Province Of Manitoba 18-K/A Annual report (foreign governments) (amended)

Budget Paper B

FINANCIAL REVIEW
AND STATISTICS

FINANCIAL REVIEW AND STATISTICS

Contents

Introduction	1
2002/03 Results	2
2003/04 Budget	5
Provincial Revenue, 2003/04, Major Sources	6
Revenue by Source, 2003/04 and 2002/03	6
Revenue Estimates	7
Provincial Operating Expenditure, 2003/04, Major Categories	8
Program Expenditure Estimates, 2003/04 and 2002/03	8
Operating Expenditure Estimates	9
Manitoba Financial Statistics, Ten-Year Summary	10
The Medium-Term Fiscal Framework	14
Improving Transparency and Accountability	15
Report on Consolidated Operations and Summary Budget Forecast	16
Capital Investment	21
Capital Grants, Infrastructure and Capital Investment	21
Special Funds Balances	22
Fiscal Stabilization Fund	22
Debt Retirement Fund	23
Loan Act Requirements	24
Borrowing Requirements	25
Statement of Valuation and Purpose of Direct and Guaranteed Debt Outstanding	26
Direct and Guaranteed Debt	27

n   Introduction

The Financial Review and Statistics Paper provides the financial detail for the 2003 Budget and the information necessary to fulfil the Government’s commitment to provide transparent accountability on its stewardship of the Province’s finances.

These financial statistics show that:

• the budget will again be balanced in accordance with The Balanced Budget, Debt Retirement and Taxpayer Accountability Act.

• revenue has been stabilized despite the 2001 downturn in the economy and the fall-out from a federal accounting error.

• education, health and other priority programs have been supported through consistent and responsible expenditure growth.

• personal taxes have been reduced in our four Budgets, to a cumulative annual total of $301million. Major tax reductions have been directed to provide relief for working families. For example, one-income families of four earning $60,000 annually on average will have received tax cuts totalling $1,442 annually, a reduction of 21.8%. As a proportion of provincial Gross Domestic Product (GDP), Manitoba taxes and fees will have fallen by 9.3% since 1998/99.

• General Purpose Debt has fallen. Public debt costs are below 5% of total revenue. That is 38.4% lower than when this Administration took office, and the lowest proportion in the past 20 years. This allows funds to be re-directed to programs which meet the needs of our families and our economy.

• the Government has been the first in Manitoba to address the Province’s pension liability and provide a plan to repay both the General Purpose Debt and the pension liability. Over four years, through fiscal year 2003/04, $384 million will have been set aside for debt and pension liability retirement.

The foundations of Budget 2003, as with our past three budgets, are laid using this balanced approach to fiscal management. The Government is dedicated to providing transparency and accountability to the people of Manitoba.

1

Comparative Statement of Budgetary Revenue,
Expenditure, Transfers and Balance
2002/03

								Increase/(Decrease)
		2002/03			2002/03			From Budget
		Forecast			Budget			to Forecast
		(Millions of Dollars)						(Millions of Dollars)			%
Revenue
	Own-Source		4,598			4,579			19			0.4
	Federal Transfers		2,242			2,362			(120	)		(5.1	)
	Extraordinary Revenue - Manitoba Hydro (2001/02)		150			0			150
Total Revenue			6,990			6,941			49			0.7
Expenditure
	Program		6,632			6,560			72			1.1
	Debt Servicing		335			368			(33	)		(9.0	)
Total Expenditure			6,967			6,928			39			0.6
Net Revenue			23			13			10
Interfund Transfers
	Debt/Pension Repayment		(96	)		(96	)		0
	Fiscal Stabilization Fund		77			93			(16	)
Balance Under Balanced Budget Legislation			4			10			(6	)

n   2002/03 Results

In the 2002 Budget, the Government outlined its plan to cope with the impacts of an economic slowdown and a major federal accounting error. Much as projected, revenue was impacted by the economic slowdown, especially Corporate Income Tax receipts. As noted in the 2002 Manitoba Budget, Finance Canada identified that Manitoba had been overpaid with respect to Personal Income Tax collected by the federal government on behalf of the Province by $408 million between the 1993/94 and 1999/2000 fiscal years. Furthermore, $168 million had to be repaid in March 2002 with respect to the final settlement for the 2000 tax year, based on actual assessments. However, the federal government had not considered the effects its error had on equalization payments. Manitoba was able to negotiate a settlement which reflected both Personal Income Tax and equalization. The accounting error was resolved with the federal government in the manner proposed in our 2002 Budget.

2

The projected results for the 2002/03 fiscal year have been updated for three significant changes occurring since the Third Quarter Report. In the Third Quarter Report, it was noted that the federal government proposed to use forecast data which would impact the timing of equalization receipts with respect to the mining tax base. The federal government has now confirmed that this data will be used to calculate interim entitlements for all provinces. Therefore, Manitoba’s equalization revenue for 2002/03 fell $84 million below the amount included in the Third Quarter projection which, after other revenue offsets are considered, results in an adjustment to the projected Fiscal Stabilization Fund draw. However, when equalization entitlements are re-calculated in 2003/04 using more current data, Manitoba anticipates receiving additional equalization revenue. Revised information also has been provided with respect to the final entitlements for Personal and Corporation Income Tax revenues for 2002/03. Personal Income Tax revenue will be $21 million higher and Corporation Income Tax revenue $10 million lower than projected in the Third Quarter Report. The Government projects a positive balance under balanced budget legislation of $4 million for the 2002/03 fiscal year.

Revenue

As noted in Quarterly Reports for the year, a $150 million payment from Manitoba Hydro related to export profits, which the 2002 Budget had anticipated as being recorded in the 2001/02 fiscal year, was received in August 2002, and has been recorded as extraordinary revenue in the 2002/03 financial results. The resulting improvement in revenue has been almost entirely offset by declines in equalization revenue which total $144 million. As a result of these two items, and improvements in other revenue, total projected revenue for the 2002/03 fiscal year is $6,990 million, or $49 million more than budgeted.

Expenditure

The Third Quarter Report projected expenditure is $6,967 million, $39 million or 0.6% above the 2002 Budget projection. This reflects increases primarily in health care and emergency expenditures related to forest fires and flooding, partially offset by lower public debt costs.

Net Revenue

Net revenue is now projected at $23 million, or $10 million higher than the 2002 Budget projection.

