FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM - VOTE 1204

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FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM - VOTE 1204

The Financial Services Commission of Ontario 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. The Financial Services Commission of Ontario also makes recommendations to the Minister on matters affecting the regulated sectors. In addition, the Motor Vehicle Accident Claims Fund 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.

The Ontario Securities Commission is an independent and self-funding regulatory agency responsible for Ontario's securities laws, financing its operations through retention of its fee revenues.

VOTE SUMMARY
($)
ITEM # ITEM

Estimates
2008-09

Estimates
2007-08

Difference
Between
2008-09
and
2007-08

Actual
2006-07

  OPERATING EXPENSE        
1 Financial Services Commission of Ontario 8,400,000 6,500,000 1,900,000 215,896
2 Motor Vehicle Accident Claims Fund 1,000 1,000 - -
  TOTAL OPERATING EXPENSE TO BE VOTED 8,401,000 6,501,000 1,900,000 215,896
Statutory Bad Debt Expense, the Financial Administration Act 1,000 - 1,000 -
  Total Statutory Appropriations 1,000 - 1,000 -
  Total Operating Expense 8,402,000 6,501,000 1,901,000 215,896



Standard Account by Item and Sub-items
($)
VOTE -ITEM
#
STANDARD ACCOUNT BY ITEM AND SUB-ITEMS      
  OPERATING EXPENSE      
1204-1 Financial Services Commission of Ontario      
  Salaries and wages     34,402,700
  Employee benefits     6,522,400
  Transportation and communication     795,000
  Services     17,104,400
  Supplies and equipment     1,343,000
  Subtotal     60,167,500
  Less: Recoveries     51,767,500
  Total Operating Expense to be Voted     8,400,000
1204-2 Motor Vehicle Accident Claims Fund      
  Salaries and wages     1,679,000
  Employee benefits     259,800
  Transportation and communication     66,300
  Services     6,060,900
  Supplies and equipment     87,200
  Subtotal     8,153,200
  Less: Recoveries     8,152,200
  Total Operating Expense to be Voted     1,000
  Statutory Appropriation      
  Other transactions      
Statutory    Bad Debt Expense, the Financial Administration Act     1,000
  Total Operating Expense for Financial Services Industry Regulation Program     8,402,000