Ministry of Finance - Vote 745

Back to the MINISTRY OF FINANCE Summary page

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.

FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM - VOTE 1204

The Financial Services Commission of Ontario (FSCO) provides for the regulation of insurance, pension plans, loan and trust companies, credit unions and caisses populaires, mortgage brokers and co-operative corporations by delivering efficient and effective regulatory services that protect consumers of financial services and support a reliable, dynamic and competitive industry. FSCO also makes recommendations to the Minister on matters affecting the regulated sectors. In addition, the Motor Vehicle Accident Claims Fund (MVACF) compensates persons injured in automobile accidents in Ontario by an uninsured, unidentified or stolen vehicle where there is no other insurance available to respond to the claim. Securities regulation in Ontario is performed by the Ontario Securities Commission (OSC). On November 1, 1997, the OSC became a self-funding agency, financing its operations through retention of its fee revenues.

FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM 1204 - Summary

VOTE and item Accrual 2003-04 Estimates PROGRAM AND ACTIVITIES Cash 2002-03 Estimates Cash 2001-02 Actual
  $   $ $
1204   FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM    
         
OPERATING        
1 41,266,700 Financial Services Commission of Ontario11 40,234,900 37,009,670
2 863,200 Motor Vehicle Accident Claims Fund 1,000 7,399,000
  42,129,900 Total Operating 40,235,900 44,408,670
  31,200,000 Less: Special Warrants 24,000,000 -
  10,929,900 Amount to be Voted 16,235,900 44,408,670

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.

FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM - Standard Accounts Classification

OPERATING  
Financial Services Commission of Ontario (1204-1) $
Salaries and wages 23,885,600
Employee benefits 2,512,100
Transportation and communication 751,400
Services 13,582,600
Supplies and equipment 1,365,000
Transfer payments  
Schulich School Grant 20,000
  42,116,700
Less: Recoveries 850,000
  41,266,700
Motor Vehicle Accident Claims Fund (1204-2)  
Salaries and wages 1253100
Employee benefits 284,500
Transportation and communication 64,800
Services 3,399,800
Supplies and equipment 85,500
Transfer payments  
Subsidy of Motor Vehicle Accident Claims Fund Costs 862,200
  5,949,900
Less: Recoveries 5,086,700
  863,200
Total Operating for Financial Services Industry Regulation Program 42,129,900