Ontario Finances: 2009-10 First Quarter

Ontario Finances

2009-10 First Quarter

Quarterly Update - June 30, 2009

Ministry of Finance

 

Fiscal Summary     2009–10  
($ Millions) Interim
2008–09
Budget Current In-Year
Plan Outlook Change
Revenue 93,427 95,980 93,230 (2,750)
Expense        
Programs 88,463 99,579 101,124 1,545
Interest on Debt 8,854 9,301 9,406 105
Total Expense 97,317 108,880 110,530 1,650
Reserve 1,200 1,200
Surplus / (Deficit) (3,890) (14,100) (18,500) (4,400)

2009–10 Fiscal Outlook

Bar chart: Changes to the 2009-10 Deficit

In the 2009 Ontario Budget, the government projected a $14.1 billion deficit for 2009–10. Since then, a weaker-than-expected economy and further steps to support the automotive industry have increased the deficit projection to $18.5 billion in 2009–10.
 
This $4.4 billion increase to the deficit for 2009–10 is primarily due to an approximately $2.8 billion deterioration in the Province’s revenue outlook as a result of a weaker economy, combined with an increase in total expense of $1.5 billion to support the automotive sector and $0.1 billion in higher interest on debt expense.

Given that the auto industry in North America is highly integrated, a collaborative effort to sustain the auto industry by the governments of the U.S., Canada and Ontario was necessary to ensure the long-term viability of an important part of Ontario’s diversified economy. The 2009 Ontario Budget set aside $2.5 billion of the contingency funds in recognition of the challenges facing the auto sector. This put Ontario in a position to partially mitigate the estimated $4.0 billion fiscal impact of the auto sector support.

While economic challenges persist, the government will continue to be prudent in its management of the Province’s finances – the full reserve and the remaining contingency funds are still available to protect against additional adverse changes in the 2009–10 fiscal outlook. The government remains committed to meeting its fiscal targets by finding efficiencies and by ensuring that the average annual program expense growth is lower than growth in revenue.

Final results for 2008–09 will be presented in the Public Accounts later this summer. Further details on the Province’s fiscal and economic outlook will be provided in the 2009 Ontario Economic Outlook and Fiscal Review later this fall.

Recent Developments

Restructuring the Automotive Industry Through Shared Responsibility

The global economic crisis required the Ontario government to join the federal and the U.S. governments to support North America’s integrated automotive industry as 2008 sales collapsed to 25-year lows. Similar support has also been provided by foreign governments with significant automotive manufacturing bases, e.g., Sweden, Germany, Italy and France.

The Ontario government is investing in General Motors and Chrysler to achieve long-term viability and competitiveness, while also supporting workers and communities through investments in manufacturing, research and development, and capital expenditure.

As a result of Ontario’s support to General Motors and Chrysler, Ontario is in a position to help reinvent the automotive industry and to continue pressing forward on the government’s commitment for a greener Ontario. An innovative and competitive auto industry in Ontario will lead to the creation of high-value jobs in a new global marketplace for green auto-parts manufacturing.  

Ontario’s total support will be about $4.8 billion to General Motors and Chrysler. These loans and investments will be accounted for in accordance with generally accepted accounting principles for governments in Canada. This will be done when the 2009–10 financial statements are prepared in the summer of 2010.

To be prudent, the government is estimating a fiscal impact of $4.0 billion in 2009–10 to account for these adjustments and is partially offsetting this impact with $2.5 billion from the Operating Contingency Fund. As a result, the net impact of the auto sector support on the Province’s deficit is $1.5 billion.

