PROVINCE OF MANITOBA
NOTES TO THE QUARTERLY FINANCIAL REPORT
FOR THE THREE MONTHS – APRIL TO JUNE 2004
This report presents the unaudited financial results of the Province of Manitoba for the first quarter of the 2004/05 fiscal year.
The report is based on the organizational structure of departments established in the 2004/05 Estimates, including a change in the capital accounting policy to allow for capitalization of infrastructure. The comparative data provided for the 2003/04 fiscal year has been restated to reflect the current organizational structure of departments as well as the change in accounting policy.
FIRST QUARTER – ACTUAL TO ESTIMATE
The first quarter result of a net expenditure (excess expenditure over revenue) of $259.9 million was $14.4 less than the projection of $274.3 million. The net decrease is due to a combined result of expenditures for the first quarter being $9.3 million less than estimated and revenue being $5.1 million more than anticipated. Actual program expenditures were $20.5 million less than projected while public debt costs were $11.2 million higher than projected. The variances result primarily from differences in the timing of expenditures or receipts.
FIRST QUARTER COMPARED TO PREVIOUS YEAR’S RESULTS
Total revenues were $32.0 million more than the same period last year, primarily due to higher own source revenue. Government of Canada revenue was less than last year primarily due to a budgeted net decrease in federal transfers.
Total expenditures were $76.9 million higher than the previous year with the largest increases occurring in the departments of Health, Family Services and Housing and Education, Citizenship and Youth.
In total, the first quarter net expenditure was $44.9 million higher than for the same period last year.
CAPITAL INVESTMENT
Departmental expenditures for tangible capital assets were $15.7 million, $3.6 million less than estimated primarily due to timing variances. Expenditures were $2.6 million higher than for the same period last year. As noted previously, the 2003/04 capital investment expenditures were restated to reflect capitalization of infrastructure in 2004/05.
DEBT/PENSION REPAYMENT
The 2004 Budget provides for a $96.4 million contribution to the Debt Retirement Fund. As required by the balanced budget legislation, an allocation committee determines the share of those funds directed to pension or general purpose debt. In the 2004 Budget plan, the 2004/05 allocation is $75.0 million to the pension liability and $21.4 for general purpose debt. The debt retirement provisions of the Act also require that at least once every five years the Fund be collapsed and all amounts be allocated to the Province of Manitoba Sinking Fund (debt) or to the Pension Asset Fund. Therefore $202.0 million has been applied against general purpose debt, comprised of the $180.6 million opening Fund balance plus $21.4 million from the 2004/05 allocation.
Province of Manitoba - Financial Quarterly
YEAR END PROJECTION
A $3.0 million positive balance was projected in the 2004 Budget. At the end of the first quarter this projection remains unchanged. More complete information on revenues and expenditures available for the second quarter financial report will provide the basis for a revised year-end projection.
FISCAL STABILIZATION FUND
The 2004 Budget indicated no draw on the Fund for the current year and the Fund is projected to have a balance of $123.4 million at the end of the fiscal year. The status of the Fiscal Stabilization Fund is provided on page 12.
BORROWING ACTIVITY
The original estimate of borrowing requirements identified in the 2004 Budget was $2,336.3 million including refinancing, funding for Manitoba Hydro, capital investments, Health’s capital programs and new self sustaining requirements.
For the period April 1, 2004 to June 30, 2004, $223.6 million was raised through the issue of Builder Bonds and $756.7 million was raised in the public market.
