FORM 18-K/A
For Foreign Governments and Political Subdivisions Thereof
__________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
AMENDMENT NO. 2 TO
ANNUAL REPORT
of
PROVINCE OF ONTARIO
(Canada)
(Name of Registrant)
____________________
Date of end of last fiscal year: March 31, 2007
SECURITIES REGISTERED*
(As of the close of the fiscal year)
Title of Issue Amounts as to which Names of exchanges
registration is effective on which registered
________________________________________________________________________________
N/A N/A N/A
________________________________________________________________________________
Name and address of persons authorized to receive notices and
communications from the Securities and Exchange Commission:
Nathanael Richard
First Secretary
Canadian Embassy
501 Pennsylvania Avenue N.W.
Washington, D.C. 20001
Copies to:
Christopher J. Cummings
Shearman & Sterling LLP
Commerce Court West, 199 Bay Street
Suite 4405, P.O. Box 247
Toronto, Ontario, Canada M5L IE8
* The Registrant is filing this annual report on a voluntary basis.
PROVINCE OF ONTARIO
The undersigned registrant hereby amends its Annual Report on Form 18-K for
the fiscal year ended March 31, 2007 (the "Annual Report") as follows:
The following additional exhibit is added to the Annual Report:
Exhibit (f) 2007-08 Third Quarter Ontario Finances
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to the annual report to be signed on
its behalf by the undersigned, thereunto duly authorized, at Toronto, Ontario.
PROVINCE OF ONTARIO
(Name of registrant)
January 31, 2008 By: /s/ Michael D. Manning
____________________________________
Name: Michael D. Manning
Title: Executive Director
Capital Markets Division
Ontario Financing Authority
Exhibit Index
Exhibit (f): 2007-08 Third Quarter Ontario Finances
EXHIBIT (f)
2007-08 Third Quarter Ontario Finances
ONTARIO FINANCES [ONTARIO LOGO]
2007-08 THIRD QUARTER QUARTERLY UPDATE - DECEMBER 31, 2007 MINISTRY OF FINANCE
__________________________________________________________________________________________________________________________
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FISCAL SUMMARY 2007-08
-----------------------------------------------
($ Millions) Actual Budget Current* In-Year
2006-07 Plan Outlook Change
- --------------------------------------------------------------------------------------------------------------------------
Revenue 90,397 91,503 94,370 2,867
Expense
Programs 79,297 82,030 84,553 2,523
Interest on Debt 8,831 9,123 9,067 (56)
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Total Expense 88,128 91,153 93,620 2,467
Reserve - 750 750 -
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SURPLUS / (DEFICIT) 2,269 (400) 0 400
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* Third-quarter fiscal forecast as at December 31, 2007.
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2007-08 FISCAL OUTLOOK
The government is currently projecting a balanced budget for the Province in 2007-08. This represents an in-year improvement
of $400 million from the 2007 Ontario Budget Plan and is consistent with the fiscal outlook presented in the 2007 Ontario
Economic Outlook and Fiscal Review and the 2007-08 First Quarter Ontario Finances.
[Bar Chart: Ontario's Fiscal Performance, Fiscal Balance ($ billions]
The government's sound leadership and prudent fiscal management have resulted in a steady improvement from the inherited
$5.5 billion deficit in 2003-04 to the $2.3 billion surplus recorded in 2006-07. With the third quarter of 2007-08 now complete,
and the fiscal plan on track, there is reason for increased confidence that the $750 million reserve included in the 2007 Budget
Plan will not be required in 2007-08. If the reserve is not required, the government would be on track to achieve a $750 million
surplus, which would be its third consecutive surplus.
In the 2007 Economic Outlook and Fiscal Review, the government announced more than $3 billion in new investments and tax reductions
aimed at strengthening Ontario's economic advantage and helping the manufacturing, forestry, agriculture and tourism sectors weather
economic challenges. Although the Ontario economy remains fundamentally strong and is on track to outperform the 2007 Budget
forecast, private-sector economists predict that future economic growth prospects have been dampened by external challenges.
