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

Exhibit 99.1

STEADY GROWTH 

GOOD JOBS  

April to December 2014

CONTENTS

Introduction

Quarterly Financial Results

Economic Performance and Outlook

INTRODUCTION   Budget 2014 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).   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, 2014 as well as a projection for the year end. The report also contains an economic performance and outlook.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2014

GOVERNMENT REPORTING ENTITY (GRE)

Manitoba remains committed to a balanced approach for delivering services while recognizing that global economic conditions remain uncertain. This approach is demonstrated by the protection of the services Manitoba families count on and by making strategic investments in core infrastructure to support economic growth and create new training and job opportunities. The summary forecast for fiscal year 2014/15 is a net loss of $394 million, a negative variance of $37 million from the net loss of $357 million included in Budget 2014. Core revenues are $133 million higher than budget primarily as a result of the projected recovery of flood related expenditures from Canada, higher projected income taxes and a one-time accounting adjustment related to pensions in the Manitoba Liquor and Lotteries Corporation.

Core expenditures are projected to be $177 million over budget mainly as a result of heavy summer rains that caused flooding in western Manitoba. Expenditures for disaster financial assistance and compensation programs for agricultural producers are expected to reach $119 million. Additional expenditure pressures are currently projected for health care, funding for AgriStability program costs and child protection. At the end of the third quarter, projections for the consolidation impacts and Other Reporting Entities indicate an improvement of $60 million from budget, primarily due to higher than anticipated net income for Government Business Enterprises. Government continues to carefully review expenditures to reduce costs where possible without jeopardizing services to Manitobans.

Budgeted Summary Net Income/(Loss)

For the Fiscal Year Ending March 31, 2015

UNAUDITED

	2014/15 Projection						2014/15 Budget
(Millions of Dollars)	Core Government		Consolidation Impacts and Other Reporting Entities		Summary		Core Government		Consolidation Impacts and Other Reporting Entities		Summary		Summary Variance
Revenue		12,078		2,706		14,784		11,945		2,685		14,630		154
Expenditure		12,516		2,699		15,215		12,339		2,798		15,137		78
In-Year Adjustment/Lapse*		(17)		(20)		(37)		(70)		(80)		(150)		113
NET INCOME (LOSS)		(421)		27		(394)		(324)		(33)		(357)		(37)

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2014

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 $201 million.

The revenue variance is primarily the result of favorable results in the Government Business Enterprises and the expenditure variance is a result of timing.

Government Reporting Entity Operating Statement

UNAUDITED

	Year-to-Date to December 31
	2014/15						2013/14
($000s)	Actual		Estimated		Variance		Actual1
Revenue
Income Taxes		2,631,240		2,636,507		(5,267)		2,483,102
Other Taxes		3,113,578		3,123,824		(10,246)		3,194,800
Fees and Other Revenue		1,556,085		1,550,674		5,411		1,520,399
Federal Transfers		2,844,275		2,813,415		30,860		2,830,615
Net Income of Government
Business Enterprises		612,997		459,577		153,420		612,669
Sinking Funds and Other Earnings		174,573		193,996		(19,423)		186,585
Total Revenue		10,932,748		10,777,993		154,755		10,828,170
Expenditure
Health, Healthy Living and Seniors		4,359,200		4,337,094		22,106		4,169,747
Education and Advanced Learning		2,532,549		2,510,810		21,739		2,882,218
Family Services		810,422		819,112		(8,690)		797,228
Community, Economic and
Resource Development		1,751,623		1,760,937		(9,314)		1,685,359
Justice and Other Expenditures		667,646		675,952		(8,306)		677,784
Debt Servicing Costs		609,954		617,497		(7,543)		607,602
Total Expenditure		10,731,394		10,721,402		9,992		10,819,938
NET INCOME (LOSS)		201,354		56,591		144,763		8,232

1. For comparative purposes the 2013/14 Actual has been re-stated to reflect the 2014/15 appropriation structure.

Core government revenue and expenditure details are provided in Appendix I and II on pages 10 and 11 and information on core government capital investment can be found in Appendix III on page 12.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2014

INFRASTRUCTURE INVESTMENT

Budget 2014 reinforced the government’s commitment to infrastructure by introducing a new five-year, $5.5 billion core infrastructure plan to focus investments on roads, highways and bridges, flood protection and municipal infrastructure.

