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

Exhibit 99.1

Province of Manitoba

2012/13 Quarterly Financial Report

April to December 2012

CONTENTS

Introduction

Quarterly Financial Results

Economic Performance and Outlook

INTRODUCTION

Budget 2012 provided the financial overview of the Government Reporting Entity (GRE), which includes core government and Crown organizations, government business entities and public sector organizations such as regional health authorities, school divisions, universities and colleges. Manitoba’s summary budget aligns with the accounting standards set by the Public Sector Accounting Board (PSAB) and fully reflects Generally Accepted Accounting Principles (GAAP). A summary budget presents a more complete picture of how the provincial government and the other related entities operate as a whole and what the total cost is of providing services and programs to people in Manitoba.

The financial information in this quarterly financial report is presented in the same format as the budget. The third quarter financial report presents information on the GRE for the nine months ending December 31, 2012, as well as an updated financial forecast for the current fiscal year. The report also contains an economic performance and outlook.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2012

GOVERNMENT REPORTING ENTITY (GRE)

The summary forecast for fiscal year 2012/13 projects a net loss of $583 million, a negative variance of $123 million from the budgeted net loss of $460 million.

The third quarter Core Government revenue projection shows deterioration from the second quarter projection. Slower than anticipated economic growth is projected to result in a negative variance in the Retail Sales Tax ($55 million) and Manitoba Lotteries ($24 million) revenues. Service Fees and Other Miscellaneous Charges are also projected below budget ($20 million), with a projected positive variance in both the Individual ($47 million) and Corporation ($42 million) Income Taxes providing an offset.

Revenue forecasts in the Other Reporting Entities are $72 million lower than budget, resulting in a summary revenue variance that is $88 million lower than budget.

Projected expenditures in core government have improved from the forecast at the end of the second quarter but continue to be higher than budget, primarily due to significant pressures in the areas of public safety services ($31 million), disability programs ($22 million), child protection ($23 million), agriculture income supports ($16 million) and the Education Property Tax Credit ($13 million). The negative variance in core government expenditure is offset by a $150 million under expenditure projected for the Other Reporting Entities.

Projection of Summary Net Income/(Loss)

For the Fiscal Year Ending March 31, 2013

UNAUDITED

	2012/13 Third Quarter Forecast						2012/13 Budget
			Consolidation						Consolidation
	Core		Impacts and Other				Core		Impacts and Other				Summary
(Millions of Dollars)	Government		Reporting Entities		Summary		Government		Reporting Entities		Summary		Variance
Revenue		11,143		2,621		13,764		11,159		2,693		13,852		(88)
Expenditure		11,825		2,579		14,404		11,696		2,729		14,425		(21)
In-Year Adjustment/Lapse		(17)		(40)		(57)		(33)		(80)		(113)		56
NET RESULT FOR THE YEAR		(665)		82		(583)		(504)		44		(460)		(123)
Transfer from Fiscal Stabilization Account		12		(12)		-		56		(56)		-		-
NET INCOME (LOSS)		(653)		70		(583)		(448)		(12)		(460)		(123)

Note:  See page 4 for additional information on the Fiscal Stabilization Account (FSA).

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2012  

QUARTERLY FINANCIAL RESULTS

The unaudited net result of the Government Reporting Entity for the first nine months of the fiscal year is a net income of $99 million which is a positive variance of $113 million over the estimated loss of $15 million.

The nine-month positive revenue variance of $24 million is primarily due to higher than anticipated corporate and individual income taxes in core government.

Expenditures are $89 million lower than budget primarily resulting from the timing of payments in Education and lower than budgeted expenditures forecast in Health and Healthy Living.