Balance Under Balanced Budget Legislation

An amount of $96 million will be applied against General Purpose Debt and pension liability retirement. The transfer of $77 million from the Fiscal Stabilization Fund to the Operating Fund is $16 million less than budgeted. This is applied to the debt and pension liability payment. As noted above, this results in a positive balance under balanced budget legislation of $4 million.

3

Comparative Statement of Budgetary Revenue,
Expenditure, Transfers and Balance
2003/04 and 2002/03

											Increase/						Increase/
											(Decrease)						(Decrease)
											from 2002/03						from
											Forecast						2002/03 Budget
		2003/04			2002/03			2002/03			to 2003/04						to 2003/04
		Budget			Forecast			Budget			Budget						Budget
					(Millions						(Millions						(Millions
					of Dollars)						of Dollars)			%			of Dollars)			%
Revenue								��
	Own-Source		4,806			4,598			4,579			208			4.5			227			5.0
	Federal Transfers		2,508			2,242			2,362			266			11.9			146			6.2
	Extraordinary Revenue - Manitoba Hydro (2001/02)		0			150			0			(150	)					0
Total Revenue			7,314			6,990			6,941			324			4.6			373			5.4
Expenditure
	Program		6,925			6,632			6,560			293			4.4			365			5.6
	Debt Servicing		331			335			368			(4	)		(1.2	)		(37	)		(10.1	)
Total Expenditure			7,256			6,967			6,928			289			4.1			328			4.7
Net Revenue			58			23			13			35						45
Interfund Transfers
	Debt/Pension Repayment		(96	)		(96	)		(96	)		0						0
	Fiscal Stabilization Fund		48			77			93			(29	)					(45	)
Balance Under Balanced Budget Legislation			10			4			10			6						0

4

n   2003/04 Budget

Revenue

Continuing economic growth in Manitoba and rebounding Corporation Income Tax receipts will provide growth of 4.5% in own-source revenue. Transfer revenue from the federal government will also grow strongly, bolstered by the revenue received from the First Ministers’ Health Financing Arrangement, and an anticipated recalculation of equalization revenues under the mining tax base. Transfer payments in 2003/04 are budgeted to be 6.2% higher than budgeted last year.

During the past year, the Government utilized revenues from exceptionally strong Manitoba Hydro export sales in 2000 and 2001 to offset the effects of the 2001 economic downturn and the federal accounting error. This has served to stabilize revenues and allowed programs to be protected until revenue recovered. The final scheduled draw from Manitoba Hydro is projected to be $52 million this year.

Own-source revenue as a percentage of GDP will continue to fall. At 12.7% of provincial GDP, the proportion of income that Manitoba individuals and businesses pay to the Provincial Government will be 9.3% less than 1998/99. Total revenue is budgeted at $7,314 million, 4.6% above that projected for 2002/03.

Expenditure

The 2003 Budget provides for program expenditure growth of 4.4% over projected 2002/03 expenditure. Public debt costs are expected to continue to decline. Total expenditure is budgeted at $7,256 million, 4.1% over projected expenditure in 2002/03.

Net Revenue

Net revenue of $58 million will be $35 million greater than net revenue projected for 2002/03.

Balance Under Balanced Budget Legislation

The 2003 Budget provides a further $96 million to be applied against General Purpose Debt and pension liabilities. The Debt Retirement Fund Allocation Committee will determine the allocation to these purposes. However, for Budget purposes, it has been assumed that $48 million will be allocated to address pension liabilities.

The Budget provides for a draw of $48 million from the Fiscal Stabilization Fund, all of which will be applied toward the $96 million payment against debt and pension liabilities.

The resulting balance under balanced budget legislation is projected at $10 million.

5

Provincial Revenue, 2003/04
Major Sources
Percent of Total

Revenue by Source
2003/04 and 2002/03

	2003/04		2002/03		Change 2003/04
	Budget		Forecast		from 2002/03 Forecast
	(Millions of Dollars)				(Millions of Dollars)
Own-Source Revenue		4,806		4,598		208
Federal Transfers		2,508		2,242		266
Extraordinary Revenue Manitoba Hydro (2001/02)		0		150		(150	)
Total Revenue		7,314		6,990		324

6

Revenue Estimates
(Thousands of Dollars)

								Percent
								Change 2003/04 from
		2003/04		2002/03		2002/03		2002/03		2002/03
		Estimate		Forecast(1)		Budget(1)		Forecast		Budget
n	Own-Source Revenue
	Income Taxes
	• Individual Income Tax		1,703,000		1,679,100		1,682,300
	• Corporation Income Tax		270,200		162,200		146,500
	Subtotal		1,973,200		1,841,300		1,828,800		7.2		7.9
	Taxes, Levies and Collections
	• Corporation Capital Tax		148,300		138,000		129,000
	• Gasoline Tax		161,900		159,600		157,600
	• Insurance Corporations Tax		44,973		43,363		42,363
	• Land Transfer Tax		14,100		14,096		13,000
	• Levy for Health and Education		263,400		254,300		243,300
	• Mining Tax		17,000		16,700		17,500
	• Motive Fuel Tax		69,400		67,700		67,700
	• Oil and Natural Gas Tax		2,852		3,193		3,314
	• Retail Sales Tax		1,057,800		1,022,000		1,032,500
	• Revenue Act, 1964, Part 1		69,000		67,600		65,600
	• Tobacco Tax		190,400		180,000		178,000
	• Environmental Protection Tax		3,000		3,000		3,000
	• Other Taxes		73		132		72
	Subtotal		2,042,198		1,969,684		1,952,949		3.7		4.6
	Fees and Other Revenue
	• Fines and Costs; and Other Legal		22,533		19,068		19,765
	• Minerals and Petroleum		5,563		6,701		5,450
	• Automobile and Motor Carrier Licences and Fees		74,556		66,075		69,975
	• Drivers’ Licences		14,416		14,066		14,066
	• Water Power Rentals		93,784		94,943		98,690
	• Parks; Forestry; Fisheries; and Other Conservation		26,458		29,010		27,174
	• All Other Manitoba Collections		56,075		62,207		56,497
	Subtotal		293,385		292,070		291,617		0.5		0.6
	Crown Corporations/Entities
	• Manitoba Lotteries Corporation		259,500		264,500		252,000
	• Manitoba Liquor Control Commission		173,300		166,500		167,000
	• Manitoba Hydro		52,000		52,000		75,000
	• Other		12,350		11,650		11,650
	Subtotal		497,150		494,650		505,650		0.5		(1.7	)
	Total Own-Source Revenue		4,805,933		4,597,704		4,579,016		4.5		5.0
n	Federal Transfers
	• Equalization		1,387,900		1,337,500		1,481,300
	• Canada Health and Social Transfer (CHST)		763,500		756,000		728,800
	• Canada Health and Social Transfer Supplement (CHSTS)		163,600		0		0
	• Diagnostic/Medical Equipment Fund		6,000		0		0
	• Health Reform Fund		36,400		0		0
	• Medical Equipment Fund		17,900		19,300		19,300
	• Primary Health Care Transition Fund		8,500		1,108		5,200
	• Other Transfers		124,150		128,525		127,674
	Total Federal Transfers		2,507,950		2,242,433		2,362,274		11.9		6.2
n	Extraordinary Revenue Manitoba Hydro (2001/02)		0		150,000		0
n	Total Budgetary Revenue		7,313,883		6,990,137		6,941,290		4.6		5.4