To meet these important infrastructure needs, the government has committed that over the five year period, it will invest more than the revenue raised from the additional point of PST introduced last year into new investments in core infrastructure, over and above the existing base levels. In 2012/13, prior to the increase in the PST, the base level of investment in core infrastructure totaled $729 million.

Core infrastructure investment was budgeted to reach $1,026 million in 2014/15. The 2014/15 third quarter projection of $1,002 is $24 million short of the plan.

The total federal contributions towards core infrastructure are projected to be $34 million more than expected as a result of flood related recoveries from Canada due to the shift in planned construction work to address flood response and repair.

Government has committed to address under-investments in any year of the plan, as well as the 2013/14 fiscal year, by increasing investments in future years to meet the full infrastructure commitment prior to March 31, 2019. As such, the core infrastructure plan will be reviewed and rebased each year to recognize any variances in the PST revenues and investments.

Progress on the five-year plan as well as its economic impacts will be independently reviewed and publicly reported after the close of the fiscal year.

Five-Year Core Infrastructure Plan

	Full Year
	2014/15						2013/14
(Millions of Dollars)	Forecast		Budget		Variance		Actual
Base Funding Level		729		729		—		729
1 point PST commitment		276		276		—		190
Investment Commitment		1,005		1,005		—		919
Roads, Highways and Bridges		675		707		(32)		532
Flood Protection		53		42		11		78
Municipal Infrastructure*		274		277		(3)		256
Total Investment Year-One		1,002		1,026		(24)		866
Less: Federal Revenue		(51)		(17)		(34)		(22)
Net Investment Year-One		951		1,009		(58)		844

* Building Manitoba Fund net of transit operating grants

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2014

SPECIAL ACCOUNTS

Fiscal Stabilization

Manitoba’s balanced financial strategy maintains the 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. In 2014/15, $55 million will be withdrawn for debt repayment.

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 is projected to increase in 2014/15 for net investment earnings.

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).

PROVINCIAL BORROWINGS, GUARANTEES AND OBLIGATIONS

Manitoba’s borrowing requirement identified in Budget 2014 was $4.8 billion, including refinancing of $2.4 billion and new cash requirements, net of estimated repayments of $2.4 billion.

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 third quarter, Manitoba’s borrowing requirement has been revised to $4.9 billion. The revision is primarily due to increased borrowing for general government purposes and health programs.

The total of outstanding borrowings, guarantees and obligations reflects 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 remains unchanged from that stated in the budget, as shown in the table on the following page.

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 core infrastructure and other capital assets – like schools and hospitals –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 and other projects, Budget 2014 projected the net debt to GDP ratio at 29.8%. Net debt to GDP is currently forecast to be 29.5%, a slight decrease from budget.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2014

Provincial Borrowings, Guarantees and Obligations

	2014/15 Forecast					March 31, 2014
Provincial Borrowings, Guarantees and Obligations1	$ millions			$ Per Capita*		$ millions			$ Per Capita*
General Government Programs		9,465			7,383		9,105			7,195
General Government Programs – Pension Liability		2,595			2,024		2,595			2,051
The Manitoba Hydro-Electric Board		12,588			9,819		10,838			8,565
Other Crown Organizations		2,655			2,071		2,511			1,984
Health Facilities		1,477			1,152		1,252			989
Other		5			4		9			7
Capital Investments		4,488			3,501		4,020			3,177
Subtotal2		33,273			25,954		30,330			23,968
Other Obligations
Pension Liability		7,761					7,446
Pension Assets		(5,500	)				(5,408	)
Net Pension Liability		2,261					2,038
Debt incurred for and repayable by The Manitoba Hydro-Electric Board		(12,418	)				(10,573	)
Education and Health Debt held by Government Enterprises		681					600
Other Debt of Crown Organizations		266					281
Subtotal		(9,210)					(7,654	)
Total Provincial Borrowings, Guarantees and Obligations		24,063					22,676
Adjustments to arrive at Summary Net Debt
Guarantees		(170)					(265	)
Net Financial Assets		(5,149)					(5,067	)
Summary Net Debt3		18,744			14,620		17,344			13,706
Summary Net Debt as a percentage of GDP		29.5%					28.3	%

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, 2014, total provincial borrowings and guarantees were payable 95% in Canadian dollars and 5% in U.S. dollars. Of this total, General Government Program borrowing and Other Crown organizations borrowings were 100% payable in Canadian dollars. Manitoba Hydro borrowings were payable 85% in Canadian dollars (83% at March 31, 2014) and 15% in U.S. dollars (17% at March 31, 2014).

