Ministry of Finance - Summary

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The Expenditure Estimates are available in PDF and HTML versions. The PDF version is a format reflecting the true printed version. The HTML version is an accessible format.

MINISTRY OF FINANCE

The Ontario Ministry of Finance manages the economic, fiscal, and financial policies of the Government of Ontario. To do this, the ministry develops economic and fiscal strategies, plans and manages government operating and capital expenditures, develops tax policies and administers the provincial tax system, and produces the provincial budget. The ministry also manages the Consolidated Revenue Fund, including raising money, establishing the government’s financial controls, and reports on financial matters. In addition, it develops policies for Ontario’s financial services sector and supports the regulation of institutions and intermediaries carrying on business in the province.

MINISTRY OF FINANCE - Summary

Accrual 2003-04 Estimates PROGRAMS Cash 2002-03 Estimates Cash 2001-02 Actual
$   $ $
OPERATING      
93,955,135 Ministry Administration Program1 79,223,974 75,923,863
949,035,000 Tax Policy, Budget and Revenue Operations Program2,3,4 473,176,800 479,648,757
783,207,900 Economic, Fiscal, and Financial Policy Program5,6,7,8,9,10 1,052,627,800 743,760,573
42,129,900 Financial Services Industry Regulation Program11 40,235,900 44,408,670
25,384,800 Strategic Infrastructure Investments and Partnerships Program12 54,491,600 14,650,857
832,000 Central Agencies Information and Information Technology Cluster Program 1,000 -
8,708,000,000 Treasury Program13 9,156,000,000 9,030,002,123
10,602,544,735 Ministry Total Operating 10,855,757,074 10,388,394,843
988,800,000 Less: Special Warrants 684,000,000 -
8,766,240,835 Less: Statutory Appropriations 9,156,058,674 9,030,059,090
847,503,900 < TOTAL OPERATING TO BE VOTED 1,015,698,400 1,358,335,753
       
10,602,544,735 Ministry Total Operating    
12,000,000 Net Consolidation Adjustment - Ontario Financing Authority    
51,358,000 Net Consolidation Adjustment - Ontario Securities Commission    
10,665,902,735 TOTAL INCLUDING CONSOLIDATION AND OTHER ADJUSTMENTS    

NOTE: Commencing in 2003-04, Estimates are presented on the accrual basis of accounting. Information for 2002-03 and earlier years is presented on the modified cash basis, and therefore comparison between 2003-04 and earlier year figures may not be meaningful. Differences between cash and accrual relate to adjustments such as timing of transfer payments and provisions for bad debts, that would increase or decrease the 2002-03 amounts had they been presented on the accrual basis.

Adjustments for this Ministry, if any, are indicated by superscripted references above and are explained on the page following the Ministry Summary - Reconciliation of 2002-03 Estimates from Cash to Accrual.

MINISTRY OF FINANCE - Assets Summary

Accrual 2003-04 Estimates PROGRAMS Cash 2002-03 Estimates Cash 2001-02 Actual
$   $ $
OPERATING      
Assets      
3,701,000 Tax Policy, Budget and Revenue Operations Program - -
1,000,000,000 Treasury Program - -
1,003,701,000 Ministry Total Assets - -
1,000,000,000 Less: Statutory Appropriations - -
3,701,000 < TOTAL ASSETS TO BE VOTED - -

NOTE: Commencing in 2003-04, Estimates are presented on the accrual basis of accounting. Information for 2002-03 and earlier years is presented on the modified cash basis, and therefore comparison between 2003-04 and earlier year figures may not be meaningful. Differences between cash and accrual relate to adjustments such as timing of transfer payments and provisions for bad debts, that would increase or decrease the 2002-03 amounts had they been presented on the accrual basis.

Adjustments for this Ministry, if any, are indicated by superscripted references above and are explained on the page following the Ministry Summary - Reconciliation of 2002-03 Estimates from Cash to Accrual.