Note 1: The 2002/03 information has been adjusted to be consistent with the 2003/04 Estimates structure.

7

Provincial Operating Expenditure, 2003/04

Program Expenditure Estimates
2003/04 and 2002/03

	2003/04		2002/03		Change 2003/04
	Budget		Forecast(1)		from 2002/03 Forecast
	(Millions of Dollars)				(Millions of Dollars)
Health		3,004		2,843		161
Advanced Education and Training		525		503		22
Education and Youth		1,067		1,018		49
Family Services and Housing		869		823		46
Other Departments		1,545		1,465		80
Expenditure Estimates		7,010		6,652		358

Note 1: The 2002/03 information has been adjusted to be consistent with the 2003/04 Estimates structure.

8

Operating Expenditure Estimates
(Thousands of Dollars)

											Percent
											Change 2003/04 from
		2003/04			2002/03			2002/03			2002/03			2002/03
		Estimate			Forecast(1)			Budget(1)			Forecast			Budget
n	Health		3,004,229			2,842,812			2,786,169			5.7			7.8
n	Education
	• Advanced Education and Training		524,769			503,350			504,849
	• Education and Youth		1,066,604			1,018,080			1,014,421
	Total Education		1,591,373			1,521,430			1,519,270			4.6			4.7
n	Family Services and Housing		869,407			822,773			821,875			5.7			5.8
n	Community, Economic and Resource Development
	• Aboriginal and Northern Affairs		28,703			26,786			27,227
	• Agriculture and Food		126,632			122,848			121,151
	• Conservation		128,049			123,114			125,165
	• Energy, Science and Technology		44,029			42,112			42,645
	• Industry, Trade and Mines		31,083			31,090			31,624
	• Intergovernmental Affairs		145,768			141,621			142,314
	• Transportation and Government Services		341,068			321,936			333,292
	• Enabling Appropriations		59,015			51,093			74,937
	• Other Appropriations		25,790			37,678			20,775
	Total Community, Economic and Resource Development		930,137			898,278			919,130			3.5			1.2
n	Justice and Other Government
	• Legislative Assembly		23,359			23,001			22,807
	• Executive Council		3,426			3,435			3,435
	• Civil Service Commission		4,274			3,852			4,311
	• Culture, Heritage and Tourism		66,840			64,180			64,454
	• Employee Pensions and Other Costs		65,412			60,002			60,012
	• Finance		98,417			92,593			98,203
	• Healthy Child Manitoba		21,938			19,960			21,186
	• Justice		254,114			242,533			237,520
	• Labour and Immigration		26,954			25,974			26,126
	• Seniors Directorate		724			688			739
	• Sport		10,687			10,653			10,866
	• Status of Women		1,086			1,080			1,146
	• Enabling Appropriations		37,750			18,990			27,500
	Total Justice and Other Government		614,981			566,941			578,305			8.5			6.3
n	Total Program Expenditures		7,010,127			6,652,234			6,624,749			5.4			5.8
n	Public Debt Costs		331,000			334,986			368,310			(1.2	)		(10.1	)
n	Total Expenditure Estimates		7,341,127			6,987,220			6,993,059			5.1			5.0
n	Less: Year-End Lapse and In-Year Savings		(85,000	)		(20,000	)		(65,000	)
n	Total Budgetary Expenditure		7,256,127			6,967,220			6,928,059			4.1			4.7

Note 1: The 2002/03 information has been adjusted to be consistent with the 2003/04 Estimates structure.

9

Manitoba Financial Statistics, Ten-Year Summary

		2003/04			2002/03			2001/02			2000/01			1999/00
		Budget			Forecast			Actual			Actual			Actual
		(Millions of Dollars)
FINANCIAL STATEMENTS
Revenue
	Own-Source Revenue		4,806			4,748	(1)		4,540			4,661			4,264
	Federal Transfers		2,508			2,242			2,207			2,091			2,073
	Total		7,314			6,990			6,747			6,752			6,337
Expenditure
	Program Expenditure		6,925			6,632			6,324			6,104			5,971
	Public Debt Costs(4)		331			335			414			511			465
	Total		7,256			6,967			6,738			6,615			6,436
Net Revenue/(Expenditure)			58			23			9			137			(99	)
Debt/Pension Repayment			(96	)		(96	)		(96	)		(96	)		(75	)
Transfers from/(to) Fiscal Stabilization Fund			48			77			150			0			185
Balance Under Balanced Budget Legislation			10			4			63			41			11
Net Direct and Guaranteed Debt
	General Purpose		6,300			6,355			6,406			6,537			6,473
	Manitoba Hydro		6,767			6,344			6,263			6,053			5,798
	Other		1,206			1,115			1,099			1,086			943
	Health Facilities		499			445			390			220			0
	Capital Investments		320			295			245			260			245
	Total		15,092			14,554			14,403			14,156			13,459
Other Obligations
	Health Debt		234			203			225			358			501
	Pension Liability(5)		3,548			3,369			3,217			3,050			2,906
	Pension Assets		(204	)		(155	)		(107	)		(21	)		0
	Total		3,578			3,417			3,335			3,387			3,407
Total Obligations			18,670			17,971			17,738			17,543			16,866
Fiscal Stabilization Fund End of Year Balance			145			179			247			320			264
Memorandum Items
	Population (000’s)		1,153			1,151			1,149			1,146			1,143
	GDP at Market Prices		37,800			35,886			34,666			33,420			31,913

Note 1: Includes Manitoba Hydro special payment 2001/02 – $150 million.
Note 2: Includes net gain from divestiture of Manitoba Telephone System – $264.6 million.
Note 3: Includes Special Lotteries Transfer – $145 million.