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 Manitoba Hydro. The OCI forecast does not impact summary net income.

* Per capita is based upon Statistics Canada population figures at July 1.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2014

ECONOMIC PERFORMANCE AND OUTLOOK

The speed and magnitude of the drop in global oil prices has significantly increased the level of concerns about the near term economic outlook, particularly in Canada where oil production is a large component of the economy. As a result, the Canadian dollar relative to the U.S. currency has depreciated by over 11% in just six months.

The International Monetary Fund (IMF) notes that the reductions in both higher-cost oil production and investment activity in the global energy sector will overshadow the positive boost from lower energy prices. As a result, the IMF lowered its medium term growth outlook for the global economy by 0.3% to 3.5% in 2015 and 3.7% in 2016.

The overall impact from the drop in oil prices will be uneven among countries with net oil importing regions benefiting from lower prices while high-cost oil producing regions being adversely affected.

The U.S. economy, Manitoba’s largest international trading partner and a net importer of energy, is expected to gain from lower oil prices. With momentum already building in the U.S. economy, the IMF has revised inflation adjusted GDP growth up by 0.5% in 2015 to 3.6%. Growth is expected to reach 3.3% in 2016.

China, also a net importer of energy, will benefit from lower prices. However, the recent reforms to help rebalance the economy and to mitigate the risks in the housing and financial markets are expected to restrain growth to 6.8% in 2015 from an estimated real growth of 7.4% in 2014.

In the Euro Area, high-debt levels and low inflation continues to dampen any sustained growth in spending and has kept the unemployment rate relatively high. Falling energy prices are further elevating concerns of a deflationary cycle in the region.

The unexpected drop in oil prices has also clouded the near term economic outlook for provinces. Major commercial banks and other economic forecast agencies are frequently revising their medium term forecasts. The latest revisions show lower growth prospects for oil-producing provinces. Forecast growth for provinces with a larger concentration in manufacturing is higher as these regions are expected to gain from both a strengthening U.S. economy and the currency depreciation.

Reflecting a completion of several large construction projects and a return to a normal grain harvest in 2014 after a bumper crop in 2013, real GDP growth in Manitoba is estimated to slow to 2.0% in 2014 down from 2.4% in 2013.

Based on Manitoba Finance’s survey of economic forecasters, real GDP is expected to increase by 2.6% in 2015 with support from manufacturing and export sales and from the $5.5 billion five-year core infrastructure investment plan.

With oil prices falling, nominal GDP is projected to increase by 3.8% in 2015, down by 0.6% from the Budget 2014 forecast of 4.4%.

Inflation in Manitoba was reported at 1.9% in 2014, near the national average of 2.0%. Sales in tobacco, alcohol, shelter and food boosted consumer prices, while sales in clothing & footwear, health & personal care, recreation, transportation, energy and household operations eased pressure on prices. For 2015, lower energy prices are expected to moderate the consumer price increase to 1.3% in Manitoba and to 1.2% in Canada.

For a number of years now, Manitoba has been supported by strong population growth. The annual increase in population has more than doubled in the last five years compared to the previous five years. In the last three

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2014

years, population growth has been third highest among provinces following Alberta and Saskatchewan.

In 2014, Manitoba’s population increased by 16,600 persons or 1.3% above the national increase of 1.1%.

Labour market performance in Manitoba has been very balanced over the last two years with employment and the labour force growing at about the same pace. This has kept the unemployment rate flat at 5.4% in both 2013 and 2014.

Since April 2014 employment has increased by 14,500 new jobs and the labour force has expanded by 16,400 new entrants. Over the same time period, part-time positions were replaced by full-time positions with 21,000 full-time jobs created since April 2014.

The increase in full-time work is being reflected in employment earnings. Manitoba’s average weekly earnings increased by 4.1% in 2014, the strongest growth since 2007 and the second highest among provinces. The gains are relatively broad based with the health care sector leading the increase followed by accommodation and food service industries, construction and manufacturing.

Manitoba retail sales advanced by 3.8% on a year-to-date basis in the first 11 months of 2014, closely matching the annual growth in 2013 (3.9%). Retail sales growth during 2014 was fifth highest among provinces.