Province of Manitoba – Financial Quarterly
2
PROVINCE OF MANITOBA
OPERATING FUND
STATEMENT OF REVENUE AND EXPENDITURE
FOR THE THREE MONTHS ENDED JUNE 20, 2004
(with comparative figures for June 30, 2003)
(UNAUDITED)
| 2003/04 | 2004/ 05 | INCREASE | 2004/05 | |||||||||||||||||||||
| ACTUAL | ACTUAL | (DECREASE) | ACTUAL | ESTIMATE | VARIANCE | |||||||||||||||||||
| (thousands of dollars) | (thousands of dollars) | |||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||
| 1,020,235 | 1,063,674 | 43,439 | Own Source Revenue | 1,063,674 | 1,072,880 | (9,206 | ) | |||||||||||||||||
| 608,772 | 597,333 | (11,439 | ) | Government of Canada | 597,333 | 583,007 | 14,326 | |||||||||||||||||
| 1,629,007 | 1,661,007 | 32,000 | Total Revenue | 1,661,007 | 1,655,887 | 5,120 | ||||||||||||||||||
Expenditure | ||||||||||||||||||||||||
| 1,777,326 | 1,847,549 | 70,223 | Program Expenditure | 1,847,549 | 1,868,003 | (20,454 | ) | |||||||||||||||||
| 66,691 | 73,411 | 6,720 | Debt Servicing | 73,411 | 62,214 | 11,197 | ||||||||||||||||||
| 1,844,017 | 1,920,960 | 76,943 | Total Expenditure | 1,920,960 | 1,930,217 | (9,257 | ) | |||||||||||||||||
| (215,010 | ) | (259,953 | ) | (44,943 | ) | Net Revenue/(Expenditure) | (259,953 | ) | (274,330 | ) | 14,377 | |||||||||||||
Interfund Transfers | ||||||||||||||||||||||||
| — | — | — | Debt/Pension Repayment | — | — | — | ||||||||||||||||||
| — | — | — | Fiscal Stabilization Fund | — | — | — | ||||||||||||||||||
| — | — | — | Total Interfund Transfers | — | — | — | ||||||||||||||||||
Balance Under Balanced Budget | ||||||||||||||||||||||||
| (215,010 | ) | (259,953 | ) | (44,943 | ) | Legislation | (259,953 | ) | (274,330 | ) | 14,377 | |||||||||||||
Province of Manitoba – Financial Quarterly
3
PROVINCE OF MANITOBA
OPERATING FUND
STATEMENT OF REVENUE
FOR THE THREE MONTHS ENDED JUNE 30, 2004
(with comparative figures for June 30, 2003)
(UNAUDITED)
| 2003/04 | 2004/05 | INCREASE | 2004/05 | |||||||||||||||||||||
| ACTUAL | ACTUAL | (DECREASE) | ACTUAL | ESTIMATE | VARIANCE | |||||||||||||||||||
| (thousands of dollars) | (thousands of dollars) | |||||||||||||||||||||||
Taxation: | ||||||||||||||||||||||||
| Finance | ||||||||||||||||||||||||
| 427,604 | 454,200 | 26,596 | - Individual Income Tax | 454,200 | 454,200 | — | ||||||||||||||||||
| 71,580 | 80,748 | 9,168 | - Corporation Income Tax | 80,748 | 80,748 | — | ||||||||||||||||||
| 35,246 | 38,046 | 2,800 | - Corporation Capital Tax | 38,046 | 36,200 | 1,846 | ||||||||||||||||||
| 26,132 | 24,730 | (1,402 | ) | - Gasoline Tax | 24,730 | 25,600 | (870 | ) | ||||||||||||||||
| 25,858 | 13,531 | (12,327 | ) | - Insurance Corporations Tax | 13,531 | 13,585 | (54 | ) | ||||||||||||||||
| 4,477 | 4,710 | 233 | - Land Transfer Tax | 4,710 | 5,250 | (540 | ) | |||||||||||||||||
| 43,442 | 45,049 | 1,607 | - Levy for Health and Education | 45,049 | 46,600 | (1,551 | ) | |||||||||||||||||
| 7,054 | 11,600 | 4,546 | - Mining Tax | 11,600 | 11,600 | — | ||||||||||||||||||
| 10,211 | 10,905 | 694 | - Motive Fuel Tax | 10,905 | 11,400 | (495 | ) | |||||||||||||||||