10

1998/99	1997/98			1996/97			1995/96			1994/95
Actual	Actual			Actual			Actual			Actual
(Millions of Dollars)
													FINANCIAL STATEMENTS
													Revenue
4,322		3,858			4,047	(2)		3,789	(3)		3,310			Own-Source Revenue
1,560		1,884			1,716			1,873			1,895			Federal Transfers
5,882		5,742			5,763			5,662			5,205			Total
													Expenditure
5,372		5,171			4,869			4,913			4,804			Program Expenditure
515		520			539			592			597			Public Debt Costs(4)
5,887		5,691			5,408			5,505			5,401			Total
(5)		51			355			157			(196	)	Net Revenue/(Expenditure)
(150)		(75	)		0			0			0		Debt/Pension Repayment
186		100			(264	)		0			0		Transfers from/(to) Fiscal Stabilization Fund
31		76			91			157			(196	)	Balance Under Balanced Budget Legislation
													Net Direct and Guaranteed Debt
6,632		6,773			6,808			6,814			7,364			General Purpose
5,677		5,569			4,893			5,090			5,022			Manitoba Hydro
947		976			1,212			1,770			1,945			Other
0		0			0			0			0			Health Facilities
142		0			0			0			0			Capital Investments
13,398		13,318			12,913			13,674			14,331			Total
													Other Obligations
450		461			438			604			617			Health Debt
2,766		2,572			2,182			2,039			1,853			Pension Liability(5)
0		0			0			0			0			Pension Assets
3,216		3,033			2,620			2,643			2,470			Total
16,614		16,351			15,533			16,317			16,801		Total Obligations
427		565			578			210			31		Fiscal Stabilization Fund End of Year Balance
													Memorandum Items
1,138		1,137			1,134			1,130			1,124			Population (000's)
30,941		29,758			28,433			26,967			25,958			GDP at Market Prices

Note 4:	Effective from fiscal year 2002/03 interest-carrying costs of capital assets are included in departmental expenditures.
Note 5:	Now reflects pension liability per summary financial statements. In previous years, amounts excluded unamortized gains and losses resulting from actuarial valuations.

11

Manitoba Financial Statistics, Ten-Year Summary

		2003/04			2002/03			2001/02			2000/01		1999/00
		Budget			Forecast			Actual			Actual		Actual
Annual Change		(Percent Change)
	Own-Source Revenue		1.2(1)			4.6(1)			(2.6	)		9.3		(1.3	)
	Federal Transfers		11.9			1.6			5.5			0.9		32.9
	Total Revenue		4.6			3.6			(0.1	)		6.5		7.7
	Program Expenditure		4.4			4.9			3.6			2.2		11.2
	Public Debt Costs		(1.2	)		(19.1	)		(19.0	)		9.9		(9.7	)
	Total Expenditure		4.1			3.4			1.9			2.8		9.3
	Net General Purpose Debt		(0.9	)		(0.8	)		(2.0	)		1.0		(2.4	)
	Total Net Debt		3.7			1.0			1.7			5.2		0.5
Percent of GDP		(Percent)
	Own-Source Revenue		12.7			13.2			13.1			13.9		13.4
	Total Revenue		19.3			19.5			19.5			20.2		19.9
	Program Expenditure		18.3			18.5			18.2			18.3		18.7
	Public Debt Costs		0.9			0.9			1.2			1.5		1.5
	Total Expenditure		19.2			19.4			19.4			19.8		20.2
	Balance Under Balanced Budget Legislation		0.0			0.0			0.2			0.1		0.0
	Net General Purpose Debt		16.7			17.7			18.5			19.6		20.3
Percent of Revenue
	Own-Source Revenue		65.7			67.9			67.3			69.0		67.3
	Federal Transfers		34.3			32.1			32.7			31.0		32.7
	Public Debt Costs		4.5			4.8			6.1			7.6		7.3
	Net General Purpose Debt		86.1			90.9			94.9			96.8		102.1
Percent of Expenditure
	Program Expenditure		95.4			95.2			93.9			92.3		92.8
	Public Debt Costs		4.6			4.8			6.1			7.7		7.2
	Balance Under Balanced Budget Legislation		0.1			0.1			0.9			0.6		0.2
Dollars Per Capita		(Dollars)
	Total Expenditure		6,293			6,053			5,864			5,772		5,631
	Public Debt Costs		287			291			360			446		407
	Balance Under Balanced Budget Legislation		9			3			55			36		10
	Net General Purpose Debt		5,464			5,521			5,575			5,704		5,663

Note 1: Calculation includes Manitoba Hydro special payment 2001/02.

12

1998/99		1997/98			1996/97			1995/96			1994/95
Actual		Actual			Actual			Actual			Actual
(Percent Change)														Annual Change
12.0			(4.7	)		6.8			14.5			1.9			Own-Source Revenue
(17.2	)		9.8			(8.4	)		(1.2	)		16.3			Federal Transfers
2.4			(0.4	)		1.8			8.8			6.7			Total Revenue
3.9			6.2			(0.9	)		2.3			1.1			Program Expenditure
(1.0	)		(3.5	)		(9.0	)		(0.8	)		2.1			Public Debt Costs
3.4			5.2			(1.8	)		1.9			1.2			Total Expenditure
(2.1	)		(0.5	)		(0.1	)		(7.5	)		7.8			Net General Purpose Debt
0.6			3.1			(5.6	)		(4.6	)		1.4			Total Net Debt
(Percent)														Percent of GDP
14.0			13.0			14.2			14.1			12.8			Own-Source Revenue
19.0			19.3			20.3			21.0			20.1			Total Revenue
17.4			17.4			17.1			18.2			18.5			Program Expenditure
1.7			1.7			1.9			2.2			2.3			Public Debt Costs
19.0			19.1			19.0			20.4			20.8			Total Expenditure
0.1			0.3			0.3			0.6			(0.8	)		Balance Under Balanced Budget Legislation
21.4			22.8			23.9			25.3			28.4			Net General Purpose Debt
														Percent of Revenue
73.5			67.2			70.2			66.9			63.6			Own-Source Revenue
26.5			32.8			29.8			33.1			36.4			Federal Transfers
8.8			9.1			9.4			10.5			11.5			Public Debt Costs
112.8			118.0			118.1			120.3			141.5			Net General Purpose Debt
														Percent of Expenditure
91.3			90.9			90.0			89.2			88.9			Program Expenditure
8.7			9.1			10.0			10.8			11.1			Public Debt Costs
0.5			1.3			1.7			2.9			(3.6	)		Balance Under Balanced Budget Legislation
(Dollars)														Dollars Per Capita
5,173			5,005			4,769			4,872			4,805			Total Expenditure
453			457			475			524			531			Public Debt Costs
27			67			80			139			(174	)		Balance Under Balanced Budget Legislation
5,828			5,957			6,004			6,030			6,552			Net General Purpose Debt