Therefore, in order to continue to improve public services while delivering balanced budgets, the government must maintain its
prudent and disciplined fiscal management in the face of external challenges.
____________________________________________________________________________________________________________________________________
For further information contact Ce rapport est disponible en français
Communications and Corporate Affairs Branch Pour plus de renseignements contactez
(416) 325-0333 Direction des communications et des
Frost Building North, Queen's Park affaires ministérielles, (416) 325-0333
Toronto M7A 1Z1 Édifice Frost Nord, Queen's Park, Toronto M7A 1Z1
This document is available on the Internet at: http://www.fin.gov.on.ca/english/budget/finances/2007/ofin073.html © Queen's Printer for Ontario, 2008
ONTARIO FINANCES DETAILS OF IN-YEAR CHANGES
____________________________________________________________________________________________________________________________________
FISCAL PERFORMANCE
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REVENUE AT $94.4 BILLION
The revenue outlook, at $94,370 million, has increased $270 million since the 2007 Economic Outlook and Fiscal Review, for a total
of $2,867 million since the 2007 Budget. Changes since the 2007 Economic Outlook and Fiscal Review include:
• a Corporations Tax forecast increase of $220 million based on stronger 2007 profit growth, and
• higher Retail Sales Tax revenue of $50 million based on stronger growth in 2007 consumer spending.
The 2007-08 outlook maintains the prudent approach of the 2007 Economic Outlook and Fiscal Review. December tax receipts, largely
final 2007 tax remittances from much of the financial sector, suggest potentially higher Corporations Tax revenues in 2007-08.
Critical revenue information that could materially affect the forecast will arrive later in the year, notably receipt of final 2007
Corporations Tax instalment payments from the non-financial sector. Given continued risks and uncertainties over the remainder of
the fiscal year, the 2007-08 taxation revenue outlook remains prudent.
TOTAL EXPENSE AT $93.6 BILLION
Total expense, at $93,620 million, has increased by a total of $2,467 million since the 2007 Budget and is $270 million higher than
the forecast in the 2007 Economic Outlook and Fiscal Review. Ministry program expense changes this quarter, and the corresponding
offsets, include:
• Ministry of the Attorney General: An increase of $101 million for the Criminal Injuries Compensation Board to make a provision
for the projected cost of the backlog of cases currently being reviewed.
• Ministry of Community and Social Services: While the Ontario Works' portions of social assistance expense remain as forecast in
the 2007 Budget, an overall increase of $155 million is required to support people with disabilities who are in financial need
through the Ontario Disability Support Program.
• Ministry of Research and Innovation: An increase of $5 million to support innovative diagnostic imaging research projects and
create additional research space at the new Institute for Diagnostic Imaging Research at the University of Windsor, fully offset
from the Capital Contingency Fund.
• Ministry of Tourism: An increase of $20 million to expand tourism marketing initiatives that will attract new domestic and
international visitors to communities and major attractions across the province, fully offset by the Operating Contingency Fund.
• Ministry of Transportation: An increase of $300 million for municipal transit, which includes $206 million in one-time transit
funding for the City of Toronto to improve public transit service, and $94 million to be distributed to other municipalities for
municipal transit state-of-good-repair investments, fully offset from the Capital Contingency Fund.
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ONTARIO FINANCES DETAILS OF IN-YEAR CHANGES
____________________________________________________________________________________________________________________________________
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IN-YEAR EXPENSE CHANGES, CONTINUED
• Operating Contingency Fund: A net decrease of $6 million in the Operating Contingency Fund mainly due to an increase of $14 million
arising from revenue improvements identified since the 2007 Economic Outlook and Fiscal Review, which the government will invest
in key priority areas, offset by a decrease of $20 million that was allocated to the Ministry of Tourism.