| 173,641 | 175,249 | 1,608 | - Retail Sales Tax | 175,249 | 184,200 | (8,951 | ) | |||||||||||||||||
| 11,168 | 11,240 | 72 | - Revenue Act, 1964, Part 1 | 11,240 | 12,400 | (1,160 | ) | |||||||||||||||||
| 32,207 | 34,977 | 2,770 | - Tobacco Tax | 34,977 | 37,100 | (2,123 | ) | |||||||||||||||||
| 535 | 538 | 3 | - Environmental Protection Tax | 538 | 560 | (22 | ) | |||||||||||||||||
| 869,155 | 905,523 | 36,368 | 905,523 | 919,443 | (13,920 | ) | ||||||||||||||||||
| Industry, Economic Development & Mines | ||||||||||||||||||||||||
| 669 | 485 | (184 | ) | - Oil and Natural Gas Tax | 485 | 573 | (88 | ) | ||||||||||||||||
| 869,824 | 906,008 | 36,184 | 906,008 | 920,016 | (14,008 | ) | ||||||||||||||||||
Other Revenue: | ||||||||||||||||||||||||
| 5,222 | 7,365 | 2,143 | Justice | 7,365 | 7,376 | (11 | ) | |||||||||||||||||
| 17,907 | 20,260 | 2,353 | Water Stewardship - Water Power Rentals | 20,260 | 17,628 | 2,632 | ||||||||||||||||||
| 63,000 | 56,000 | (7,000 | ) | Manitoba Lotteries Corporation | 56,000 | 56,000 | — | |||||||||||||||||
| 18,900 | 21,700 | 2,800 | Manitoba Liquor Control Commission | 21,700 | 20,000 | 1,700 | ||||||||||||||||||
| 45,382 | 52,341 | 6,959 | Other Departments | 52,341 | 51,860 | 481 | ||||||||||||||||||
| 150,411 | 157,666 | 7,255 | 157,666 | 152,864 | 4,802 | |||||||||||||||||||
| 1,020,235 | 1,063,674 | 43,439 | Total Own Source Revenue | 1,063,674 | 1,072,880 | (9,206 | ) | |||||||||||||||||
Province of Manitoba – Financial Quarterly
4
PROVINCE OF MANITOBA
OPERATING FUND
STATEMENT OF REVENUE
FOR THE THREE MONTHS ENDED JUNE 30, 2004
(with comparative figures for June 30, 2003)
(UNAUDITED)
| 2003/04 | 2004/05 | INCREASE | 2004/05 | |||||||||||||||||||||
| ACTUAL | ACTUAL | (DECREASE) | ACTUAL | ESTIMATE | VARIANCE | |||||||||||||||||||
| (thousands of dollars) | (thousands of dollars) | |||||||||||||||||||||||
Government of Canada: | ||||||||||||||||||||||||
| 309,678 | 343,322 | 33,644 | Equalization | 343,322 | 332,508 | 10,814 | ||||||||||||||||||
| 190,074 | 200,508 | 10,434 | Canada Health and Social Transfer (CHST) | 200,508 | 200,508 | — | ||||||||||||||||||
| 90,678 | — | (90,678 | ) | - CHST Supplement | — | — | — | |||||||||||||||||
| — | 13,746 | 13,746 | Health Reform Fund | 13,746 | 13,746 | — | ||||||||||||||||||
| Other Health Funds | ||||||||||||||||||||||||
| 300 | — | (300 | ) | - Primary Health Care Transition Fund | — | — | — | |||||||||||||||||
| 1,523 | 1,300 | (223 | ) | - Medical Equipment Fund | 1,300 | 1,000 | 300 | |||||||||||||||||
| — | 1,025 | 1,025 | - Diagnostic Medical Equipment Fund | 1,025 | 829 | 196 | ||||||||||||||||||
| — | 14,618 | 14,618 | - Public Health Immunization Fund | 14,618 | 14,618 | — | ||||||||||||||||||
| 1,823 | 16,943 | 15,120 | 16,943 | 16,447 | 496 | |||||||||||||||||||
| Departments | ||||||||||||||||||||||||
| 983 | 4,009 | 3,026 | - Family Services and Housing | 4,009 | 3,932 | 77 | ||||||||||||||||||
| 929 | 3,716 | 2,787 | - Health | 3,716 | 929 | 2,787 | ||||||||||||||||||