After increasing by over 7.0% annually over three years, new motor vehicle sales softened in 2014 to 2.1%, on a year-to-date basis. Sales of passenger vehicles fell by 7.9% while sales of trucks, minivans and SUV’s increased by 7.2%.

Manufacturing sales strengthened last year. Through November 2014, sales of manufactured goods from Manitoba increased by 2.6% compared to the same period in 2013. The improvement was largely attributed to an increase in furniture products (9.9%), transportation equipment (6.2%), fabricated metals (5.8%), and

machinery and equipment (3.5%). These gains were offset by losses in wood products (-12.2%) and food manufacturing (-2.9%).

Foreign merchandise exports from Manitoba increased by 6.5% in 2014 after a 10.4% gain in 2013. Exports to the U.S. market increased by 7.2% to a record $9.0 billion in sales while exports to non-U.S. markets increased by 5.0% to $4.3 billion.

Despite the completion of several major construction projects, the value of building permits issued in Manitoba continued to soar in 2014. Over the past three years, Manitoba has been ranked either first or second highest in growth in the value of building permits among provinces. Within the same period, the value of permits jumped by almost a $1 billion from $1.84 billion in 2011 to $2.81 billion in 2014.

In 2014, non-residential building permits were valued at $1.3 billion and residential building permits were valued at $1.6 billion.

Strong population growth and a stable interest rate environment has been the main contributing factor to a solid housing market in Manitoba. In each of the last four years, housing starts have been above 6,000 units in the province, the strongest levels since the mid-1980s. In 2014, housing starts reached 6,220 units. There were 3,149 single units and 3,071 multiple units started last year.

Coming off a record harvest in 2013, the 2014 agricultural season was somewhat impacted by adverse weather conditions. A late and wet spring delayed seeding and increased the number of acres that were left unseeded. The harvest was delayed by cooler weather in the fall. As a result, the overall crop production volumes decreased.

Production of wheat was down by 29% while canola was down by 19%. Barley and corn production was down by 50% and 43%, respectively. Despite the weather conditions,

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2014

soybean, a hardier crop, saw a small increase (4%) in production last year.

The record harvest in 2013 generated record farm cash receipts from crop production. Manitoba crop receipts increased by 25% in 2013 to $3.4 billion – the first time for Manitoba crop receipts to surpass the $3.0 billion mark. Following the sale of this extraordinary harvest, crop receipts are down by 0.7% in the first nine months of 2014.

Despite the 2009 U.S. Country of Origin Labeling (COOL) legislation that requires tracking beef and pork from birth through to the meat processing and distribution channels, Manitoba livestock producers are reporting strong gains in sales through the first nine months of 2014.

With increasing demand and a limited supply of meat, cattle producers reported a 36% increase in cattle and calves cash receipts in the first nine months of 2014, compared to the first nine months of 2013, the largest year-over-year increase since 2006. Farm cash receipts from hogs increased by 36% over the same period.

