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

Exhibit (99.16)

Excerpts from « 2009-2010 Budget — Budget Speech », March 19, 2009.

Gouvernement du Québec
Summary of consolidated budgetary transactions
2008-2009 fiscal year
(millions of dollars)

	March 2008		Preliminary
	Budget		results
BUDGETARY REVENUE
Own-source revenue		48 917		48 555
Federal transfers		14 063		13 924
Total		62 980		62 479
BUDGETARY EXPENDITURE
Program spending		- 56 948		- 57 400
Debt service		- 6 907		- 6 589
Total		- 63 855		- 63 989
NET RESULTS OF CONSOLIDATED ENTITIES		447		205
Contingency reserve		- 200		—
SURPLUS (DEFICIT) FOR THE PURPOSES OF THE PUBLIC ACCOUNTS		- 628		- 1 305
Deposit of dedicated revenues in the Generations Fund		- 742		- 569
BUDGETARY BALANCE BEFORE BUDGETARY RESERVE		- 1 370		- 1 874
Deposit in the Generations Fund from the budgetary reserve		—		- 132
Use of the budgetary reserve		1 370		2 006
BUDGETARY BALANCE FOR THE PURPOSES OF THE BALANCED BUDGET ACT		0		0

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Gouvernement du Québec
Summary of consolidated budgetary transactions
2009-2010 forecast
(millions of dollars)

BUDGETARY REVENUE
Own-source revenue	47 371
Federal transfers	14 841
Total	62 212
BUDGETARY EXPENDITURE
Program spending	- 59 989
Debt service	- 6 104
Total	- 66 093
NET RESULTS OF CONSOLIDATED ENTITIES	355
SURPLUS (DEFICIT) FOR THE PURPOSES OF THE PUBLIC ACCOUNTS	- 3 526
Deposit of dedicated revenues in the Generations Fund	- 715
BUDGETARY BALANCE BEFORE BUDGETARY RESERVE	- 4 241
Use of the budgetary reserve	295
BUDGETARY BALANCE FOR THE PURPOSES OF THE BALANCED BUDGET ACT	- 3 946

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Gouvernement du Québec
Budgetary revenue of the Consolidated Revenue Fund
2009-2010 forecast
(millions of dollars)

OWN-SOURCE REVENUE
Income and property taxes
Personal income tax	18 203
Health Services Fund	5 597
Corporate taxes1	3 266
	27 066
Consumption taxes
Retail sales	10 498
Fuel	1 653
Tobacco	593
Alcoholic beverages	440
	13 184
Duties and permits
Motor vehicles	755
Natural resources	- 74
Other	188
	869
Miscellaneous
Sales of goods and services	396
Interest	588
Fines, forfeitures and recoveries	509
	1 493
Revenue from government enterprises
Hydro-Québec	2 700
Loto-Québec	1 295
Société des alcools du Québec	800
Other	- 36
	4 759
Total	47 371
FEDERAL TRANSFERS
Equalization	8 355
Health transfers	4 137
Transfers for post-secondary education and other social programs	1 413
Other programs	936
Total	14 841
TOTAL BUDGETARY REVENUE	62 212

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.

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Gouvernement du Québec
Budgetary expenditure of the Consolidated Revenue Fund
2009-2010 forecast
(millions of dollars)

PROGRAM SPENDING
Affaires municipales, Régions et Occupation du territoire	1 827.1
Agriculture, Pêcheries et Alimentation	720.3
Assemblée nationale	116.2
Conseil du trésor et Administration gouvernementale	672.6
Conseil exécutif	343.8
Culture, Communications et Condition féminine	668.0
Développement durable, Environnement et Parcs	211.2
Développement économique, Innovation et Exportation	914.9
Éducation, Loisir et Sport	14 431.0
Emploi et Solidarité sociale	4 228.4
Famille et Aînés	2 066.5
Finances (excluding debt service)	177.8
Immigration et Communautés culturelles	296.4
Justice	680.4
Personnes désignées par l’Assemblée nationale	70.6
Relations internationales	115.9
Ressources naturelles et Faune	576.7
Revenu	1 050.0
Santé et Services sociaux	26 872.4
Sécurité publique	1 081.8
Services gouvernementaux	171.3
Tourisme	138.9
Transports	2 770.9
Travail	32.1
Subtotal	60 235.2
Anticipated lapsed appropriations	- 150.0
Deferred appropriations in 2010-2011	- 96.3
Total	59 988.9
DEBT SERVICE
Direct debt service	3 760.0
Interest ascribed to the retirement plans	2 344.0
Total	6 104.0
TOTAL BUDGETARY EXPENDITURE	66 092.9

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Gouvernement du Québec
Consolidated non-budgetary transactions
2009-2010 forecast
(millions of dollars)

INVESTMENTS, LOANS AND ADVANCES
Consolidated Revenue Fund	- 1 119
Consolidated entities	- 226
Total	- 1 345
CAPITAL EXPENDITURES
Consolidated Revenue Fund
Net investments	- 436
Depreciation	257
Subtotal	- 179
Consolidated entities	- 3 125
Total	- 3 304
NET INVESTMENTS IN THE NETWORKS	- 1 004
RETIREMENT PLANS AND EMPLOYEE FUTURE BENEFITS	2 490
OTHER ACCOUNTS
Consolidated Revenue Fund	- 406
Consolidated entities	526
Total	120
TOTAL CONSOLIDATED NON-BUDGETARY TRANSACTIONS	- 3 043

Note: A negative entry indicates a financial requirement and a positive entry, a source of financing.

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Gouvernement du Québec
Consolidated financing transactions
2009-2010 forecast
(millions of dollars)

CHANGE IN CASH POSITION
Consolidated Revenue Fund	5 984
Consolidated entities	—
Total	5 984
NET BORROWINGS
Consolidated Revenue Fund
New borrowings	4 278
Repayment of borrowings	- 5 245
Subtotal	- 967
Consolidated entities
New borrowings	7 082
Repayment of borrowings	- 2 893
Subtotal	4 189
Total	3 222
RETIREMENT PLANS SINKING FUND AND FUNDS DEDICATED TO EMPLOYEE FUTURE BENEFITS	- 2 217
GENERATIONS FUND	- 715
TOTAL CONSOLIDATED FINANCING TRANSACTIONS	6 274

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.

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