| 14,607 | 15,089 | 482 | - Other Departments | 15,089 | 14,937 | 152 | ||||||||||||||||||
| 608,772 | 597,333 | (11,439 | ) | Total Government of Canada | 597,333 | 583,007 | 14,326 | |||||||||||||||||
| 1,629,007 | 1,661,007 | 32,000 | Total Revenue | 1,661,007 | 1,655,887 | 5,120 | ||||||||||||||||||
Province of Manitoba – Financial Quarterly
5
PROVINCE OF MANITOBA
OPERATING FUND
STATEMENT OF PART A – OPERATING EXPENDITURE
FOR THE THREE MONTHS ENDED JUNE 30, 2004
(with comparative figures for June 30, 2003)
(UNAUDITED)
| 2003/04 | 2004/05 | INCREASE | 2004/05 | |||||||||||||||||||||
| ACTUAL | ACTUAL | (DECREASE) | ACTUAL | ESTIMATE | VARIANCE | |||||||||||||||||||
| (thousands of dollars) | (thousands of dollars) | |||||||||||||||||||||||
| 10,929 | 6,780 | (4,149 | ) | Legislative Assembly | 6,780 | 6,685 | 95 | |||||||||||||||||
| 772 | 757 | (15 | ) | Executive Council | 757 | 775 | (18 | ) | ||||||||||||||||
| 8,159 | 7,430 | (729 | ) | Aboriginal and Northern Affairs | 7,430 | 9,443 | (2,013 | ) | ||||||||||||||||
| 126,623 | 126,658 | 35 | Advanced Education and Training | 126,658 | 128,817 | (2,159 | ) | |||||||||||||||||
| 15,998 | 14,630 | (1,368 | ) | Agriculture, Food and Rural Initiatives | 14,630 | 17,952 | (3,322 | ) | ||||||||||||||||
| 1,138 | 1,179 | 41 | Civil Service Commission | 1,179 | 1,243 | (64 | ) | |||||||||||||||||
| 27,664 | 27,501 | (163 | ) | Conservation | 27,501 | 28,036 | (535 | ) | ||||||||||||||||
| 19,004 | 18,820 | (184 | ) | Culture, Heritage and Tourism | 18,820 | 19,731 | (911 | ) | ||||||||||||||||
| 366,621 | 373,317 | 6,696 | Education, Citizenship and Youth | 373,317 | 372,989 | 328 | ||||||||||||||||||
| 13,323 | 12,764 | (559 | ) | Employee Pensions and Other Costs | 12,764 | 13,348 | (584 | ) | ||||||||||||||||
| 12,630 | 13,100 | 470 | Energy, Science and Technology | 13,100 | 13,249 | (149 | ) | |||||||||||||||||
| 195,838 | 218,975 | 23,137 | Family Services and Housing | 218,975 | 219,002 | (27 | ) | |||||||||||||||||
| 36,161 | 36,428 | 267 | Finance - Departmental Costs | 36,428 | 36,525 | (97 | ) | |||||||||||||||||
| 66,691 | 73,411 | 6,720 | Finance - Debt Servicing Costs | 73,411 | 62,214 | 11,197 | ||||||||||||||||||
| 741,550 | 790,312 | 48,762 | Health | 790,312 | 786,208 | 4,104 | ||||||||||||||||||
| 3,990 | 4,602 | 612 | Healthy Child Manitoba | 4,602 | 4,865 | (263 | ) | |||||||||||||||||
| 4,599 | 5,087 | 488 | Industry, Economic Development and Mines | 5,087 | 4,945 | 142 | ||||||||||||||||||
| 28,594 | 24,865 | (3,729 | ) | Intergovernmental Affairs and Trade | 24,865 | 30,811 | (5,946 | ) | ||||||||||||||||
| 50,770 | 53,309 | 2,539 | Justice | 53,309 | 52,828 | 481 | ||||||||||||||||||
| 7,531 | 7,395 | (136 | ) | Labour and Immigration | 7,395 | 7,413 | (18 | ) | ||||||||||||||||
| 183 | 192 | 9 | Seniors Directorate | 192 | 196 | (4 | ) | |||||||||||||||||
| 2,722 | 2,815 | 93 | Sport | 2,815 | 2,787 | 28 | ||||||||||||||||||
| 85,013 | 87,578 | 2,565 | Transportation and Government Services | 87,578 | 91,109 | (3,531 | ) | |||||||||||||||||