13

n   The Medium-Term Fiscal Framework

Beyond the 2003/04 fiscal year, Provincial Government revenue is projected to increase at an average annual rate of 3.0% over the medium term, a rate that reflects solid economic growth, an ongoing commitment to tax relief and further progress in addressing fiscal imbalance in the Canadian Federation. According to the February 2003 Conference Board Forecast, Manitoba’s nominal GDP is expected to grow at an average annual rate of 4.2% over the next three years. Real GDP is expected to average about 2.4% over this period.

Program expenditure is targeted to increase at an average annual rate of 2.0% after 2003/04 — a rate that would effectively sustain key public services and provide for modest improvements in areas of greatest priority, such as health care reform. It would also give the Province some latitude in making key public investments and replenishing the Fiscal Stabilization Fund.

Public debt costs are expected to rise to $365 million, reflecting the assumption of higher interest rates.

Within this framework, a small draw on the Fiscal Stabilization Fund in 2004/05 will complete the adjustment to the lower revenue track resulting from the federal accounting error. Beginning in 2005/06, net revenue growth will allow the Government to start replenishing the Fund.

Debt reduction and the retirement of pension liabilities will continue at the $96 million level established in 2000/01 until 2004/05. Beginning in 2005/06, it will rise to $115 million per year, in accordance with our Province’s balanced budget legislation.

Medium-Term Fiscal Framework

		2002/03			2003/04			2004/05			2005/06			2006/07
		(Millions of Dollars)
Revenue			6,990			7,314			7,471			7,715			7,997
Expenditure
	Program Expenditure		6,632			6,925			7,056			7,198			7,342
	Public Debt Costs		335			331			348			365			365
Total			6,967			7,256			7,404			7,563			7,707
Net Revenue			23			58			67			152			290
Interfund Transfers
	Debt/Pension Repayment		(96	)		(96	)		(96	)		(115	)		(115	)
	Fiscal Stabilization Fund		77			48			39			(27	)		(165	)
Balance Under Balanced Budget Legislation			4			10			10			10			10

The Medium-Term Fiscal Framework reflects current forecasts and assumptions. Should future circumstances depart from these, Budget decisions will reflect the changes.

14

n   Improving Transparency and Accountability

Capital Acquisitions

The Government introduced budgetary measures for considering the full cost of capital assets in program costs in 2002/03.

In prior years, departments were required to budget for the cost of their capital acquisitions. The budget for the acquisition cost has been reflected in Part B of the Estimates since 1999/2000, and the related annual amortization costs have been voted as part of departmental appropriations. This has resulted in the amortization component of capital-related costs being included in overall departmental program costs.

For 2002/03, this process was expanded to include the interest-carrying costs of capital assets in each department. This interest charge is determined on the basis of the unamortized capital balance for each asset. This not only provides for greater departmental accountability for capital expenditures, but it also ensures that the interest attached to capital acquisitions is considered.

Pension Accounting

Departments began funding the cost of matching pension contributions for employees hired on or after October 1, 2002 from their appropriations. This funding will be directed to the Pension Assets Fund, in addition to other contributions being made through the Debt Retirement Fund. The cost of the pension benefits thus begins to be reflected in the various programs across Government. It also accelerates the Government’s plan to address the outstanding pension liability.

Improved Reporting

The Government’s first Annual Report was issued for the fiscal year 2000/01. This fulfilled our commitment to provide more comprehensive reporting on the Government’s fiscal results. The Report includes not only financial statements, but also discussion and analysis. It also includes financial and economic indicators for the Government’s central operations, as well as for the entire Government reporting entity. In 2001/02 for the first time, a Summary Budget was presented that shows the entire Government reporting entity. Beginning in 2002/03, the Report on Consolidated Operations includes the Summary Budget Forecast, information on prior years and more complete explanations of the components of the Summary Financial Statements.

15

n   Report on Consolidated Operations and Summary Budget Forecast
      Amounts in Tables are in Millions of Dollars

The Operating Fund

The Operating Fund reflects the central operations of Government, and is the basis for the Estimates process and appropriations voted by the Legislature; it does not reflect operations of Government business enterprises and special funds. The Operating Fund is expected to have net revenue of $23 million for fiscal year 2002/03. This Budget projects net revenue for the Operating Fund of $58 million for the 2003/04 year. Over the four years since our Government took office, the cumulative balances in the Operating Fund are expected to total $227 million.

2003/04

2002/03

2002/03

2001/02

2000/01

4-Year

Budget

Forecast

Budget

Actual

Actual

Total

Operating Fund Balance

58

23

13

9

137

227

Interfund Transfers/Debt Retirement

In each of the four years since our Government took office, an amount of $96.4 million has been set aside for debt and pension liability retirement. Yearly contributions are allocated to the Pension Assets Fund or to repay General Purpose Debt as explained in the section titled Pension Items. For the fiscal year 2002/03, the draw on the Fiscal Stabilization Fund will be $77 million or $16 million less than projected in the 2002/03 Budget. For fiscal year 2003/04, the Budget proposes a draw of $48 million.

	2003/04			2002/03			2002/03			2001/02			2000/01			4-Year
	Budget			Forecast			Budget			Actual			Actual			Total
Debt Retirement Payment		(96	)		(96	)		(96	)		(96	)		(96	)		(384	)
Fiscal Stabilization Fund		48			77			93			150			0			275
Total Interfund Transfers		(48	)		(19	)		(3	)		54			(96	)		(109	)

Note: All four-year totals appearing in the Report on Consolidated Operations and Summary Budget Forecast do not include amounts shown under the 2002/03 Budget.

16

Balance Under Balanced Budget Legislation

Under balanced budget legislation, payments to the Debt Retirement Fund and withdrawals from the Fiscal Stabilization Fund are included to arrive at a balance. This balance must be positive to comply with the provisions of The Balanced Budget, Debt Retirement and Taxpayer Accountability Act, and must be transferred to the Fiscal Stabilization Fund. The balance will be positive for a ninth consecutive year; a balance of $10 million is projected.