Government Reporting Entity Operating Statement

UNAUDITED

	Year-to-Date to December 31
	2012/13						2011/12
($000s)	Actual		Estimated		Variance		Actual
Revenue
Income Taxes		2,379,945		2,354,208		25,737		2,210,860
Other Taxes		2,961,345		2,984,934		(23,589)		2,627,063
Fees and Other Revenue		1,485,255		1,462,415		22,840		761,618
Federal Transfers		2,930,411		2,932,903		(2,492)		2,945,084
Net Income of Government Business Enterprises		462,337		463,827		(1,490)		403,738
Sinking Funds and Other Earnings		198,318		195,249		3,069		61,678
Total Revenue		10,417,611		10,393,536		24,075		9,010,041
Expenditure
Health and Healthy Living		4,002,433		4,126,058		(123,625)		3,632,154
Education		2,622,389		2,598,375		24,014		1,865,018
Family Services		789,017		797,153		(8,136)		749,346
Community, Economic and Resource Development		1,706,370		1,728,726		(22,356)		1,651,165
Justice and Other Expenditures		578,444		566,644		11,800		927,500
Debt Servicing Costs		620,449		591,431		29,018		328,599
Total Expenditure		10,319,102		10,408,387		(89,285)		9,153,782
NET INCOME (LOSS)		98,509		(14,851)		113,360		(143,741)

Core government revenue and expenditure details are provided in Appendix I and II on pages 9 and 10.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2012  

INFRASTRUCTURE AND CAPITAL ASSET RENEWAL

Expenditures for infrastructure and capital asset renewal in 2012/13 are forecast to be $1.4 billion to support continued economic growth, reduce the maintenance burden and provide for the services Manitobans need in the future. The projects are supported by $29 million in federal recoveries.

Based on principles of sound financial management, Manitoba has been able to increase the assets of the province while maintaining a manageable level of debt. Budget 2012 provided the resources to continue upgrading Manitoba’s roads and highways, wastewater treatment plants, health facilities across the province, building and restoring much needed social housing and modernizing our schools and post-secondary institutions.

As borrowings may be used to finance capital related projects, net debt may grow in absolute terms from time to time as needed investments in capital assets – like the Red River Floodway, highway infrastructure and economic stimulus investments – are made. It is therefore important to measure change in net debt against the growth of the economy. As a result of the decision to continue to invest in infrastructure projects, Budget 2012 projected an increase in the net debt to GDP ratio to 27.4%. For fiscal year 2012/13 summary net debt to GDP is currently forecast to be 27.1%.

Core government capital investment details are provided in Appendix III on page 11.

SPECIAL ACCOUNTS

Fiscal Stabilization

The budgeted draw for 2012/13 includes health-related programming of $8 million and $4 million for requirements related to ecoTrust funds.

There is a legislated requirement to dedicate at least $600 million of the funds set aside in this Account to retire a portion of the debt and interest expense associated with the core government operating shortfalls incurred during the economic recovery period. Budget 2012 included a draw of $44 million for interest expense. In recognition of lower than projected interest rates in the economic recovery period, these funds will be reallocated to debt payment in future years.

Pension Assets

The trust conditions of the funds held in the Pension Asset Fund are irrevocably restricted for pension purposes only. As a result of this restriction, these funds are classified as pension assets and will be accounted for and reported in keeping with GAAP for senior governments.

The fund balance at the end of 2012/13 is projected to be lower than budgeted due to lower forecasted net investment earnings, and higher than anticipated payments to the Teachers’ Retirement Allowances Fund and Civil Service Superannuation Fund.

Net investment earnings include the expected rate of return during the year and adjustments to market related value. Under GAAP, market fluctuations of pension assets are not recorded in the year in which they occur, but are recognized over the employee average remaining service life (EARSL).

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2012  

PROVINCIAL BORROWINGS,

GUARANTEES AND OBLIGATIONS

Manitoba’s borrowing requirement identified in Budget 2012 was $3.7 billion including refinancing of $2.0 billion and new cash requirements of $2.5 billion, offset by estimated repayments of $812 million.

New cash requirements are necessary for general government purposes, capital investments by departments, health facilities, post-secondary institutions and Manitoba Hydro. Estimated repayments are primarily for departmental capital investment and general purpose borrowings.