RECONCILIATION OF 2002-03 ESTIMATES FROM CASH TO ACCRUAL

VOTE and item   Cash 2002-03 Estimates Adjustments from Cash to Accrual 2002-03 Estimates Presented as Accrual 2003-04 Estimates on Accrual Basis Change from 2002-03 Estimates on Accrual Basis
    $ millions $ millions $ millions $ millions $ millions
  OPERATING          
1201 Ministry Administration Program          
1 Ministry Administration1 79.2 (5.0) 74.1 93.9 19.8
S Minister’s Salary, the Executive Council Act - - - - -
S Parliamentary Assistants’ Salaries, the Executive Council Act - - - - -
    79.2 (5.0) 74.2 94.0 19.8
1202 Tax Policy, Budget and Revenue Operations Program          
1 Budget and Taxation Policy2 7.5 (0.2) 7.3 9.7 2.4
2 Tax Revenue3 465.7 (15.7) 450.0 881.2 431.2
S Bad Debt Expense, the Financial Administration Act4 - 11.4 11.4 58.2 46.7
    473.2 (4.5) 468.7 949.0 480.3
1203 Economic, Fiscal, and Financial Policy Program          
1 Economic Policy5 7.4 (0.2) 7.1 7.7 0.6
2 Fiscal and Financial Policy6 24.7 (0.3) 24.3 34.2 9.8
3 Integrated Financial Information System Project7 29.1 (0.5) 28.6 43.3 14.7
4 Ontario Electricity Restructruring8 371.4 (370.0) 1.4 24.5 23.1
5 Provincial-Local Finance Secretariat9 9.1 (0.2) 8.9 8.9 -
6 Community Reinvestment Strategy10 610.9 (13.0) 598.0 664.6 66.6
    1,052.6 (384.3) 668.4 783.2 114.8
1204 Financial Services Industry Regulation Program          
1 Financial Services Commission of Ontario11 40.2 (1.3) 38.9 41.3 2.4
2 Motor Vehicle Accident Claims Fund - - - 0.9 0.9
    40.2 (1.3) 38.9 42.1 3.2
1205 Strategic Infrastructure Investments and Partnerships Program          
1 Ontario SuperBuild Corporation12 54.5 (0.3) 54.2 25.4 (28.8)
    54.5 (0.3) 54.2 25.4 (28.8)
1206 Central Agencies Information and Information Technology Cluster Program          
1 Central Agencies Information and Information Technology - - - 0.8 0.8
    - - - 0.8 0.8
S Treasury Program          
S Interest on Debt for Provincial Purposes13 9,156.0 (86.0) 9,070.0 8,708.0 (362.0)
    9,156.0 (86.0) 9,070.0 8,708.0 (362.0)
  Ministry Total Operating 10,855.8 (481.4) 10,374.3 10,602.5 228.2

Note: Amounts are rounded to the nearest one hundred thousand dollars and amounts less than fifty thousand dollars are shown as zero. Totals may not add due to this rounding.

Adjustments from Cash to Accrual - Commencing in 2003-04, Estimates are prepared on the accrual basis of accounting. Information for 2002-03 and earlier years was prepared in the Estimates on the modified-cash basis. Information is provided in the following notes on the adjustments that increase or decrease the 2002-03 amounts to present them on the accrual basis in this reconciliation. Theaccrual presentation of the 2002-03 Estimates is not an official restatement; it is an approximation reflecting only the significant accrual adjustments as required to allow for a comparison between the 2003-04 and the 2002-03 Estimates on a consistent basis of accounting. (Note: adjustments of less than $0.05 million are not shown)

$ millions
1.
(2.5)
adjustment to remove the pension costs related to ministry employees because, commencing in 2003-04, the cost to the Province of all pension benefits earned by employees is reflected in the Estimates for Management Board Secretariat
  (2.5) adjustment to remove lease payments (cash basis) and reflect the full cost of new leases in the first year (accrual basis) for those leases that, on an accrual basis, are considered to finance a purchase
2.
(0.2)
adjustment to remove the pension costs related to ministry employees because, commencing in 2003-04, the cost to the Province of all pension benefits earned by employees is reflected in the Estimates for Management Board Secretariat
3.
(7.9)
adjustment to remove the pension costs related to ministry employees because, commencing in 2003-04, the cost to the Province of all pension benefits earned by employees is reflected in the Estimates for Management Board Secretariat
  (7.8) transfer payment adjustments for differences between when funds are flowed to transfer payment recipients (cash basis) and when the recipients fulfill their obligations under the transfer payment program (accrual basis)
4.
11.4
amounts owed to the Province that are expected to become uncollectible in the year (bad debts expense was not reflected on the cash basis)
5.
(0.2)
adjustment to remove the pension costs related to ministry employees because, commencing in 2003-04, the cost to the Province of all pension benefits earned by employees is reflected in the Estimates for Management Board Secretariat
6.
(0.3)
adjustment to remove the pension costs related to ministry employees because, commencing in 2003-04, the cost to the Province of all pension benefits earned by employees is reflected in the Estimates for Management Board Secretariat
7.
(0.5)
adjustment to remove the pension costs related to ministry employees because, commencing in 2003-04, the cost to the Province of all pension benefits earned by employees is reflected in the Estimates for Management Board Secretariat
8.
(370.0)
adjustment to remove payments to the Ontario Electricity Financial Corporation, which on the accrual basis would have been reflected in the expenses of a previous fiscal year
9.
(0.2)
adjustment to remove the pension costs related to ministry employees because, commencing in 2003-04, the cost to the Province of all pension benefits earned by employees is reflected in the Estimates for Management Board Secretariat
10.
(13.0)
transfer payment adjustments for differences between when funds are flowed to transfer payment recipients (cash basis) and when the recipients fulfill their obligations under the transfer payment program (accrual basis)
11.
(1.3)
adjustment to remove the pension costs related to ministry employees because, commencing in 2003-04, the cost to the Province of all pension benefits earned by employees is reflected in the Estimates for Management Board Secretariat
12.
(0.3)
adjustment to remove the pension costs related to ministry employees because, commencing in 2003-04, the cost to the Province of all pension benefits earned by employees is reflected in the Estimates for Management Board Secretariat
13.
(86.0)
adjustment for differences between interest payments made under the Province’s debt obligations (cash basis) and the interest cost based on all debt outstanding during the year regardless of the interest payment dates (accrual basis)
(481.4)
<< Total Adjustments