| 9,051 | 9,666 | 615 | Water Stewardship | 9,666 | 9,424 | 242 | ||||||||||||||||||
| 479 | 348 | (131 | ) | Enabling Appropriations | 348 | 601 | (253 | ) | ||||||||||||||||
| 7,984 | 3,041 | (4,943 | ) | Other Appropriations | 3,041 | 9,021 | (5,980 | ) | ||||||||||||||||
| 1,844,017 | 1,920,960 | 76,943 | Total Expenditure | 1,920,960 | 1,930,217 | (9,257 | ) | |||||||||||||||||
Province of Manitoba – Financial Quarterly
6
PROVINCE OF MANITOBA
OPERATING FUND
STATEMENT OF PART B – CAPITAL INVESTMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2004
(with comparative figures for June 30, 2003)
(UNAUDITED)
| 2003/04 | 2004/05 | INCREASE | 2004/05 | |||||||||||||||||||||
| ACTUAL | ACTUAL | (DECREASE) | ACTUAL | ESTIMATE | VARIANCE | |||||||||||||||||||
| (thousands of dollars) | (thousands of dollars) | |||||||||||||||||||||||
General Assets | ||||||||||||||||||||||||
| 22 | 10 | (12 | ) | Conservation | 10 | 169 | (159 | ) | ||||||||||||||||
| — | 3,435 | 3,435 | Energy, Science and Technology | 3,435 | 3,075 | 360 | ||||||||||||||||||
| 185 | 189 | 4 | Family Services and Housing | 189 | 178 | 11 | ||||||||||||||||||
| 148 | 13 | (135 | ) | Finance | 13 | 38 | (25 | ) | ||||||||||||||||
| 94 | 213 | 119 | Health | 213 | — | 213 | ||||||||||||||||||
| 193 | 190 | (3 | ) | Justice | 190 | 586 | (396 | ) | ||||||||||||||||
| 2,474 | 2,521 | 47 | Transportation and Government Services | 2,521 | 4,176 | (1,655 | ) | |||||||||||||||||
| 563 | 14 | (549 | ) | Other Appropriations | 14 | — | 14 | |||||||||||||||||
| 3,679 | 6,585 | 2,906 | Total General Assets | 6,585 | 8,222 | (1,637 | ) | |||||||||||||||||
Infrastructure Assets | ||||||||||||||||||||||||
| 9,362 | 8,502 | (860 | ) | Transportation and Government Services | 8,502 | 10,214 | (1,712 | ) | ||||||||||||||||
| — | 595 | 595 | Water Stewardship | 595 | 870 | (275 | ) | |||||||||||||||||
| 9,362 | 9,097 | (265 | ) | Total Infrastucture Assets | 9,097 | 11,084 | (1,987 | ) | ||||||||||||||||
| 13,041 | 15,682 | 2,641 | Total Capital Assets | 15,682 | 19,306 | (3,624 | ) | |||||||||||||||||
Province of Manitoba – Financial Quarterly
7
PROVINCE OF MANITOBA
OPERATING FUND
STATEMENT OF VALUATION AND PURPOSE OF
DIRECT AND GUARANTEED DEBT OUTSTANDING
JUNE 30, 2004
(with comparative figures for March 31, 2004)
(UNAUDITED)
| Canadian Dollar | Canadian Dollar | Increase/(Decrease) | ||||||||||
| Valuation | Valuation | June 30/04 | ||||||||||
| (Note 1) | (Note 1) | over | ||||||||||
| June 30/04 | Mar 31/04 | Mar 31/04 | ||||||||||
| (thousands of dollars) | ||||||||||||
Direct Debt Payable in: | ||||||||||||
| Canadian Dollars | 13,095,880 | 12,643,097 | 452,783 | |||||||||
| Issues Hedged to Canadian Dollars | 3,131,417 | 3,210,936 | (79,519 | ) | ||||||||
| U.S. Dollars | 2,278,680 | 2,227,850 | 50,830 | |||||||||
| Issues Hedged to U.S. Dollars | 979,768 | 957,913 | 21,855 | |||||||||
| Total Direct Debt | 19,485,745 | 19,039,796 | 445,949 | |||||||||
Guaranteed Debt Payable in: | ||||||||||||