At the end of the third quarter, Manitoba’s borrowing requirement remains unchanged at $3.7 billion due to increased borrowing for general government purposes offset by reduced borrowing for capital investments and Manitoba Hydro.

The total of outstanding borrowings, guarantees and obligations reflect the province’s gross borrowing obligations, but it does not take into consideration liquid assets available to pay down those obligations. While the total of outstanding provincial borrowings fluctuates during the fiscal year as a result of the timing of borrowing activities of the province, the year-end forecast is as shown in the table on the following page.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2012  

Provincial Borrowings, Guarantees and Obligations

	2012/13 Forecast				March 31, 2012
Provincial Borrowings, Guarantees and Obligations1	$ millions		$ Per Capita*		$ millions		$ Per Capita*
General Government Programs		8,530		6,732		8,129		6,494
General Government Programs - Pension Liability		2,595		2,048		2,595		2,073
The Manitoba Hydro-Electric Board		9,608		7,583		8,999		7,189
Other Crown Organizations		2,247		1,773		1,926		1,539
Health Facilities		1,162		917		1,094		874
Other		27		21		37		30
Capital Investments		3,668		2,895		3,195		2,553
Subtotal2		27,837		21,969		25,975		20,752
Other Obligations
Pension Liability		6,892				6,697
Pension Asset Fund		(5,083)				(5,063)
Net Pension Liability		1,809				1,634
Debt incurred for and repayable by The Manitoba Hydro-Electric Board		(9,445)				(8,742)
Education and Health Debt held by Government Enterprises		505				505
Other Debt of Crown Organizations		266				266
Subtotal		(6,865)				(6,337)
Total Provincial Borrowings, Guarantees and Obligations		20,972				19,638
Adjustments to arrive at Summary Net Debt
Guarantees		(166)				(257)
Net Financial Assets		(4,687)				(4,870)
Summary Net Debt3		16,119		12,722		14,511		11,593
Summary Net Debt as a percentage of GDP		27.1%				25.5%

Notes: Provincial Borrowings, Guarantees and Obligations

1. Provincial borrowings, guarantees and obligations are net of sinking funds.

2. Provincial Borrowings and Guarantees are payable in Canadian and U.S. dollars. As at December 31, 2012, total provincial borrowings and guarantees were payable 93% in Canadian dollars and 7% in U.S. dollars. Of this total, General Government Program borrowing and Other Crown organizations borrowings were 100% payable in Canadian dollars. The Manitoba Hydro-Electric Board borrowings were payable 79% in Canadian dollars (78% at March 31, 2012) and 21% in U.S. dollars (22% at March 31, 2012).

3. Net financial assets and summary net debt as a percentage of GDP include the projected impact of other comprehensive income (OCI). Changes in OCI are based upon market value measurements at year end, and reflect a change to the book value of investments held by GBEs and the value of the Canadian dollar against the U.S. dollar on U.S. debt held by The Manitoba Hydro-Electric Board. The OCI forecast does not impact summary net income.

* The per capita data is based upon population figures at July 1, 2012 as reported by Statistics Canada.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2012  

ECONOMIC PERFORMANCE AND OUTLOOK

Given the challenging global economic climate, real GDP growth in Manitoba is slower than was anticipated at Budget 2012. Economic performance has been reflected in solid gains in housing, capital investment and crop production. Demand for goods and services, on the other hand, has softened with exports declining and retail sales growth slowing to a three-year low in 2012.

Inflation adjusted GDP in Manitoba slowed to an estimated 2.2% growth in 2012, down from 2.3% in the previous two years. From 2007 to 2012, the economy expanded on average 2.1% annually, the second highest growth among provinces and above the Canadian average rate of 1.1%.

Based on Manitoba Finance’s survey of economic forecasters, real GDP is expected to further slow in 2013 to 1.9%. The survey also shows the Canadian economy slowing to 1.7% growth in 2013, down from 1.8% in 2012.