• Capital Contingency Fund: A decrease of $305 million in the Capital Contingency Fund, allocated to fund ministries' changes in
expense as outlined.
Interest on debt expense for the year remains unchanged from the 2007 Economic Outlook and Fiscal Review at $9,067 million.
RESERVE AT $0.8 BILLION
The current fiscal outlook maintains a $750 million reserve to protect against unexpected and adverse changes in the Province's
revenue and expense outlook, including those resulting from changes in Ontario's economic performance. Should this reserve not be
required, it is projected that the Province would achieve a surplus of $750 million.
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ONTARIO FINANCES FISCAL PERFORMANCE
____________________________________________________________________________________________________________________________________
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STATEMENT OF FINANCIAL TRANSACTIONS Current*
Actual Outlook
($ Millions) 2003-04 2004-05 2005-06 2006-07 2007-08
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Revenue 68,400 77,841 84,225 90,397 94,370
Expense
Programs 64,279 70,028 74,908 79,297 84,553
Interest on Debt 9,604 9,368 9,019 8,831 9,067
------------------------------------------------------------------------------
Total Expense 73,883 79,396 83,927 88,128 93,620
Reserve - - - - 750
------------------------------------------------------------------------------
Surplus / (Deficit) (5,483) (1,555) 298 2,269 0
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Net Debt†,‡ 138,816 140,921 141,928 141,100 143,079
Accumulated Deficit+ 124,188 125,743 109,155 106,776 106,776
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Note: Starting in 2005-06, the Province's financial reporting was expanded to include hospitals, school boards and colleges using
one-line consolidation. Total expense prior to 2005-06 has not been restated to reflect expanded reporting.
* Third-quarter fiscal forecast as at December 31, 2007.
+ Net Debt is calculated as the difference between liabilities and financial assets. The annual change in Net Debt is equal to the
surplus/deficit of the Province plus the change in tangible capital assets and the change in net assets of hospitals, school
boards and colleges. Accumulated Deficit is calculated as the difference between liabilities and total assets including tangible
capital assets and net assets of hospitals, school boards and colleges. The annual change in the Accumulated Deficit is equal to
the surplus/deficit. For fiscal 2005-06, the change in the Accumulated Deficit includes the opening combined net assets of
hospitals, school boards and colleges that were recognized upon consolidation of these Broader Public Sector entities. For fiscal
2006-07, the change in the Accumulated Deficit includes an adjustment to the unfunded liability of the Ontario Electricity
Financial Corporation made at the beginning of the year.
‡ Net Debt is restated in 2003-04, 2004-05 and 2005-06 to reflect the value of hydro corridor lands transferred to the Province
from Hydro One Inc.
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SELECTED ECONOMIC AND FISCAL STATISTICS
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Current*
Actual Outlook
2003-04 2004-05 2005-06 2006-07 2007-08
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Gross Domestic Product (GDP) at Market Prices 493,081 516,792 536,908 557,784 585,673
($ Millions)
Ontario Population (000s) - July 1 12,263 12,420 12,565 12,705 12,804
Ontario Revenue as a per cent of GDP 13.9 15.1 15.7 16.2 16.1
Ontario Revenue Growth (%) (0.7) 13.8 8.2 7.3 4.4
Ontario Total Expense as a per cent of GDP 15.0 15.4 15.6 15.8 16.0
Ontario Total Expense Growth (%) 7.4 7.5 5.7 5.0 6.2
Ontario Total Program Expense as a per cent of GDP 13.0 13.6 14.0 14.2 14.4
Ontario Total Program Expense Growth (%) 8.8 8.9 7.0 5.9 6.6
Ontario Interest on Debt as a per cent of Revenue 14.0 12.0 10.7 9.8 9.6
Ontario Interest on Debt as a per cent of Total Expense 13.0 11.8 10.7 10.0 9.7
Ontario Interest on Debt as a per cent of GDP 1.9 1.8 1.7 1.6 1.5
Ontario Surplus / (Deficit) as a per cent of GDP (1.1) (0.3) 0.1 0.4 0.0
Net Debt per capita ($) 11,320 11,346 11,295 11,106 11,175
Net Debt as a per cent of GDP 28.2 27.3 26.4 25.3 24.4
Accumulated Deficit per capita ($) 10,127 10,124 8,687 8,404 8,339
Accumulated Deficit as a per cent of GDP 25.2 24.3 20.3 19.1 18.2
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* Third-quarter fiscal forecast as at December 31, 2007.