	2003/04		2002/03		2002/03		2001/02		2000/01		4-Year
	Budget		Forecast		Budget		Actual		Actual		Total
Balance Under Balanced Budget Legislation		10		4		10		63		41		118
Transfer to Fiscal Stabilization Fund		10		4		10		63		41		118
Balance After Transfer to Fiscal Stabilization Fund		0		0		0		0		0		0

Special Funds — Change in Balances

There are a number of special funds created by the Legislature for specific purposes. The two principal Funds are the Fiscal Stabilization Fund and the Debt Retirement Fund. There are also a number of small, special-purpose funds (such as the Mining Community Reserve Fund and the Quarry Rehabilitation Reserve), that in combination are projected to have little effect on the overall balance. The Debt Retirement Fund is projected to increase by $52 million in 2002/03, which reflects the decision of the Allocations Committee to increase the allocation to pension assets and interest earnings of the Fund.

	2003/04			2002/03			2002/03			2001/02			2000/01		4-Year
	Budget			Forecast			Budget			Actual			Actual		Total
Debt Retirement Fund		54			52			79			25			75		206
Fiscal Stabilization Fund		(34	)		(68	)		(74	)		(73	)		56		(119	)
Other		(4	)		0			(1	)		(1	)		1		(4	)
Total Changes in Special Funds		16			(16	)		4			(49	)		132		83

Government Enterprises and Crown Corporations

This Report notes the net changes in operating balances (profits or losses) of Government enterprises, Crown corporations and Special Operating Agencies during the fiscal year. The largest of these enterprises are Manitoba Hydro, Manitoba Public Insurance, Manitoba Liquor Control Commission and Manitoba Lotteries Corporation, and operating balances are influenced by the market in which they operate.

17

Portions of the current or accumulated operating profits of several of these entities, in particular the Manitoba Liquor Control Commission, the Manitoba Lotteries Commission and Manitoba Hydro, are included in the general revenue (Operating Fund) of the Government. Upon consolidation, the amounts already included in general revenue are deducted from the total changes in operating balances, to produce Net Contribution to Consolidated Net Income.

Manitoba Hydro profits for 2002/03, projected at $106 million in the 2002 Budget, are forecast to be lower by $35 million due to lower export sales because of reduced water flows. Manitoba Public Insurance Corporation has forecast a loss of $22 million for fiscal year 2002/03, largely reflecting lower investment returns and revised actuarial valuations. Although Manitoba Crop Insurance Corporation, which is included in other Crown organizations, has positive results for the 2002/03 fiscal year, Manitoba Crop Insurance Corporation anticipates using $29 million of its accumulated reserves in support of Manitoba farmers.

As noted in Quarterly Reports for fiscal year 2002/03, the $150 million payment from Manitoba Hydro in respect of export sales profits, that was expected to be included in 2001/02 revenues, was received in August 2002. It has been included in 2002/03 Operating Revenue as Extraordinary Revenue, and is also included in the consolidation adjustments shown below.

		2003/04			2002/03			2002/03			2001/02			2000/01			4-Year
		Budget			Forecast			Budget			Actual			Actual			Total
Government Business Enterprises
	Manitoba Hydro		71			71			106			214			270			626
	Manitoba Public Insurance Corp.		24			(22	)		5			(97	)		46			(49	)
	Manitoba Lotteries Corp.		260			264			252			248			248			1,020
	MLCC		173			167			167			163			163			666
	Other Crown Corporations and Government Enterprises		(38	)		1			(35	)		12			106			81
Total Changes in Operating Balances			490			481			495			540			833			2,344
Consolidation Adjustments
	Ongoing Operations (includes Manitoba Hydro)		(485	)		(482	)		(494	)		(411	)		(411	)		(1,789	)
	Extraordinary Revenue — Manitoba Hydro Payment					(150	)											(150	)
Net Contribution to Consolidated Net Income			5			(151	)		1			129			422			405

18

Balance Before Pension Items

The Consolidated Balance before Pension Items is the result of adding the total changes in Special Funds to the net contribution of Government Enterprises and Crown corporations. The balance will return to a positive position in 2003/04, after a forecast negative result for 2002/03. For the four fiscal-year period of 2000/01 to 2003/04 inclusive, the Consolidated Balance before Pension Items is projected at $488 million.

2003/04

2002/03

2002/03

2001/02

2000/01

4-Year

Budget

Forecast

Budget

Actual

Actual

Total

Consolidated Balance Before Pension Items

21

(167

)

5

80

554

488

Pension Items

Upon coming into office, our Administration put into place a plan to retire the General Purpose Debt and to eliminate the Government’s pension liability. Prior to this, it was projected that the pension liability would reach $8.4 billion by 2028, and would continue to grow after that.

Our Government has continued its actions to improve the plans to repay long-term debt and pension obligations of the Government. The 2000 Manitoba Budget introduced a comprehensive approach to address both debt and pension obligations. This approach involved:

• continuation of payments of retiree pension obligations;

• continuation of the provision for debt repayment; and

• inclusion of amounts within debt retirement allocations sufficient to match employee contributions for civil servants and teachers hired on or after April 1, 2000.

The plan provides for debt and pension obligation funding of $96 million per year, with allocation between debt and pension assets to be determined by the Debt Retirement Fund Allocation Committee. The 2001/02 allocation provided $75 million for pension assets.

In 2002/03, the allocation of the $96 million contribution is $48 million for pension assets.

The 2002 Budget enhanced the plan to reduce the term over which the pension liability will be eliminated, by requiring Government departments and agencies to match new employee pension contributions after September 30, 2002.

19

From our Administration’s first Budget — for the 2000/01 fiscal year — to the end of fiscal year 2003/04 encompassed by this Budget, our Government will have set aside $384 million, excluding interest, in the Debt Retirement Fund to repay General Purpose Debt and pension liabilities. This is 28% more than the amount set aside by the previous Administration during its last term.

	2003/04			2002/03			2002/03			2001/02			2000/01			4-Year
	Budget			Forecast			Budget			Actual			Actual			Total
Pension Expense for Unfunded Liability		(179	)		(152	)		(167	)		(167	)		(144	)		(642	)
Government Contributions to Pension Assets Fund		48			48			29			77			21			194
Net Pension Items		(131	)		(104	)		(138	)		(90	)		(123	)		(448	)

Summary

The Summary Budget represents the entire Government reporting entity, as defined in Schedule 8 of the Summary Financial Statements.