Global economic activity weakened through 2011 and 2012 after sharply recovering from the 2008/2009 recession. The sovereign debt situation in Europe, fiscal consolidation in advanced economies, uncertainty about U.S. fiscal developments, and slower growth in China are factors weighing on global consumer and business sentiment.

According to the International Monetary Fund, world growth slowed to 3.2% in 2012, following 3.9% and 5.1% growth in 2011 and 2010, respectively. Growth is forecast to moderately improve in 2013 to 3.5%.

With decelerating global economic activity, Manitoba’s foreign exports decreased in 2012. Merchandise exports fell 5.2% to $11.1 billion. With reduced grain, oilseeds and mineral shipments, exports to non-U.S. markets fell 19.1%. Grain and oilseeds shipments were down due to low inventory levels and low yields in 2010 and 2011. Last year, improvement in the U.S. housing sector

provided an important lift to Manitoba exports, increasing U.S. destined exports by 3.8%.

The Consumer Price Index (CPI) increased by 1.6% in 2012, down from 3.0% in 2011, but above the national increase of 1.5%. Tobacco and alcohol, food, shelter and household operations boosted overall consumer prices, while recreation and education, clothing, and health and personal care costs eased pressure on prices. For 2013, Manitoba Finance’s survey of economic forecasters indicates the CPI will remain unchanged at 1.6% in Manitoba.

Labour market performance in Manitoba remains balanced with employment and the labour force growing at about the same pace. Last year, employment increased 0.9%, while the labour force increased 0.8%. In 2012, private sector employment increased 1.6% and public sector employment decreased 1.1%. In addition, full-time employment increased 1.1% and part-time employment increased 0.1%. The unemployment rate averaged 5.3% in 2012, third lowest among provinces and below the national average of 7.2%.

In line with steady growth in the labour market, compensation of employees (labour income) is expanding at a similar pace to the national average. Last year, incomes increased 4.3%, fourth among provinces and above the 4.2% national increase.

Manitoba retail sales increased 1.4% in 2012, down from 4.3% in 2011 and the weakest in three years. Sales were tempered by a 6.4% drop in electronic and appliance store sales, and by a 1.8% drop in gasoline store sales. New motor vehicle sales, on the other hand, remain solid, increasing 7.6% in 2012 following a 7.0% increase in 2011, both above the national increase.

Manitoba’s manufacturing sales slowed to 1.4% growth in 2012, following 6.2% in 2011. Sales decreased in printing material, food products, chemicals, and plastic and rubber

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2012  

products. The principal increases are in wood products, aerospace parts, machinery equipment and electrical appliances.

Population growth has been a key factor supporting economic development in the province. Over the last five years, population has increased by 1.2% annually, the best five-year compounded growth since 1971. Over the last three years, Manitoba’s annual growth in population has surpassed the national increase. Total population in Manitoba is estimated at 1,274,279 (January 2013), an annual increase of 14,904 persons.

Reflecting the stable interest rate environment and strong population growth, Manitoba’s housing sector has been among the strongest in Canada. Since 2009, province-wide housing starts have increased 74%, the second strongest among provinces and well above the national increase of 44%. In 2012, housing starts increased 19.1% in Manitoba and 10.8% in Canada. A 36% increase in construction of multiple units in the province (apartments and semi-detached homes) is complemented by a 9% increase in single-detached family unit starts.

Manitoba’s economy continues to benefit from a sharp increase in capital spending on residential and non-residential projects. Over the last five years, Statistics Canada estimates that investments increased 38% in Manitoba, the third-highest increase among provinces and double the 19% national increase. Revised estimates show capital spending increased 9.7% in 2012, the third highest among provinces.

Total capital investment for 2013 is forecast to increase 8.5%. This is the second-highest provincial increase and above Canada’s 1.7% increase. Private capital investment for 2013 is forecast to increase by 6.3% in 2013, while public investment is expected to grow by 12.9%.

In 2012, the value of building permits issued in Manitoba increased 34.9%, the highest growth among provinces and above the national increase of 9.3%. Manitoba residential permits increased 24.0% and non-residential permits increased 53.8%. Non-residential building permits were supported by industrial permits (126.6%), commercial permits (41.2%) and institutional permits (37.9%).