Details of In-Year Changes

FISCAL PERFORMANCE

Revenue at $93.2 Billion

The 2009–10 revenue outlook, at $93,230 million, is $2,750 million or 2.9 per cent below the 2009 Budget forecast. This deterioration reflects new information on 2008 tax processing and economic performance in 2009, as the sharp decline in the global economy continues to affect Ontario. Changes to the revenue outlook in the first quarter include:

  • A decrease of $1,060 million in Personal Income Tax revenue reflecting new information from processing of 2008 personal income tax returns, and declining employment during 2009.
  • Retail Sales Tax revenue decline of $310 million reflecting weak retail sales to date in 2009.
  • A decrease in revenue for the Employer Health Tax and Ontario Health Premium of $50 million and $35 million respectively, due to declining employment to date in 2009.
  • A Corporations Tax revenue decrease of $1,295 million based on the sharp decline in profits of 25.9 per cent during the first calendar quarter of 2009 and a lower 2008–09 tax base. The decrease also reflects recently announced enhancements to the Ontario Production Services Tax credit.

Total Expense at $110.5 Billion

The 2009–10 total expense outlook, at $110,530 million, is $1,650 million higher than forecast in the 2009 Budget, mainly due to the estimated net fiscal impact of the provincial share of support to the automotive industry, and an increase of $105 million in interest on debt expense. Ministry program expense changes this quarter include:

  • Ministry of Agriculture, Food and Rural Affairs: An increase of $14.7 million as a result of a transfer from federal-provincial infrastructure funding under the Ministry of Energy and Infrastructure, to support the Province’s contribution towards the Huron Elgin London Clean Water Project.
  • Ministry of Energy and Infrastructure: A decrease of $247.9 million as a result of transfers from federal-provincial infrastructure funding to the Ministry of Municipal Affairs and Housing and the Ministry of Agriculture, Food and Rural Affairs.
  • Ministry of Finance – One-Time Automotive Sector Support: An estimated fiscal impact of $4,000.0 million, to support the automotive industry, partially offset by $2,455.0 million from the Operating Contingency Fund.
  • Ministry of Health Promotion: An increase of $3.0 million to support Ontario’s bid for the 2015 Pan and Parapan American Games, fully offset from the Operating Contingency Fund.
  • Ministry of Municipal Affairs and Housing: An increase of $233.1 million due to a transfer from the Ministry of Energy and Infrastructure, to support new affordable housing programs for low-income seniors and persons with disabilities, and to extend the Canada-Ontario Affordable Housing Program.
  • Operating Contingency Fund: A decrease of $2,458.0 million, to offset support to the automotive industry and for the 2015 Pan and Parapan American Games bid.

Interest on debt expense for the year is forecast to increase by $105.0 million due to the impact of the $4.4 billion increase in the 2009–10 projected deficit.

Reserve at $1.2 Billion

The current fiscal outlook maintains the $1.2 billion reserve included in the 2009 Budget to help protect the fiscal plan against further adverse changes in the Province’s revenue and expense, including those resulting from changes in Ontario’s economic performance.

Go to the top of this page.

Fiscal Performance

Statement of Financial Transactions 2005–06 2006–07 2007–08 Interim
2008–09
Current
Outlook
2009–10
 
