
|
| Budgetary transactions of the Consolidated | | |
| Revenue Fund |
| Own-source revenue | 45 528 | 45 476 |
| Federal transfers | 9 607 | 9 972 |
|
| Total revenue | 55 135 | 55 448 |
|
| Program spending | - 48 407 | - 48 940 |
| Debt service | - 6 995 | - 6 849 |
|
| Total expenditure | - 55 402 | - 55 789 |
|
| Net results of consolidated organizations | 267 | 341 |
|
| Consolidated budgetary balance | 0 | 0 |
|
| Consolidated non-budgetary transactions |
| Investments, loans and advances | - 1 517 | - 1 345 |
| Capital expenditures | - 1 242 | - 1 247 |
| Retirement plans | 2 016 | 2 174 |
| Other accounts | 309 | - 218 |
|
| Non-budgetary requirements | - 434 | - 636 |
|
| Net financial requirements | - 434 | - 636 |
|
| Consolidated financing transactions |
| Change in cash position | 2 661 | 197 |
| Change in direct debt1 | - 1 072 | 4 652 |
| Retirement plans sinking fund | - 1 155 | - 4 213 |
|
| Total financing of transactions | 434 | 636 |
|
| Note: | A negative entry indicates a financial requirement and a positive entry, a source of financing. For the change in cash position, a negative entry indicates an increase and a positive entry, a decrease. |
| 1 | The preliminary results for 2005-2006 take into account borrowings of $2 590 million made in advance. |
GOUVERNEMENT DU QUÉBEC
SUMMARY OF CONSOLIDATED FINANCIAL TRANSACTIONS
2006-2007 FORECAST
(millions of dollars)
| Budgetary transactions of the Consolidated Revenue Fund | |
| Own-source revenue | 47 105 |
| Federal transfers | 10 796 |
|
| Total revenue | 57 901 |
| Program spending | - 50 873 |
| Debt service | - 7 205 |
|
| Total expenditure | - 58 078 |
| Net results of consolidated organizations | 177 |
|
| Budgetary balance for the purposes of the Balanced Budget Act | 0 |
|
| Net results of the Generations Fund | 74 |
|
| Consolidated budgetary balance | 74 |
|
| Non-budgetary requirements | - 569 |
|
| Net financial requirements | - 495 |
|
| Consolidated financing transactions |
| Change in cash position | 2 516 |
| Change in direct debt | 966 |
| Retirement plans sinking fund | - 2 987 |
|
| Total financing of transactions | 495 |
|
| Note: | A negative entry indicates a financial requirement and a positive entry, a source of financing. |
GOUVERNEMENT DU QUÉBEC
BUDGETARY REVENUE OF THE CONSOLIDATED REVENUE FUND
2006-2007 FORECAST
(millions of dollars)
| Own-source revenue | |
| Income and property taxes |
| Personal income tax | 17 309 |
| Health Services Fund | 5 331 |
| Corporate taxes1 | 4 349 |
|
| | 26 989 |
|
| Consumption taxes |
| Retail sales | 10 108 |
| Fuel | 1 717 |
| Tobacco | 852 |
| Alcoholic beverages | 431 |
|
| | 13 108 |
|
| Duties and permits |
| Motor vehicles | 745 |
| Natural resources | 60 |
| Other | 164 |
|
| | 969 |
|
| Miscellaneous |
| Sales of goods and services | 396 |
| Interest | 424 |
| Fines, forfeitures and recoveries | 461 |
|
| | 1 281 |
|
| Revenue from government enterprises |
| Hydro-Québec | 2 500 |
| Loto-Québec | 1 524 |
| Société des alcools du Québec | 702 |
| Other | 32 |
|
| | 4 758 |
|
| Total own-source revenue | 47 105 |
|
| Federal transfers |
| Equalization | 5 354 |
| Health transfers | 3 605 |
| Transfers for postsecondary education and other social programs | 1 041 |
| Other programs | 796 |
|
| Total federal transfers | 10 796 |
|
| Total budgetary revenue | 57 901 |
|
| 1 | Includes tax on corporate profits, tax on capital and tax on premiums in lieu of the tax on capital for insurance companies, as well as the tax on public services. |
GOUVERNEMENT DU QUÉBEC
NON-BUDGETARY TRANSACTIONS
2006-2007 FORECAST
(millions of dollars)
| Investments, loans and advances | |
| Consolidated Revenue Fund | - 1 497 |
| Consolidated organizations | 2 |
|
| Total investments, loans and advances | - 1 495 |
|
| Capital expenditures |
| Consolidated Revenue Fund |
| Net investments | - 304 |
| Depreciation | 226 |
|
| | - 78 |
| Consolidated organizations | - 1 171 |
|
| Total capital expenditures | - 1 249 |
|
| Retirement plans |
| Contributions | 5 947 |
| Benefits and other payments | - 3 690 |
|
| Total retirement plans | 2 257 |
|
| Other accounts |
| Consolidated Revenue Fund | - 5 |
| Consolidated organizations | - 77 |
|
| Total other accounts | - 82 |
|
| Total non-budgetary transactions | - 569 |
|
| Note: | A negative entry indicates a financial requirement and a positive entry, a source of financing. |
GOUVERNEMENT DU QUÉBEC
FINANCING TRANSACTIONS
2006-2007 FORECAST
(millions of dollars)
| Change in cash position | |
| Consolidated Revenue Fund | 2 590 |
| Consolidated organizations | -- |
| Generations Fund | - 74 |
|
| Total change in cash position | 2 516 |
|
| Change in direct debt |
| Consolidated Revenue Fund |
| New borrowings | 4 702 |
| Repayment of borrowings | - 4 805 |
|
| | - 103 |
| Consolidated organizations |
| New borrowings | 1 527 |
| Repayment of borrowings | - 458 |
|
| | 1 069 |
|
| Total change in direct debt | 966 |
|
| Retirement plans sinking fund | - 2 987 |
|
| Total financing of transactions | 495 |
|
| Note: | A negative entry indicates a financial requirement and a positive entry, a source of financing. For the change in cash position, a negative entry indicates an increase and a positive entry, a decrease. |