MINISTRY OF FINANCE - Capital Summary

Accrual 2003-04 Estimates PROGRAMS Cash 2002-03 Estimates Cash 2001-02 Actual
$   $ $
CAPITAL      
253,358,000 Strategic Infrastructure Investments and Partnerships Program 214,500,000 205,000
2,000,000 Treasury Program 16,300,000 8,502,096
255,358,000 Ministry Total Capital 230,800,000 8,707,096
185,800,000 Less: Special Warrants 91,000,000 -
2,000,000 Less: Statutory Appropriations 16,300,000 8,502,096
67,558,000 < TOTAL CAPITAL TO BE VOTED 123,500,000 205,000
255,358,000 Ministry Total Capital    
1,200,000 Net Consolidation Adjustment - Ontario Financing Authority    
1,600,000 Net Consolidation Adjustment - Ontario Securities Commission    
258,158,000 TOTAL INCLUDING CONSOLIDATION AND OTHER ADJUSTMENTS    

NOTE: Commencing in 2003-04, Estimates are presented on the accrual basis of accounting. Information for 2002-03 and earlier years is presented on the modified cash basis, and therefore comparison between 2003-04 and earlier year figures may not be meaningful. Differences between cash and accrual relate to adjustments such as timing of transfer payments and provisions for bad debts, that would increase or decrease the 2002-03 amounts had they been presented on the accrual basis.

Adjustments for this Ministry, if any, are indicated by superscripted references above and are explained on the page following the Ministry Summary - Reconciliation of 2002-03 Estimates from Cash to Accrual.

RECONCILIATION OF 2002-03 ESTIMATES FROM CASH TO ACCRUAL

VOTE and item   Cash 2002-03 Estimates Adjustments from Cash to Accrual 2002-03 Estimates Presented as Accrual 2003-04 Estimates on Accrual Basis Change from 2002-03 Estimates on Accrual Basis
    $ millions $ millions $ millions $ millions $ millions
  CAPITAL          
1205 Strategic Infrastructure Investments and Partnerships Program          
2 SuperBuild Millenium Partnership 109.5 - 109.5 52.4 (57.1)
3 Capital Contingency Fund 100.0 - 100.0 200.0 100.0
4 Asset Management 5.0 - 5.0 1.0 (4.0)
    214.5 - 214.5 253.4 38.9
S Treasury Program          
S Stadium Corporation of Ontario Limited, the Financial Administration Act 16.3 - 16.3 2.0 (14.3)
    16.3 - 16.3 2.0 (14.3)
  Ministry Total Capital 230.8 - 230.8 255.4 24.6

Note: Amounts are rounded to the nearest one hundred thousand dollars and amounts less than fifty thousand dollars are shown as zero. Totals may not add due to this rounding.

Adjustments from Cash to Accrual - Commencing in 2003-04, Estimates are prepared on the accrual basis of accounting. Information for 2002-03 and earlier years was prepared in the Estimates on the modified-cash basis. Information is provided in the following notes on the adjustments that increase or decrease the 2002-03 amounts to present them on the accrual basis in this reconciliation. The accrual presentation of the 2002-03 Estimates is not an official restatement; it is an approximation reflecting only the significant accrual adjustments as required to allow for a comparison between the 2003-04 and the 2002-03 Estimates on a consistent basis of accounting. (Note: adjustments of less than $0.05 million are not shown)

no adjustments from cash to accrual