The agriculture sector experienced a sharp rebound in 2012 as crop production recovered after being hampered by poor weather-related conditions in the previous two years. Statistics Canada estimates that the volume of Manitoba wheat and canola production increased 76% and 20%, respectively. Barley harvest is estimated to have increased 137%.

Increased crop production significantly rebuilt farm inventories. Wheat stocks more than doubled in December 2012 compared to the same time in 2011. Canola stocks increased 28% and barley stocks increased 67%.

For monthly updates and more details please see the Manitoba Economic Highlights and Statistics at:

http://www.gov.mb.ca/finance/pdf/highlights.pdf & http://www.gov.mb.ca/finance/pdf/statistics.pdf

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2012  

2012/13 Core Government Revenue by Source Appendix I   

UNAUDITED

	Year-to-Date to December 31								Full Year
	2012/13						2011/12		2012/13						2011/12
($000s)	Actual		Estimated		Variance		Actual		Forecast		Budget		Variance		Actual
Income taxes
Individual Income Tax		2,067,699		2,038,494		29,205		1,937,745		2,843,600		2,796,300		47,300		2,682,506
Corporation Income Tax		312,246		315,714		(3,468)		273,115		447,000		405,500		41,500		423,598
Subtotal: Income Taxes		2,379,945		2,354,208		25,737		2,210,860		3,290,600		3,201,800		88,800		3,106,104
Other Taxes
Corporations Taxes		146,087		146,127		(40)		134,267		210,400		215,400		(5,000)		186,036
Fuel Taxes		228,726		227,340		1,386		186,524		301,511		296,500		5,011		240,352
Land Transfer Tax		63,589		60,958		2,631		55,346		74,900		66,200		8,700		67,314
Levy for Health and Education		311,781		309,781		2,000		296,585		410,000		410,000		-		396,199
Mining Tax		24,963		35,000		(10,037)		35,300		30,000		35,000		(5,000)		61,442
Retail Sales Tax		1,356,660		1,374,340		(17,680)		1,307,505		1,779,139		1,834,100		(54,961)		1,702,233
Tobacco Tax		193,250		194,645		(1,395)		189,226		256,388		256,400		(12)		248,591
Other Taxes		7,890		9,055		(1,165)		13,654		13,400		14,705		(1,305)		13,677
Subtotal: Other Taxes		2,332,946		2,357,246		(24,300)		2,218,407		3,075,738		3,128,305		(52,567)		2,915,844
Fees and Other Revenue
Fines and Costs and Other Legal		38,395		38,486		(91)		36,478		51,372		51,538		(166)		48,183
Minerals and Petroleum		15,145		18,055		(2,910)		27,252		23,466		28,820		(5,354)		41,099
Automobile and Motor Carrier Licences and Fees		120,818		106,992		13,826		102,447		147,517		147,026		491		137,052
Parks: Forestry and Other Conservation		27,282		28,325		(1,043)		22,924		31,853		33,088		(1,235)		29,795
Water Power Rentals		82,488		80,469		2,019		85,774		109,478		117,800		(8,322)		112,070
Service Fees and Other Miscellaneous Charges		69,104		75,825		(6,721)		66,468		198,867		218,624		(19,757)		121,822
Revenue Sharing from SOAs		19,823		19,823		-		19,073		26,930		26,180		750		25,430
Subtotal: Fees and Other Revenue		373,055		367,975		5,080		360,416		589,483		623,076		(33,593)		515,451
Federal Transfers
Equalization		1,454,295		1,454,295		-		1,525,247		1,871,961		1,872,000		(39)		1,941,727
Canada Health Transfer (CHT)		795,932		796,842		(910)		749,846		1,056,343		1,062,500		(6,157)		999,852
Canada Social Transfer (CST)		322,847		322,254		593		312,145		431,033		429,200		1,833		417,059
Health Funds		6,801		6,761		40		6,791		9,000		9,000		-		9,066
Infrastructure Renewal		-		-		-		-		28,867		28,800		67		27,484
Manitoba Floodway Expansion		-		-		-		2,160		10,000		10,000		-		9,918
Shared Cost and Other Transfers		107,600		104,274		3,326		231,528		192,851		187,745		5,106		647,899
Subtotal: Federal Transfers		2,687,475		2,684,426		3,049		2,827,717		3,600,055		3,599,245		810		4,053,005
Net Income of Government
Business Enterprises (GBEs)
Manitoba Liquor Control Commission		164,000		161,500		2,500		155,557		264,832		260,452		4,380		254,270
Manitoba Lotteries Corporation		246,000		252,000		(6,000)		252,000		322,348		346,000		(23,652)		342,876
Subtotal: Net Income of GBEs		410,000		413,500		(3,500)		407,557		587,180		606,452		(19,272)		597,146
Total Revenue		8,183,421		8,177,355		6,066		8,024,957		11,143,056		11,158,878		(15,822)		11,187,550