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 2014

2014/15 Core Government Revenue by Source UNAUDITED Appendix I

	Year-to-Date to December 31								Full Year
	2014/15						2013/14 Actual		2014/15						2013/14 Actual
($000s)	Actual		Estimated		Variance				Forecast		Budget		Variance
Income taxes
Individual Income Tax		2,292,844		2,296,230		(3,386)		2,184,001		3,113,400		3,101,900		11,500		2,978,304
Corporation Income Tax		338,396		340,277		(1,881)		299,101		560,200		530,100		30,100		467,797
Subtotal: Income Taxes		2,631,240		2,636,507		(5,267)		2,483,102		3,673,600		3,632,000		41,600		3,446,101
Other Taxes
Corporations Taxes		179,619		184,631		(5,012)		180,805		249,600		268,600		(19,000)		246,944
Fuel Taxes		247,702		243,736		3,966		250,377		326,100		326,100		-		322,253
Land Transfer Tax		73,192		76,096		(2,904)		74,478		89,500		89,500		-		87,567
Levy for Health and Education		335,344		337,510		(2,166)		336,525		446,900		446,900		-		426,867
Retail Sales Tax		1,712,125		1,708,834		3,291		1,579,214		2,207,000		2,207,000		-		2,024,952
Tobacco Tax		203,593		209,471		(5,878)		220,656		267,300		286,300		(19,000)		272,124
Other Taxes		9,611		9,060		551		6,687		15,195		13,956		1,239		10,224
Subtotal: Other Taxes		2,761,186		2,769,338		(8,152)		2,648,742		3,601,595		3,638,356		(36,761)		3,390,931
Fees and Other Revenue
Fines and Costs and Other Legal		41,386		41,035		351		39,972		54,380		52,187		2,193		52,276
Minerals and Petroleum		12,779		12,467		312		13,831		16,974		18,861		(1,887)		17,724
Automobile and Motor Carrier Licences and Fees		115,144		112,030		3,114		111,384		150,500		150,500		-		151,331
Parks: Forestry and Other Conservation		23,505		22,878		627		22,106		34,745		34,190		555		33,945
Water Power Rentals		87,293		86,976		317		90,530		117,800		125,000		(7,200)		119,106
Service Fees and Other Miscellaneous Charges		76,018		77,214		(1,196)		79,387		176,686		171,175		5,511		229,341
Revenue Sharing from SOAs		14,238		14,188		50		20,298		28,800		18,050		10,750		27,130
Subtotal: Fees and Other Revenue		370,363		366,788		3,575		377,508		579,885		569,963		9,922		630,853
Federal Transfers
Equalization		1,312,462		1,312,462		-		1,351,150		1,749,900		1,749,900		-		1,799,228
Canada Health Transfer (CHT)		872,992		867,246		5,746		822,192		1,168,388		1,156,308		12,080		1,089,908
Canada Social Transfer (CST)		340,306		339,920		386		326,571		454,400		453,200		1,200		435,391
Infrastructure Renewal		-		-		-		-		16,900		16,900		-		17,645
Shared Cost and Other Transfers		77,560		70,986		6,574		80,645		231,965		153,054		78,911		182,827
Subtotal: Federal Transfers		2,603,320		2,590,614		12,706		2,580,558		3,621,553		3,529,362		92,191		3,524,999
Net Income of Government
Business Enterprises (GBEs)
Manitoba Liquor and Lotteries Corporation		381,000		401,500		(20,500)		377,000		575,000		575,000		—		562,145
– Extra Ordinary Item – Pension Adjustment*		—		—		—		—		26,100		—		26,100		—
Subtotal: Net Income of GBEs		381,000		401,500		(20,500)		377,000		601,100		575,000		26,100		562,145
Total Revenue		8,747,109		8,764,747		(17,638)		8,466,910		12,077,733		11,944,681		133,052		11,555,029

* The Manitoba Liquor and Lotteries Corporation extra ordinary item is related to a one-time pension adjustment that will occur this fiscal year only.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2014