($ Millions)
Revenue 84,225 90,397 97,122 93,427 93,230
Expense          
Programs 74,908 79,297 87,608 88,463 101,124
Interest on Debt 9,019 8,831 8,914 8,854 9,406
Total Expense 83,927 88,128 96,522 97,317 110,530
Reserve 1,200
Surplus / (Deficit) 298 2,269 600 (3,890) (18,500)
Net Debt1,2 141,928 141,100 142,418 149,357 174,230
Accumulated Deficit3 109,155 106,776 105,617 109,507 128,007
1 Net Debt is calculated as the difference between liabilities and financial assets. The annual change in Net Debt is equal to the surplus/deficit of the Province plus the change in tangible capital assets, the change in net assets of hospitals, school boards and colleges and, effective April 1, 2007, the change in the fair value of the Ontario Nuclear Funds.
2 Net Debt is restated in 2005–06 to reflect the value of hydro corridor lands transferred to the Province from Hydro One Inc.
3 Accumulated Deficit is calculated as the difference between liabilities and total assets, including tangible capital assets and net assets of hospitals, school boards and colleges. The annual change in the Accumulated Deficit is equal to the surplus/deficit plus, effective April 1, 2007, the change in the fair value of the Ontario Nuclear Funds. Accumulated Deficit may also be adjusted from time to time for accounting changes, e.g., the consolidation of the Broader Public Sector entities in fiscal 2005–06.
Go to the top of this page.
Selected Economic and Fiscal Statistics
  2005–06 2006–07 2007–08 Interim
2008–09
Current
Outlook
2009–10
Gross Domestic Product (GDP) at Market Prices
($ Millions)
537,232 559,293 584,664 587,796 573,689
Ontario Population (000s) – July 1 12,528 12,665 12,794 12,929 13,051
Personal Income ($ Millions) 419,325 442,166 464,217 482,008 484,900
Personal Income per Capita (dollars) 33,471 34,912 36,284 37,281 37,155
Ontario Revenue as a per cent of GDP 15.7 16.2 16.6 15.9 16.3
Ontario Total Expense as a per cent of GDP 15.6 15.8 16.5 16.6 19.3
Ontario Total Program Expense as a per cent of GDP 13.9 14.2 15.0 15.0 17.6
Ontario Interest on Debt as a per cent of Total Expense 10.7 10.0 9.2 9.1 8.5
Ontario Interest on Debt as a per cent of GDP 1.7 1.6 1.5 1.5 1.6
Ontario Surplus / (Deficit) as a per cent of GDP 0.1 0.4 0.1 (0.7) (3.2)
Net Debt as a per cent of GDP 26.4 25.2 24.4 25.4 30.4
Accumulated Deficit as a per cent of GDP 20.3 19.1 18.1 18.6 22.3
Sources: Ontario Ministry of Finance and Statistics Canada.
Go to the top of this page.

Ontario Economic Outlook

Bar chart: Ontario Economic Outlook for 2009

Ontario’s economy is facing a challenging environment including the global economic downturn, a sharp recession in the U.S., uncertainty in financial markets and restructuring in the auto sector. The outlook for 2009 has deteriorated since the March Budget, largely reflecting weaker-than-expected U.S. demand for Ontario’s exports. As of July 22, private-sector forecasters, on average, project Ontario real GDP to decline by 3.3 per cent in 2009, down from a 2.4 per cent decrease at the time of the 2009 Budget. The Ministry of Finance’s assumption for real GDP growth in the 2009 Budget (a 2.5 per cent decline) was below the average private-sector forecast at that time. Private-sector forecasters expect economic growth to resume in the second half of the year due to a recovery in the U.S. economy, government efforts to preserve and create jobs, low interest rates, and stable financial markets.

Private-sector forecasters, on average, expect nominal GDP (measured in current dollars) to decrease by 3.7 per cent in 2009, down from a 2.3 per cent decline at the time of the 2009 Ontario Budget.

Economic Performance

Ontario Real GDP

  • In the first calendar quarter of 2009, Ontario GDP fell by 2.0 per cent, following a 1.5 per cent decline in the last quarter of 2008. In 2008, Ontario GDP declined 0.5 per cent, following a gain of 2.1 per cent in 2007.

Labour Market

  • In the second calendar quarter of 2009, employment declined by 61,400 net jobs following a loss of 115,300 jobs in the first quarter.
  • The unemployment rate continued to trend higher, increasing to 9.6 per cent in June.

Retail Sales

  • Ontario retail sales increased 1.5 per cent in May to $12.2 billion, the fourth monthly gain over the past five months. On a year-to-date basis, sales are down 5.5 per cent compared with the first five months of 2008.

Inflation

  • The Ontario Consumer Price Index (CPI) inflation rate was zero (year-to-year) in June. Gasoline prices were down 24.4 per cent in June from a year earlier. Excluding the impact of energy prices, the CPI inflation rate was 1.8 per cent.
  • In 2008, the annual consumer price inflation rate was 2.3 per cent.