Sources: Ontario Ministry of Finance and Statistics Canada.
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ONTARIO FINANCES ECONOMIC PERFORMANCE
____________________________________________________________________________________________________________________________________
ONTARIO ECONOMIC OUTLOOK
In the 2007 Economic Outlook and Fiscal Review, the Ministry of Finance projected real gross domestic product (GDP) growth of 1.9
per cent for 2007, 1.8 per cent in 2008, 2.4 per cent in 2009 and 2.8 per cent in 2010. These projections were 0.1 percentage point
below the average private-sector forecast at that time. The moderate rate of economic growth in the near term primarily reflects
weaker growth in the U.S. economy, as well as the negative impact of the high dollar and high oil prices.
[Bar chart: Ontario Economic Outlook for 2007 to 2010 - Real Gross Domestic Product Growth]
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ONTARIO REAL GDP MODERATES IN JULY-SEPTEMBER QUARTER
• Ontario's real GDP grew by 0.5 per cent (2.0 per cent annualized) in the third calendar quarter of 2007, following growth of 0.7
per cent in the second quarter.
• The increase in real GDP reflected a build-up in business inventories and solid gains in household and business spending.
JOB CREATION STEADY IN 2007
• Ontario employment rose by 101,100 jobs (1.6 per cent) in 2007, while the unemployment rate averaged 6.4 per cent.
• In the fourth quarter of 2007, Ontario employment advanced by 46,700 jobs, following an increase of 35,300 jobs in the third quarter.
The unemployment rate was 6.2 per cent in the fourth quarter.
RETAIL SALES UP IN 2007
• Over the first 11 months of 2007, Ontario retail sales were up 4.0 per cent compared to the same period in 2006.
INFLATION MODERATES IN NOVEMBER
• The Ontario Consumer Price Index inflation rate was 1.8 per cent in 2007, identical to the rate in 2006.
HOUSING MARKET ACTIVITY
• Ontario home resales reached a level of 15,353 units in November, up 10.3 per cent from the same month in 2006 and the best November
on record. On a year-to-date basis, sales of existing Ontario homes were up 10.2 per cent over the first 11 months of 2007, compared
to the same period in 2006.
• Ontario recorded 68,100 housing starts in 2007, down 7.2 per cent from 2006.
MANUFACTURING SALES AND INTERNATIONAL EXPORTS IN 2007
• Over the first 11 months of 2007, Ontario manufacturing sales were 0.4 per cent below their value for the same period last year.
• Over the first 11 months of 2007, the value of Ontario international merchandise exports was up 2.1 per cent, compared to the same
period in 2006, while imports, on the same basis, were up 3.7 per cent.