The financial results of the operations of the Government and its agencies as a whole are summarized below. In spite of the large forecast negative balance for 2002/03 — the result of a $143 million decline in Manitoba Hydro’s net income relative to 2001/02, lower equalization receipts, and $39 million in higher-than-budgeted expenditure — the Consolidated Net Income of the Government is projected to be positive over the four-year period through 2003/04. The cumulative total for the period is projected to be $40 million.

	2003/04			2002/03			2002/03			2001/02			2000/01			4-Year
	Budget			Forecast			Budget			Actual			Actual			Total
Balance Before Pension Items		21			(167	)		5			80			554			488
Net Pension Items		(131	)		(104	)		(138	)		(90	)		(123	)		(448	)
Consolidated Net Income (Expense)		(110	)		(271	)		(133	)		(10	)		431			40

Although Manitoba has faced an important and unexpected revenue shortfall due to a federal accounting error, the Government has managed to continue providing Manitobans with the priority services they require. The Government has also continued its progress toward reducing General Purpose Debt and accumulated pension liabilities. These measures will help ensure that Manitobans continue to receive services they need.

20

n   Capital Investment

Part B Capital Investment is required for the annual purchase or acquisition of tangible capital assets which meet established guidelines for amortization (see Appendix B of the 2003/04 Estimates of Expenditure). Tangible capital assets are those with a useful life extending beyond one year which are acquired, constructed or developed and held for use, not resale. Tangible capital assets, whose acquisition value is less than established capitalization thresholds, and infrastructure expenditures are recorded as operating expenditure in the year of acquisition.

Amortization and interest costs related to the capital investment are borne by departments that are responsible for each asset.

The following table outlines the Part B Capital Investment authority requirements.

Capital Investment, 2003/04
(Thousands of Dollars)

Government Services Capital Projects		14,000
Transportation Equipment and Other Capital		13,000
Information Technology Projects
	eGovernment Initiatives	13,490
	Health	6,500
	Family Services and Housing	2,200
	Justice	1,000
	Other Projects	6,505
Other Equipment and Buildings		1,305
		58,000

n   Capital Grants, Infrastructure and Capital Investment

Total spending for capital purposes is comprised of spending on capital
grants and infrastructure from Part A of the Estimates of Expenditure, and
Capital Investment spending from Part B of the Estimates of Expenditure.

Total spending for capital purposes is outlined in the following table.

Capital Grants, Infrastructure and Capital Investment, 2003/04
(Thousands of Dollars)

Capital Grants (Part A)	224,346
Infrastructure (Part A)	151,927
Capital Investment (Part B)	58,000
	434,273

21

n   Special Funds Balances

Fiscal Stabilization Fund

In 2002/03, the draw from the Fiscal Stabilization Fund will be $77 million, or $16 million less than budgeted. The positive balance in the Operating Fund, projected at $4 million, is deposited in the Fiscal Stabilization Fund. The budgeted draw for 2003/04 is $48 million, all of which is directed to the debt and pension liability payment. The closing balance of the Fund is projected to be $145 million.

Fiscal Stabilization Fund Revenue, Expenditure and Balance
Projection as at March 31, 2004 and March 31, 2003

		2003/04			2002/03
		Budget			Forecast
		(Millions of Dollars)
Fund Balance, Beginning of Year			179			247
Revenue
	Balance Under Balanced Budget Legislation		10			4
	Interest		4			5
			14			9
Expenditure
	Transfer to Operating Fund		(48	)		(77	)
Fund Balance, End of Year			145			179

22

Debt Retirement Fund

In accordance with The Balanced Budget, Debt Retirement and Taxpayer Accountability Act, a $96 million deposit to the Debt Retirement Fund is required in each of 2002/03 and 2003/04. Of the 2002/03 amount, the Allocation Committee determined that the most cost-effective allocation was $48 million to pension liability, rather than the $21 million budgeted amount, and $48 million against General Purpose Debt. In the 2003 Budget plan, the 2003/04 allocation is $48 million to pension liability and $48 million against General Purpose Debt, subject once again to the decision of the Allocation Committee as to the most effective use.

Debt Retirement Revenue, Expenditure and Balance
Projection as at March 31, 2004 and March 31, 2003

		2003/04			2002/03
		Budget			Forecast
		(Millions of Dollars)
Fund Balance, Beginning of Year			152			100
Revenue
	Transfer from Operating Fund		96			96
	Interest		6			4
			102			100
Expenditure
	Transfer to Pension Assets Fund		(48	)		(48	)
Fund Balance, End of Year			206			152

23

n   Loan Act Requirements

The following table reflects expenditure authority to be included in The Loan Act, 2003.

Incremental Capital Authority Requirements for Non-Budgetary Programs, 2003/04
(Thousands of Dollars)

The Loan Act, 2003

The Manitoba Hydro-Electric Board	474,000
Health Capital Program	50,100
Manitoba Lotteries Corporation	45,800
Manitoba Agricultural Credit Corporation	26,900
The Manitoba Water Services Board	24,500
Red River Floodway Renewal and Expansion	20,000
Manitoba Housing and Renewal Corporation	19,500
Manitoba Student Financial Assistance Program	18,300
Diagnostic Services Manitoba	13,000
Communities Economic Development Fund	10,900
Manitoba Industrial Opportunities Program	6,200
Special Operating Agencies Financing Authority — Fleet Vehicles Agency	4,000
Special Operating Agencies Financing Authority — Food Development Centre	2,400
Red River College	2,250
Rural Economic Development Initiatives	1,450
Venture Manitoba Tours Ltd.	1,200
Manitoba Potash Corporation	110
	720,610

Non-Budgetary Capital Program, 2003/2004
(Thousands of Dollars)

The Manitoba Hydro-Electric Board	497,000
Health Capital Program	188,904
Manitoba Agricultural Credit Corporation	104,850
Manitoba Industrial Opportunities Program	74,447
Manitoba Lotteries Corporation	65,400
Manitoba Student Financial Assistance Program	41,878
Red River Floodway Renewal and Expansion	40,000
The Manitoba Water Services Board	31,273
Manitoba Housing and Renewal Corporation	24,034
Red River College	22,250
Special Operating Agencies Financing Authority — Fleet Vehicles Agency	12,223
Community Economic Development Fund	9,750
Special Operating Agencies Financing Authority — Food Development Centre	7,277
Community Development Bonds	6,000
Diagnostic Services Manitoba	4,250
Miscellaneous Corporations, Agencies and Other Programs	10,606
	1,140,142

24

n   Borrowing Requirements

Manitoba’s borrowing requirements for both general and self-sustaining purposes, including the guaranteed debt of Crown corporations, will total $2.0 billion in 2003/04. A total of $1.5 billion is required for the refunding of general purpose and self-sustaining debt. The remainder is required for self-sustaining programs, including Manitoba Hydro. Incremental capital authority requirements totalling $0.72 billion are provided by The Loan Act, 2003.