2014/15 Core Government Expenditure by Sector/Department UNAUDITED Appendix II

	Year-to-Date to December 31												Full Year
	2014/15									2013/14						2014/15						2013/14
($000s)	Actual			Estimated			Variance			Actual1			Forecast			Budget2			Variance			Actual
Health
Health, Healthy Living and Seniors		4,031,311			4,035,033			(3,722	)		3,874,110			5,424,623			5,382,077			42,546			5,284,082
Education
Education and Advanced Learning		1,822,893			1,830,374			(7,481	)		1,772,494			2,433,400			2,430,362			3,038			2,365,232
Family Services
Children and Youth Opportunities		28,661			33,711			(5,050	)		33,538			48,859			49,212			(353	)		47,204
Family Services		824,684			829,614			(4,930	)		799,874			1,144,298			1,129,646			14,652			1,089,226
Total Family Services		853,345			863,325			(9,980	)		833,412			1,193,157			1,178,858			14,299			1,136,430
Community, Economic and Resource Development
Aboriginal and Northern Affairs		24,780			26,066			(1,286	)		24,634			34,038			34,226			(188	)		33,499
Agriculture, Food and Rural Development		127,187			131,817			(4,630	)		134,239			228,107			212,489			15,618			216,553
Conservation and Water Stewardship		110,377			110,423			(46	)		107,545			143,766			145,686			(1,920	)		147,576
Housing and Community Development		75,423			75,403			20			75,404			78,973			79,119			(146	)		82,006
Infrastructure and Transportation		491,348			472,567			18,781			439,328			662,524			660,780			1,744			613,079
Jobs and the Economy		503,337			502,564			773			478,394			687,756			675,361			12,395			654,690
Mineral Resources		8,295			8,799			(504	)		8,460			13,915			12,040			1,875			15,056
Municipal Government		206,712			212,351			(5,639	)		242,824			421,674			423,341			(1,667	)		397,814
Total Community, Economic and Resource Development		1,547,459			1,539,990			7,469			1,510,828			2,270,753			2,243,042			27,711			2,160,273
Justice and Other Expenditures
Legislative Assembly		29,472			31,381			(1,909	)		28,677			42,639			44,324			(1,685	)		40,671
Executive Council		3,414			3,006			408			3,230			4,096			4,096			—			3,989
Civil Service Commission		15,447			15,865			(418	)		15,189			20,141			20,141			—			19,755
Employee Pensions and Other Costs		(2,778	)		(4,089	)		1,311			(4,946	)		13,821			13,899			(78	)		11,824
Finance		46,632			46,443			189			48,897			65,193			67,410			(2,217	)		60,016
Justice		359,088			361,683			(2,595	)		359,141			534,974			536,586			(1,612	)		525,341
Labour and Immigration		19,709			20,253			(544	)		24,327			28,098			29,572			(1,474	)		33,793
Multiculturalism and Literacy		16,313			16,883			(570	)		17,289			21,279			21,279			—			21,128
Tourism, Culture, Heritage, Sport and
Consumer Protection		66,563			69,191			(2,628	)		67,275			84,752			85,312			(560	)		85,957
Enabling Appropriations		2,196			2,778			(582	)		2,905			10,387			10,579			(192	)		3,400
Other Appropriations		51,199			55,943			(4,744	)		42,845			154,070			41,587			112,483			246,745
Total Justice and Other Expenditures		607,255			619,337			(12,082	)		604,829			979,450			874,785			104,665			1,052,619
Debt Servicing Costs		137,753			135,897			1,856			148,379			215,000			230,000			(15,000	)		208,071
Total Expenditure		9,000,016			9,023,956			(23,940	)		8,744,052			12,516,383			12,339,124			177,259			12,206,707
Subtract: Total Revenue Estimate (Appendix I)		8,747,109			8,764,747			(17,638	)		8,466,910			12,077,733			11,944,681			133,052			11,555,029
In-Year Adjustment/Lapse		—			—			—			—			(17,500	)		(70,000	)		52,500			—
NET INCOME (LOSS)		(252,907	)		(259,209	)		6,302			(277,142	)		(421,150	)		(324,443	)		(96,707	)		(651,678	)

1. For comparative purposes the 2013/14 Actual has been re-stated to reflect the 2014/15 appropriation structure.

2. Budget figures are adjusted to include Enabling Appropriations.

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PROVINCE OF MANITOBA APRIL TO DECEMBER 2014

2014/15 Core Government Part B Capital Investment UNAUDITED Appendix III

	Year-to-Date to December 31								Full Year
	2014/15						2013/14 Actual		2014/15							2013/14 Actual
($000s)	Actual		Estimated		Variance				Forecast		Budget1		Variance
Agriculture, Food and Rural Development		66		366		(300)		696		743		743		-			1,016
Conservation and Water Stewardship		18,295		18,313		(18)		15,874		29,849		30,529		(680	)		25,101
Education and Advanced Learning		-		-		-		208		100		100		-			212
Family Services		56		294		(238)		93		857		863		(6	)		267
Finance		2,008		1,362		646		-		2,119		2,119		-			119
Health, Healthy Living and Seniors		177		334		(157)		652		840		1,040		(200	)		1,102
Infrastructure and Transportation		462,296		496,719		(34,423)		336,224		634,882		682,920		(48,038	)		486,193
Jobs and the Economy		2,407		2,696		(289)		9,237		5,188		5,188		-			12,671
Justice		221		1,355		(1,134)		604		2,806		2,831		(25	)		1,621
Mineral Resources		1		196		(195)		-		196		196		-			-
Tourism, Culture, Heritage, Sport and Consumer Protection		-		-		-		-		110		110		-			103
Internal Service Adjustments		-		-		-		-		-		14,940		(14,940	)		-
Total Capital Investment		485,527		521,635		(36,108)		363,588		677,690		741,579		(63,889	)		528,405

1. Budget figures are adjusted to include Internal Service Adjustments (an Enabling Appropriation).

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