Housing Market

  • Ontario home resales jumped 8.6 per cent (seasonally adjusted) to 17,334 in June, the fifth consecutive increase on a month-to-month basis. The average price of an Ontario resale home was $325,364 in June, up 3.3 per cent from a year earlier.
  • Ontario housing starts edged up 2.9 per cent to 45,800 units in June (seasonally adjusted annual rate), following a 19.0 per cent jump in May.  Over the first six months of 2009, urban-area housing starts are down 42.6 per cent, compared to the same period in 2008.

Manufacturing Sales and International Exports

  • The value of Ontario manufacturing sales fell 7.8 per cent in May to $17.2 billion. On a year-to-date basis, manufacturing sales are down 22.5 per cent over the first five months of 2009 compared to the same period in 2008.
  • In May, the value of Ontario international exports (on a customs basis) fell 8.8 per cent from April to $9.2 billion while imports dropped 7.9 per cent to $15.9 billion (seasonally adjusted by the Ontario Ministry of Finance). Over the first five months of 2009, Ontario international exports are down 24.7 per cent while imports are down 13.1 per cent compared to the same period in 2008.
Go to the top of this page.

Economic Trends and Performance

Key Economic Indicators
(Per cent change from previous period, unless indicated otherwise)
    Annual Annual Quarterly
    2007 2008 08:1 08:2 08:3 08:4 09:1
Output (Seasonally Adjusted)              
Real GDP Ontario 2.1 (0.5) (0.5) 0.1 (0.1) (1.5) (2.0)
Nominal GDP Ontario 4.5 0.5 (0.1) 0.0 (0.3) (2.4) (2.0)
    Annual Annual Monthly 2009
    2007 2008 Feb Mar Apr May Jun
Other Indicators (Seasonally Adjusted)              
Labour Markets                
Labour Force (Change in 000s)   116.2 111.0 21.3 (17.2) (2.1) (10.2) 16.1
Employment (Change in 000s)   101.1 93.5 (35.3) (10.8) (3.0) (59.7) 1.2
Unemployment Rate (%)   6.4 6.5 8.7 8.7 8.7 9.4 9.6
Household Sector                
Retail Sales   3.9 3.5 0.9 0.9 (1.2) 1.5 N/A
Housing Starts (000s)1   68.1 75.1 47.1 62.6 37.4 44.5 45.8
MLS Home Resales2   9.5 (15.2) (29.2) (9.1) (9.2) (3.7) 15.7
Manufacturing Sales   (1.5) (4.6) 6.6 (1.9) (0.7) (7.8) N/A
Transportation Equipment   (3.4) (20.8) 38.1 (1.0) 8.4 (22.6) N/A
Consumer Price Index2   1.8 2.3 1.5 1.8 0.6 0.4 0.0
1 Monthly housing starts are expressed at a seasonally adjusted annual rate.
2 Per cent change from a year earlier.
N/A = Data not available.
Sources: Statistics Canada, Ontario Ministry of Finance, Canada Mortgage and Housing Corporation and Canadian Real Estate Association.
Go to the top of this page.