Borrowing Requirements
(Thousands of Dollars)

			New Cash		Estimated		Borrowing
	Refunding		Requirements		Repayments		Requirements
	2003/04		2003/04		2003/04		2003/04
Refunding General Government Program Debt		1,169,042		—		—		1,169,042
Capital Investments		—		25,000		—		25,000
Manitoba Hydro		220,395		474,000		—		694,395
Manitoba Lotteries Corporation		—		45,800		—		45,800
Manitoba Agricultural Credit Corporation		—		26,900		26,900		—
Manitoba Water Services Board		—		24,500		15,000		9,500
Manitoba Hospital Facilities		66,400		21,400		33,800		54,000
Red River Floodway Renewal and Expansion		—		20,000		—		20,000
Manitoba Housing and Renewal Corporation		—		19,500		19,500		—
Manitoba Student Financial Assistance		—		18,300		18,300		—
Diagnostic Services Manitoba		—		13,000		—		13,000
Communities Economic Development Fund		—		10,900		10,900		—
Business Support Programs		—		6,200		6,200		—
Fleet Vehicles Agency		—		4,000		4,000		—
Red River College		—		2,250		350		1,900
Miscellaneous		—		5,160		5,160		—
		1,455,837		716,910		140,110		2,032,637

25

Statement of Valuation and Purpose of Direct and Guaranteed Debt Outstanding
(Thousands of Dollars) Preliminary Unaudited

As at March 31, 2003 (with comparative figures for March 31, 2002)

Canadian		Canadian
Dollar		Dollar		Increase/				Canadian		Canadian		Increase/
Equivalent		Equivalent		(Decrease)				Dollar		Dollar		(Decrease)
at Date of		at Date of		March 31/03				Valuation		Valuation		March 31/03
Issue		Issue		over				(Note 1)		(Note 1)		over
March 31/03		March 31/02		March 31/02				March 31/03		March 31/02		March 31/02
							Direct Debt Payable in:
	11,840,579		11,835,290		5,289		Canadian Dollars		11,812,779		11,807,490		5,289
							Issues Hedged
	3,209,198		2,962,401		246,797		to Canadian Dollars		3,348,799		3,221,628		127,171
	2,493,251		3,055,916		(562,665	)	U.S. Dollars		2,813,877		3,734,567		(920,690	)
							Issues Hedged
	1,433,767		1,403,111		30,656		to U.S. Dollars		1,431,227		1,555,051		(123,824	)
	18,976,795		19,256,718		(279,923	)	Total Direct Debt		19,406,682		20,318,736		(912,054	)
							Guaranteed Debt Payable in:
	979,139		595,190		383,949		Canadian Dollars		979,139		595,190		383,949
	0		0		0		U.S. Dollars		0		0		0
	979,139		595,190		383,949		Total Guaranteed Debt		979,139		595,190		383,949
	19,955,934		19,851,908		104,026		Total Direct and Guaranteed Debt (Note 2)		20,385,821		20,913,926		(528,105	)
	5,679,745		6,410,517		(730,772	)	Less: Sinking Fund Investments		5,679,745		6,410,517		(730,772	)
	151,850		100,444		51,406		Less: Debt Retirement Fund		151,850		100,444		51,406
	14,124,339		13,340,947		783,392		Net Direct and Guaranteed Debt (Note 3)		14,554,226		14,402,965		151,261

Note 1:	The Canadian Dollar Valuation is calculated using the foreign currency exchange rates in effect at March 31, 2003.
Note 2:	Direct and Guaranteed Debt are payable in Canadian and U.S. dollars. As at March 31, 2003, total Gross Debt was payable 79% in Canadian dollars and 21% in U.S. dollars. Of this total, General Government Program Debt and Other Debt was payable 97% in Canadian dollars (94% at March 31, 2002) and 3% in U.S. dollars (6% at March 31, 2002) while Manitoba Hydro Debt was payable 47% in Canadian dollars (42% at March 31, 2002) and 53% in U.S. dollars (58% at March 31, 2002).
Note 3:	The above debt was issued for the following purposes:

	March 31, 2003						March 31, 2002
	($ Thousands)			($ Per Capita)		(Note 4)	($ Thousands)		($ Per Capita)		(Note 4)
General Government Programs		6,354,634			5,523			6,406,112		5,575
The Manitoba Hydro-Electric Board		6,344,028			5,514			6,263,251		5,451
Capital Investments		294,900			256			244,900		213
Manitoba Hospital Facilities		445,000			387			390,000		339
Other		1,115,664			970			1,098,702		956
	14,554,226		(Note 5)		12,650			14,402,965		12,534

Note 4:

Per Capita data is based upon population figures at January 1, 2003 and April 1, 2002 as reported by Statistics Canada.

Note 5:

General Government Program Debt decreased by $51.5 million due to the deposit to the Debt Retirement Fund. All other debt increased $202 million due to the continued consolidation of Hospital Facilities debt on to the Province’s records, combined with Provincial Part B Capital requirements, and Manitoba Hydro’s new capital requirements including the consolidation of Winnipeg Hydro’s debt, offset by an improved Canadian dollar.

26

Direct and Guaranteed Debt
Net Maturities to March 31, 2042

	Canadian Valuation Payable In
	Canadian		U.S.		Net
	Dollars		Dollars		Maturities
	(Millions of Dollars)
2003/04		994		220		1,214
2004/05		937		71		1,008
2005/06		1,408		297		1,705
2006/07		1,810		—		1,810
2007/08		1,248		—		1,248
2008/09		1,060		—		1,060
2009/10		210		583		793
2011 - 15		1,324		346		1,670
2016 - 20		222		808		1,030
2021 - 25		—		429		429
2026 - 42		1,959		—		1,959
Treasury Bills and Promissory Notes		628		—		628
Total		11,800		2,754		14,554

The above table is based on foreign exchange rates in existence at March 31, 2003.

27