| Canadian Dollars | 671,488 | 910,083 | (238,595 | ) | ||||||||
| U.S. Dollars | 46,914 | 12,450 | 34,464 | |||||||||
| Total Guaranteed Debt | 718,402 | 922,533 | (204,131 | ) | ||||||||
Total Direct and Guaranteed Debt (note 2) | 20,204,147 | 19,962,329 | 241,818 | |||||||||
| Less: Sinking Fund Investments | 4,804,382 | 4,810,997 | (6,615 | ) | ||||||||
| Less: Debt Retirement Fund | — | 180,325 | (180,325 | ) | ||||||||
Net Direct and Guaranteed Debt (note 3) | 15,399,765 | 14,971,007 | 428,758 | |||||||||
Province of Manitoba – Financial Quarterly
8
PROVINCE OF MANITOBA
OPERATING FUND
STATEMENT OF VALUATION AND PURPOSE OF
DIRECT AND GUARANTEED DEBT OUTSTANDING
JUNE 30, 2004
(with comparative figures for March 31, 2004)
(UNAUDITED)
NOTES:
| 1. | The Canadian Dollar Valuation is calculated using the foreign currency exchange rates in effect at June 30, 2004 and March 31, 2004. As at June 30, 2004, the US dollar exchange rate was $1.3404 ($1.3105 at March 31, 2004). |
| 2. | Direct and Guaranteed Debt are payable in Canadian and U.S. dollars. As at June 30, 2004, total Gross Debt was payable 84% in Canadian dollars and 16% in U.S. dollars. Of this total, General Government Program Debt and Other Debt was 100% payable in Canadian dollars. Manitoba Hydro Debt was payable 55% in Canadian dollars (57% at March 31, 2004) and 45% in U.S. dollars (43% at March 31, 2004). |
| 3. | The above debt was issued for the following purposes: |
| June 30, 2004 | March 31, 2004 | |||||||||||||||
| ($ Thousands) | ($ per capita) | ($ Thousands) | ($ per capita) | |||||||||||||
| (Note 4) | (Note 4) | |||||||||||||||
| General Government Programs | 6,468,026 | 5,529 | 6,315,125 | 5,405 | ||||||||||||
| The Manitoba Hydro-Electric Board | 6,863,765 | 5,867 | 6,648,603 | 5,691 | ||||||||||||
| Capital Investments | 324,515 | 277 | 321,284 | 275 | ||||||||||||
| Manitoba Hospital Facilities | 539,000 | 461 | 499,000 | 427 | ||||||||||||
| Other | 1,204,459 | 1,030 | 1,186,995 | 1,016 | ||||||||||||
| Total (Note 5) | 15,399,765 | 13,164 | 14,971,007 | 12,814 | ||||||||||||
| 4. | Per Capita data is based upon population figures as at July 1, 2004 and April 1, 2004 as reported by Statistics Canada. |
| 5. | General Government Program Debt increased by $152.9 million due to the funding of disaster related items and the prefunding of maturing debt offset by the net annual contribution to the Debt Retirement Fund. All other debt increased $275.8 million due to the continued consolidation of Hospital Facilities debt on to the Province’s records, Provincial Part B Capital requirements and Manitoba Hydro’s new capital requirements together with the impact of a weaker Canadian dollar. Manitoba Hydro’s U.S. dollar revenues are sufficient to pay the interest and principal on all outstanding U.S. debt. |
| 6. | Manitoba’s net general purpose debt to GDP ratio is projected to be 15.8% in 2004/05, down from 16.4% in the 2003/04 Preliminary Year-End Financial Report, and from 20.3% in 1999/2000. |