ONTARIO FINANCES

Financial Tables

Revenue

($ Millions)   2009–10
  Interim
2008–09
Budget
Plan
Current
Outlook
In-Year
Change
Taxation Revenue        
Personal Income Tax 25,574 25,170 24,110 (1,060)
Retail Sales Tax 17,453 17,600 17,290 (310)
Corporations Tax 8,603 8,518 7,223 (1,295)
Employer Health Tax 4,664 4,687 4,637 (50)
Ontario Health Premium 2,799 2,829 2,794 (35)
Gasoline Tax 2,353 2,367 2,367
Land Transfer Tax 1,051 895 895
Tobacco Tax 1,041 995 995
Fuel Tax 716 732 732
Electricity Payments-In-Lieu of Taxes 816 685 685
Other Taxes 373 378 378
  65,443 64,856 62,106 (2,750)
Government of Canada        
Canada Health Transfer (CHT) 8,881 9,722 9,722
Canada Social Transfer (CST) 4,081 4,213 4,213
Equalization 347 347
Infrastructure Programs 168 1,746 1,746
Labour Market Programs 863 1,193 1,193
Social Housing 514 509 509
Wait Times Reduction Fund 235 97 97
Other Federal Payments 1,823 1,419 1,419
  16,565 19,246 19,246
Income from Investment in Government Business Enterprises  
Ontario Lottery and Gaming Corporation 1,895 1,966 1,966
Liquor Control Board of Ontario 1,410 1,326 1,326
Ontario Power Generation Inc. and Hydro One Inc. 615 983 983
Other Government Enterprises (11) (8) (8)
  3,909 4,267 4,267
Other Non-Tax Revenue        
Reimbursements 1,365 1,297 1,297
Vehicle and Driver Registration Fees 1,044 1,065 1,065
Electricity Debt Retirement Charge 968 955 955
Power Sales 936 964 964
Sales and Rentals 609 619 619
Other Fees and Licences 656 815 815
Liquor Licence Revenue 458 457 457
Net Reduction of Power Purchase Contract Liability 373 348 348
Royalties 197 211 211
Miscellaneous Other Non-Tax Revenue 904 880 880
  7,510 7,611 7,611
Total Revenue 93,427 95,980 93,230 (2,750)
Go to the top of this page.

Total Expense

($ Millions)   2009–10
  Interim
2008–09
Budget
Plan
Current
Outlook
In-Year
Change
Ministry Expense        
Aboriginal Affairs 55.1 71.1 71.1
Agriculture, Food and Rural Affairs1 899.9 1,116.1 1,116.1
Attorney General 1,681.3 1,650.8 1,650.8
Board of Internal Economy 198.3 173.3 173.3
Children and Youth Services 4,102.3 4,406.5 4,406.5
Citizenship and Immigration 88.5 106.7 106.7
Community and Social Services 8,003.1 8,327.3 8,327.3
Community Safety and Correctional Services 2,146.6 2,260.0 2,260.0
Culture 363.9 476.7 476.7
Economic Development2 195.6 326.8 326.8
Education1 445.5 492.9 492.9
School Boards' Net Expense 12,839.9 13,693.5 13,693.5
Energy and Infrastructure1 343.1 764.7 764.7
Environment1 365.6 367.2 367.2
Executive Offices 35.6 35.9 35.9
Finance1 571.4 669.6 669.6
Francophone Affairs, Office of 5.5 5.1 5.1
Government Services1 1,093.1 1,313.4 1,313.4
Health and Long-Term Care 21,776.0 22,955.4 22,955.4
Hospitals' Net Expense 18,567.4 19,214.4 19,214.4
Health Promotion 379.0 395.9 398.9 3.0
International Trade and Investment2 67.2 72.2 72.2
Labour 167.0 174.1 174.1
Municipal Affairs and Housing1 751.7 703.9 703.9
Natural Resources 788.6 788.2 788.2
Northern Development and Mines2 349.9 378.4 378.4
Research and Innovation1 313.5 482.7 482.7
Revenue 593.1 821.2 821.2
Small Business and Consumer Services2 47.1 48.8 48.8
Tourism 183.4 216.4 216.4
Training, Colleges and Universities1 4,657.6 4,736.7 4,736.7
Colleges' Net Expense1 1,445.7 1,549.5 1,549.5
Transportation 2,032.1 2,112.6 2,112.6
Interest on Debt3 8,854.0 9,301.0 9,406.0 105.0
Other Expense1 2,909.6 9,821.1 11,363.1 1,542.0
Year-End Savings4 (1,150.0) (1,150.0)
Total Expense 97,317.1 108,880.0 110,530.0 1,650.0
1 Details on other ministry expense can be found in the Other Expense table.
2 Recently announced changes in ministry structure not reflected; future updates will reflect adjusted ministry expense.
3 Interest on Debt is net of interest capitalized during construction of tangible capital assets of $78 million in 2009–10.
4 As in past years, the Year-End Savings provision reflects anticipated underspending that has historically arisen at year-end due to factors such as program efficiencies, and changes in project start-ups and implementation plans.
Note: Numbers may not add due to rounding.
Go to the top of this page.

