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The Financial Services Commission of Ontario (FSCO) regulates the province’s financial services sector, including insurance companies, pension plans, credit unions, caisses populaires, mortgage brokers, agents and administrators, loan and trust companies, and co-operatives. FSCO also makes recommendations to the Minister of Finance on matters affecting these sectors. In addition, FSCO is responsible for the administration of the Motor Vehicle Accident Claims Fund (MVACF) which compensates people injured in automobile accidents in Ontario where there is no other insurance available to respond to the claim. FSCO is also responsible for the administration of the Pension Benefits Guarantee Fund (PBGF). The PBGF pays a minimum level of pension benefits if a plan is wound up with insufficient assets.

FSCO works with the Ministry of Finance, consumers and industry stakeholders to protect the public interest, enhance public confidence, and create a business climate that promotes Ontario’s domestic and international competitiveness.

VOTE SUMMARY
($)
ITEM # ITEM

Estimates
2010-11

Estimates
2009-10

Difference
Between
2010-11
and
2009-10

Actual
2008-09

  OPERATING EXPENSE        
1 Financial Services Commission of Ontario 4,450,000 4,450,000 - 1,687,922
2 Motor Vehicle Accident Claims Fund 1,000 1,000 - -
  TOTAL OPERATING EXPENSE TO BE VOTED 4,451,000 4,451,000 - 1,687,922
Statutory Bad Debt Expense, the Financial Administration Act 1,000 1,000 - -
  Total Statutory Appropriations 1,000 1,000 - -
  Total Operating Expense 4,452,000 4,452,000 - 1,687,922
  OPERATING ASSETS        
5 Financial Services Industry Regulation Program - 1,000 (1,000) -
  TOTAL OPERATING ASSETS TO BE VOTED - 1,000 (1,000) -
  Total Operating Assets - 1,000 (1,000) -
  CAPITAL EXPENSE        
4 Financial Services Industry Regulation Program 1,000 1,000 - -
  TOTAL CAPITAL EXPENSE TO BE VOTED 1,000 1,000 - -
Statutory Amortization, the Financial Administration Act 188,000 63,000 125,000 -
  Total Statutory Appropriations 188,000 63,000 125,000 -
  Total Capital Expense 189,000 64,000 125,000 -
  CAPITAL ASSETS        
3 Financial Services Industry Regulation Program 550,000 550,000 - -
  TOTAL CAPITAL ASSETS TO BE VOTED 550,000 550,000 - -
  Total Capital Assets 550,000 550,000 - -



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     38,923,900
  Employee benefits     7,392,100
  Transportation and communication     848,400
  Services     17,650,000
  Supplies and equipment     837,600
  Subtotal     65,652,000
  Less: Recoveries     61,202,000
  Total Operating Expense to be Voted     4,450,000
1204-2 Motor Vehicle Accident Claims Fund      
  Salaries and wages     1,781,300
  Employee benefits     264,900
  Transportation and communication     67,600
  Services     6,316,900
  Supplies and equipment     89,000
  Subtotal     8,519,700
  Less: Recoveries     8,518,700
  Total Operating Expense to be Voted     1,000
  Statutory Appropriations      
  Other transactions      
Statutory    Bad Debt Expense, the Financial Administration Act     1,000
  Total Operating Expense for Financial Services Industry Regulation Program     4,452,000
  CAPITAL EXPENSE      
1204-4 Financial Services Industry Regulation Program      
  Other transactions     1,000
  Total Capital Expense to be Voted     1,000
  Statutory Appropriations      
  Other transactions      
Statutory    Amortization, the Financial Administration Act     188,000
  Total Capital Expense for Financial Services Industry Regulation Program     189,000
  CAPITAL ASSETS      
1204-3 Financial Services Industry Regulation Program      
  Information technology hardware     550,000
  Total Capital Assets to be Voted     550,000
  Total Capital Assets for Financial Services Industry Regulation Program     550,000