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ONTARIO FINANCES ECONOMIC TRENDS AND PERFORMANCE
____________________________________________________________________________________________________________________________________
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KEY ECONOMIC INDICATORS
(Per cent change from previous period, unless indicated otherwise)
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Annual Annual Quarterly
----------------------------------------------------------------------------
2006 2007 06:3 06:4 07:1 07:2 07:3
----------------------------------------------------------------------------
Output (Seasonally Adjusted at Annual Rates)
Real GDP Ontario 2.1 N/A 0.4 2.8 2.7 2.8 2.0
Nominal GDP Ontario 3.9 N/A 2.1 5.2 6.6 7.7 3.4
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Annual Annual Monthly 2007
----------------------------------------------------------------------------
2006 2007 Aug Sep Oct Nov Dec
----------------------------------------------------------------------------
Other Indicators (Seasonally Adjusted)
Labour Markets
Labour Force (Change in 000s) 78 116 (6) 15 24 12 2
Employment (Change in 000s) 95 101 9 30 32 (5) (16)
Unemployment Rate (%) 6.3 6.4 6.4 6.2 6.0 6.2 6.5
Household Sector
Retail Sales 4.1 N/A 1.9 0.0 (0.3) 1.0 N/A
Housing Starts (000s)* 73.4 68.1 68.8 84.4 67.4 74.9 51.7
MLS Home Resales** (1.1) N/A 11.2 1.2 12.3 10.3 N/A
Manufacturing Shipments (3.2) N/A (5.8) 0.1 (0.3) 1.4 N/A
Transportation Equipment (7.1) N/A (13.8) 9.4 (4.1) 1.3 N/A
Consumer Price Index** 1.8 1.8 1.6 2.3 2.3 2.4 2.1
- ------------------------------------------------------------------------------------------------------------------------------------
* Monthly housing starts are expressed at a seasonally adjusted annual rate.
** Per cent change from a year earlier.
N/A = Data not available.
Sources: Statistics Canada, Ontario Ministry of Finance, Canada Mortgage and Housing Corporation and Canadian Real Estate Association.
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ONTARIO FINANCES
FINANCIAL TABLES
REVENUE
____________________________________________________________________________________________________________________________________
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($ Millions) 2007-08
-------------------------------------------------
Actual Budget Current* In-Year
2006-07 Plan Outlook Change
- ------------------------------------------------------------------------------------------------------------------------------------
Taxation Revenue
Personal Income Tax 23,655 23,285 24,318 1,033
Retail Sales Tax 16,228 16,682 16,761 79
Corporations Tax 10,845 10,605 11,641 1,036
Employer Health Tax 4,371 4,550 4,598 48
Ontario Health Premium 2,589 2,638 2,730 92
Gasoline Tax 2,310 2,401 2,348 (53)
Fuel Tax 723 741 748 7
Tobacco Tax 1,236 1,217 1,139 (78)
Land Transfer Tax 1,197 1,187 1,370 183
Electricity Payments-In-Lieu of Taxes 757 706 664 (42)
Other Taxes 399 307 396 89
-----------------------------------------------------------------
64,310 64,319 66,713 2,394
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Government of Canada
Canada Health Transfer (CHT) 7,702 8,104 8,439 335
Canada Social Transfer (CST) 3,478 3,740 3,869 129
Social Housing 532 528 528 -
Infrastructure Programs 191 161 161 -
Wait Times Reduction Fund 467 468 468 -
Other Government of Canada 1,666 3,105 3,245 140
-----------------------------------------------------------------
14,036 16,106 16,710 604
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Income from Investment in Government Business Enterprises
Ontario Lottery and Gaming Corporation 1,945 1,801 1,786 (15)
Liquor Control Board of Ontario 1,307 1,343 1,343 -
Ontario Power Generation Inc. and Hydro One Inc. 947 840 756 (84)
Other Government Enterprises (3) 2 2 -
-----------------------------------------------------------------
4,196 3,986 3,887 (99)
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Other Non-Tax Revenue
Reimbursements 1,415 1,491 1,448 (43)
Electricity Debt Retirement Charge 991 1,013 1,013 -
Vehicle and Driver Registration Fees 970 1,032 1,032 -
Power Sales 863 831 831 -
Other Fees and Licences 624 583 585 2
Liquor Licence Revenue 467 455 455 -
Net Reduction of Power Purchase Contract Liability 412 398 398 -
Sales and Rentals 1,108 429 430 1
Royalties 215 217 217 -
Miscellaneous Other Non-Tax Revenue 790 643 651 8
-----------------------------------------------------------------
7,855 7,092 7,060 (32)
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TOTAL REVENUE 90,397 91,503 94,370 2,867
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* Third-quarter fiscal forecast as at December 31, 2007.