Province of Manitoba – Financial Quarterly
9
PROVINCE OF MANITOBA
DEBT RETIREMENT FUND
PROJECTION FOR THE YEAR ENDED MARCH 31, 2005
(with comparative figures for March 31, 2004)
(UNAUDITED)
| 2004/05 | 2003/04 | |||||||
| Projection (1) | Actual (2) | |||||||
| (thousands of dollars) | ||||||||
Fund Balance, Beginning of Year | 180,325 | 151,850 | ||||||
Revenue: | ||||||||
| Interest Earnings | 962 | 7,118 | ||||||
| Transfer from Operating Fund | 96,357 | 96,357 | ||||||
| 97,319 | 103,475 | |||||||
Expenditure: | ||||||||
| Transfer to Operating Fund for: | ||||||||
| - Pension Obligation (3) | (75,000 | ) | (75,000 | ) | ||||
| - Sinking Fund Obligation (4) | (201,974 | ) | — | |||||
Fund Balance, End of Year | 670 | 180,325 | ||||||
Notes:
| (1) | Based on projection included in the 2004 Budget |
| (2) | Based on 2003/04 Preliminary Year-End Financial Report |
| (3) | The actual allocation of funds for 2004/05 will be determined by the Allocation Committee as per Balanced Budget, Debt Repayment and Taxpayer Accountability Act. |
| (4) | Based on debt retirement provision of the Act that at least once every five years, the Fund be collapsed and all amounts allocated to the Sinking Fund or Pension Assets Fund. |
Province of Manitoba – Financial Quarterly
10
PROVINCE OF MANITOBA
PENSION ASSETS FUND
FOR THE YEAR ENDED MARCH 31, 2005
(with comparative figures for March 31, 2004)
(UNAUDITED)
| 2004/05 | 2003/04 | |||||||
| Projection (1) | Actual (2) | |||||||
| (thousands of dollars) | ||||||||
Fund Balance, Beginning of Year | 267,157 | 150,707 | ||||||
Revenue: | ||||||||
| Interest Earnings | 18,000 | 38,451 | ||||||
| Transfer from Debt Retirement Fund (3) | 75,000 | 75,000 | ||||||
| Transfer from Departments and Crown Corporations | 4,000 | 2,999 | ||||||
| 97,000 | 116,450 | |||||||
Fund Balance, End of Year | 364,157 | 267,157 | ||||||
Notes:
| (1) | Based on projection included in the 2004 Budget |
| (2) | Based on 2003/04 Preliminary Year-End Financial Report |
| (3) | The actual allocation of funds for 2004/05 will be determined by the Allocation Committee as per the Balanced Budget, Debt Repayment and Taxpayer Accountability Act. |
Province of Manitoba – Financial Quarterly
11
PROVINCE OF MANITOBA
FISCAL STABILIZATION FUND
PROJECTION FOR THE YEAR ENDED MARCH 31, 2005
(with comparative figures for March 31, 2004)
(UNAUDITED)
| 2004/05 | 2003/04 | |||||||
| Projection | Actual (1) | |||||||
| (thousands of dollars) | ||||||||
Fund Balance, Beginning of Year | 118,048 | 235,514 | ||||||
Revenue | ||||||||
| Interest Earnings | 2,319 | 3,551 | ||||||
Interfund Transfers (2) | ||||||||
| Transfer to the Operating Fund | — | (126,700 | ) | |||||
| Transfer from the Operating Fund | 3,000 | 5,683 | ||||||
| - Re: Year-End Surplus | ||||||||
| 3,000 | (121,017 | ) | ||||||
Fund Balance, End of Year | 123,367 | 118,048 | ||||||
Notes:
| (1) | Based on 2003/04 Preliminary Year-End Financial Report | |||
| (2) | Based on projection included in the 2004 Budget | |||
Province of Manitoba – Financial Quarterly
12