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2012  

2012/13 Core Government Expenditure by Sector/Department UNAUDITED Appendix II   

	Year-to-Date to December 31								Full Year
	2012/13						2011/12		2012/13							2011/12
($000s)	Actual		Estimated		Variance		Actual1		Forecast		Budget2		Variance			Actual1
Health and Healthy Living
Health		3,743,205		3,784,054		(40,849)		3,576,726		5,044,515		5,094,313		(49,798)			4,845,688
Healthy Living, Seniors and Consumer Affairs		42,449		46,064		(3,615)		44,079		57,895		58,655		(760)			55,733
Total Health and Healthy Living		3,785,654		3,830,118		(44,464)		3,620,805		5,102,410		5,152,968		(50,558)			4,901,421
Education
Advanced Education and Literacy		516,193		527,832		(11,639)		498,526		684,342		689,205		(4,863)			654,090
Education		1,204,633		1,205,905		(1,272)		1,220,871		1,639,376		1,632,689		6,687			1,607,470
Total Education		1,720,826		1,733,737		(12,911)		1,719,397		2,323,718		2,321,894		1,824			2,261,560
Family Services
Children and Youth Opportunities		30,680		36,335		(5,655)		35,189		43,473		45,589		(2,116)			41,000
Family Services and Labour		768,638		770,600		(1,962)		710,545		1,078,938		1,033,716		45,222			1,007,646
Total Family Services		799,318		806,935		(7,617)		745,734		1,122,411		1,079,305		43,106			1,048,646
Community, Economic and Resource Development
Aboriginal and Northern Affairs		24,191		27,458		(3,267)		23,349		34,501		35,563		(1,062)			38,167
Agriculture, Food and Rural Initiatives		132,962		132,999		(37)		156,483		241,026		226,988		14,038			394,264
Conservation and Water Stewardship		119,526		124,360		(4,834)		114,568		161,171		161,771		(600)			157,101
Entrepreneurship, Training and Trade		413,409		412,777		632		404,909		583,553	��	581,233		2,320			579,436
Housing and Community Development		76,120		76,390		(270)		67,714		79,193		80,445		(1,252)			83,651
Infrastructure and Transportation		467,002		472,251		(5,249)		414,487		648,880		654,446		(5,566)			603,475
Innovation, Energy and Mines		64,171		69,934		(5,763)		69,661		87,026		88,434		(1,408)			115,495
Local Government		222,292		223,217		(925)		214,644		358,301		363,987		(5,686)			317,954
Total Community, Economic and Resource Development		1,519,673		1,539,386		(19,713)		1,465,815		2,193,651		2,192,867		784			2,289,543
Justice and Other Expenditures
Legislative Assembly		27,022		28,782		(1,760)		39,342		40,296		40,181		115			52,274
Executive Council		3,045		3,062		(17)		3,334		3,710		3,927		(217)			4,319
Civil Service Commission		15,491		15,999		(508)		14,957		21,284		21,643		(359)			20,429
Culture, Heritage and Tourism		48,723		49,072		(349)		48,758		60,732		61,400		(668)			63,289
Employee Pensions and Other Costs		(4,065)		(4,369)		304		(4,384)		13,461		16,933		(3,472)			9,745
Finance		41,147		47,396		(6,249)		73,050		67,447		69,004		(1,557)			88,575
Immigration and Multiculturalism		26,275		29,963		(3,688)		24,787		45,968		41,776		4,192			41,408
Justice		334,984		339,820		(4,836)		303,743		499,264		468,362		30,902			457,017
Sport		9,001		9,034		(33)		8,905		11,970		11,970		-			11,956
Enabling Appropriations		2,217		3,018		(801)		2,897		6,111		11,101		(4,990)			3,337
Other Appropriations		39,123		1,251		37,872		390,980		77,859		72,175		5,684			607,681
Total Justice and Other Expenditures		542,963		523,028		19,935		906,369		848,102		818,472		29,630			1,360,030
Debt Servicing Costs		165,983		141,743		24,240		191,392		235,000		258,000		(23,000)			236,411
Program Portfolio Management Reviews		-		-		-		-		-		(128,000)		128,000	3		-
Total Expenditure		8,534,417		8,574,947		(40,530)		8,649,512		11,825,292		11,695,506		129,786			12,097,611
Subtract: Total Revenue Estimate (Appendix I)		8,183,421		8,177,355		6,066		8,024,957		11,143,056		11,158,878		(15,822)			11,187,550
In-Year Adjustment/Lapse		-		-		-		-		(16,500)		(32,500)		16,000			-
Net Result for the Year		(350,996)		(397,592)		46,596		(624,555)		(665,736)		(504,128)		(161,608)			(910,061)
Transfer from Fiscal Stabilization Account		-		-		-		-		12,065		56,065		(44,000)			45,401
NET INCOME (LOSS)		(350,996)		(397,592)		46,596		(624,555)		(653,671)		(448,063)		(205,608)			(864,660)