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TOTAL EXPENSES
____________________________________________________________________________________________________________________________________
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($ Millions) 2007-08
-------------------------------------------------
Actual Budget Current* In-Year
2006-07 Plan Outlook Change
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Ministry Expense
Aboriginal Affairs 25 28 38 10
Agriculture, Food and Rural Affairs 800 876 880 4
Attorney General 1,347 1,387 1,510 123
Board of Internal Economy 163 245 245 -
Children and Youth Services 3,260 3,574 3,669 95
Citizenship and Immigration 116 86 86 -
Community and Social Services 7,182 7,341 7,528 187
Community Safety and Correctional Services 1,877 1,927 1,931 4
Culture 410 350 350 -
Democratic Renewal Secretariat 6 8 8 -
Economic Development and Trade 199 327 332 5
Education 423 437 451 14
School Boards' Net Expense 11,290 11,989 12,102 113
Energy 229 290 312 22
Environment 314 325 327 2
Executive Offices 19 18 18 -
Finance 569 464 445 (19)
Ontario Municipal Partnership Fund 758 917 917 -
Francophone Affairs, Office of 4 4 5 1
Government and Consumer Services 856 818 885 67
Health and Long-Term Care** 19,162 20,168 20,207 39
Hospitals' Net Expense** 16,145 17,384 17,384 -
Health Promotion 391 373 373 -
Intergovernmental Affairs 11 9 9 -
Labour 147 161 161 -
Municipal Affairs and Housing 843 760 760 -
Natural Resources 734 726 782 56
Northern Development and Mines 318 356 356 -
Public Infrastructure Renewal 426 138 444 306
Research and Innovation 316 325 333 8
Revenue 563 578 598 20
Small Business and Entrepreneurship 25 26 26 -
Tourism 204 195 229 34
Training, Colleges and Universities 4,110 4,402 4,452 50
Colleges' Net Expense 1,273 1,453 1,454 1
Transportation 2,733 1,977 2,356 379
Other Expense
Capital Contingency Fund - 175 810 635
Interest on Debt 8,831 9,123 9,067 (56)
MoveOntario 6 - - -
One-Time and Extraordinary Assistance to Agriculture Sector 278 20 359 339
Operating Contingency Fund - 580 608 28
Pension and Other Employee Future Benefits 557 533 533 -
Power Purchases 863 831 831 -
Teachers' Pension Plan 345 349 349 -
Year-End Savings - (900) (900) -
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TOTAL EXPENSE 88,128 91,153 93,620 2,467
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* Third-quarter fiscal forecast as at December 31, 2007.
** The 2007-08 figures reflect a change in the presentation of expense in the Health Sector to be consistent with the 2006-07 Public
Accounts. This change in presentation does not affect total expense.
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2007-08 INFRASTRUCTURE EXPENDITURES
____________________________________________________________________________________________________________________________________
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($ Millions) 2007-08 Current Outlook*
-----------------------------------------------------------------
Sector Total Transfers
Infrastructure Investment and Other Total
Expenditures in Capital Expenditures in Infrastructure
2006-07 Actual Assets Infrastructure** Expenditures
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Transportation
Transit 1,624 598 587 1,185
Highways 1,426 1,549 154 1,703
Other Transportation 76 5 28 33
Health
Hospitals 375 623 5 628
Other Health 183 50 176 226
Education
School Boards 1,000 - 1,016 1,016
Colleges 73 184 - 184
Universities 52 - 77 77
Water/Environment 360 32 230 262
Municipal and Local Infrastructure+ 473 2 549 551
Justice 102 89 47 136
Other 682 287 864 1,151
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TOTAL++ 6,426 3,419 3,733 7,152
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* Third-quarter fiscal forecast as at December 31, 2007.
** Mainly consists of transfers for capital purposes to municipalities and universities, expenditures for servicing capital-related
debt of schools, and expenditures for the repair and rehabilitation of schools. These expenditures are included in the Province's
Total Expenses in the Total Expense Table.
+ Municipal and local water and wastewater infrastructure investments are included in the Water/Environment sector.
++ Total expenditures include $86 million in flow-throughs in Investment in Capital Assets (for provincial highways) and $160 million
in flow-throughs in Transfers and Other Expenditures in Infrastructure ($28 million in Transportation, $45 million in
Water/Environment and $87 million in Municipal and Local Infrastructure).
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ONTARIO'S 2007-08 FINANCING PROGRAM
____________________________________________________________________________________________________________________________________
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CONSOLIDATED PROVINCE AND ONTARIO ELECTRICITY FINANCIAL CORPORATION
($ Millions)
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2007-08
-------------------------------------------------
Actual Budget Current* In-Year
2006-07 Plan Outlook Change
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Deficit / (Surplus) (2,269) 400 0 (400)
Non-Cash Adjustments 1,720 (468) (945) (477)
Investment in Capital Assets 2,120 3,334 3,419 85
Net Loans / Investments 1,736 1,173 2,314 1,141
Debt Maturities 13,966 14,413 13,742 (671)
Debt Redemptions 1,041 887 1,314 427
---------------------------------------------------------------------
Total Funding Requirement 18,314 19,739 19,844 105
Canada Pension Plan Borrowing (185) (431) (346) 85
Decrease / (Increase) in Short-Term Borrowing 1,370 (550) (1,370) (820)
Increase / (Decrease) in Cash and Cash Equivalents (804) - (455) (455)
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TOTAL LONG-TERM PUBLIC BORROWING REQUIREMENT 18,695 18,758 17,673 (1,085)
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* Third-quarter fiscal forecast as at December 31, 2007.
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BORROWING PROGRAM STATUS (AS AT DECEMBER 31, 2007)
($ Billions)
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Completed Remaining Total
--------------------------------------------------------------------------
Province 12.0 3.2 15.2
Ontario Electricity Financial Corporation 2.2 0.3 2.5
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TOTAL 14.2 3.5 17.7
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Numbers may not add due to rounding.
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• Long-Term Public Borrowing completed as at December 31, 2007, totalled $14.2 billion as follows:
- ------------------------------------------------------
($ Billions)
- ------------------------------------------------------
Ontario Savings Bonds 1.3
Domestic Issues 11.9
Global/US Dollar Issues 1.1
------------------
14.2
- ------------------------------------------------------
Numbers may not add due to rounding.
- ------------------------------------------------------
• As reported in the 2007-08 First Quarter Ontario Finances, the $477 million decline in Non-Cash Adjustments is mainly due to additional
cash transfers to the Province from the federal trusts.
• The $1,141 million increase in Net Loans/Investments is mainly due to an increase in loans to Ontario Power Generation, and, as reported
in the 2007 Economic Outlook and Fiscal Review, the transfer of third-party asset-backed commercial paper (ABCP) to a long-term
investment portfolio.
ONTARIO'S 2007-08 FINANCING PROGRAM
____________________________________________________________________________________________________________________________________
• The $671 million decline in Debt Maturities, of which $166 million occurred prior to September 30, 2007, is mainly a result of the
Province extending the maturity of a number of debt issues.
• The $427 million increase in Debt Redemptions is a result of higher-than-forecast redemptions of Ontario Savings Bonds in June and
December.
• Short-term borrowing increased by $820 million, primarily to offset the transfer of ABCP to Net Loans/ Investments, and to finance
increased loans to the Ontario Lottery and Gaming Corporation and the Royal Ontario Museum.