1.	For comparative purposes the 2011/12 Actual has been re-stated to reflect the 2012/13 appropriation structure.
2.	Budget figures are adjusted to include Enabling Appropriations.
3.	Reductions related to the Program Portfolio Management Review have been included in each department’s forecast amount.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2012  

2012/13 Core Government Capital Investment UNAUDITED Appendix III   

	Year-to-Date to December 31								Full Year		Full Year
	2012/13						2011/12		2012/13		2012/13				2011/12
($000s)	Actual		Estimated		Variance		Actual		Forecast		Budget1		Variance		Actual
General Assets
Government Services Capital Projects		65,333		68,953		(3,620)		75,370		95,826		128,346		(32,520)		100,248
Transportation Equipment and Aircraft		24,475		33,361		(8,886)		58,844		36,107		42,164		(6,057)		69,752
Information Technology Projects		4,826		5,944		(1,118)		6,972		14,591		31,688		(17,097)		14,742
Other Equipment and Buildings		16,971		19,776		(2,805)		4,860		35,261		43,267		(8,006)		12,198
		111,605		128,034		(16,429)		146,046		181,785		245,465		(63,680)		196,940
Infrastructure Assets
Provincial Roads, Highways and Airport Infrastructure		220,473		241,522		(21,049)		245,712		311,083		352,045		(40,962)		305,839
Manitoba Floodway Expansion		58,903		63,903		(5,000)		54,966		100,000		100,000		-		95,652
Water Related Infrastructure		8,549		11,752		(3,203)		62,486		17,900		27,800		(9,900)		55,111
Parks, Cottage and Camping Projects		10,551		10,888		(337)		9,835		21,024		25,600		(4,576)		14,431
		298,476		328,065		(29,589)		372,999		450,007		505,445		(55,438)		471,033
Total Capital Investment		410,081		456,099		(46,018)		519,045		631,792		750,910		(119,118)		667,973

1. Budget figures are adjusted to include Enabling Appropriations.

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