Other Expense

($ Millions)     2009–10  
  Interim
2008–09
Budget
Plan
Current
Outlook
In-Year
Change
Ministry Expense        
Agriculture, Food and Rural Affairs        
Time-Limited Assistance 15.7 164.0 178.7 14.7
Education        
Teachers' Pension Plan1 49.0 259.0 259.0
Energy and Infrastructure        
Capital Contingency Fund 200.0 200.0
Time-Limited Investments in Infrastructure 2,647.3 2,399.4 (247.9)
Environment        
One-Time Investments 68.5
Finance        
One-Time Automotive Sector Support 4,000.0 4,000.0
Ontario Municipal Partnership Fund 905.4 782.9 782.9
Operating Contingency Fund 250.0 3,210.0 752.0 (2,458.0)
Power Purchases 936.0 964.1 964.1
Government Services        
Pension and Other Employee Future Benefits 685.0 932.0 932.0
Municipal Affairs and Housing        
Time-Limited Investments – Social and Affordable Housing 352.2 585.3 233.1
Research and Innovation        
One-Time Investments 20.0 20.0
Training, Colleges and Universities        
Time-Limited Investments – Training, Colleges and Universities 212.4 212.4
Time-Limited Investments – Colleges' Net Expense 77.3 77.3
Total Other Expense 2,909.6 9,821.1 11,363.1 1,542.0
1 Numbers reflect PSAB pension expense. Ontario's matching contributions to the plan are $1,070 million in 2008–09 and $1,249 million in 2009–10.
Note: Numbers may not add due to rounding.
Go to the top of this page.

200910 INFRASTRUCTURE EXPENDITURES

($ Millions)   2009–10 Current Outlook
Sector Total
Infrastructure
Expenditures
2008–09 Interim
Investment
in Capital
Assets
Transfers
and Other
Expenditures on
Infrastructure1
Total
Infrastructure
Expenditures
Transportation        
Transit 1,204.0 1,316.0 371.1 1,687.1
Highway Construction 1,460.7 1,718.3 0.0 1,718.3
Windsor Gateway 157.3 186.9 60.2 247.1
Other Transportation2 375.8 524.5 51.5 576.0
Health        
Hospitals 1,753.2 2,542.8 0.0 2,542.8
Other Health 325.5 468.2 166.4 634.6
Education        
School Boards 1,413.6 1,473.6 30.0 1,503.6
Colleges 276.6 239.9 0.0 239.9
Universities 50.0 0.0 105.6 105.6
Water/Environment 285.4 37.1 236.6 273.8
Municipal and Local Infrastructure3 267.9 19.5 459.0 478.5
Justice 393.9 318.6 37.1 355.6
Other 572.5 1,066.1 736.1 1,802.3
New Short-Term Stimulus Investments 0.0 702.0 2,728.6 3,430.6
Total 8,536.3 10,613.5 4,982.2 15,595.7
Less: Other Partner Funding4 706.5 501.0 0.0 501.0
Total Excluding Partner Funding 7,829.8 10,112.5 4,982.2 15,094.7
Less: Flow-Throughs5 215.4 613.3 1,776.7 2,390.0
Total Provincial Expenditure 7,614.4 9,499.2 3,205.5 12,704.7
1 Mainly consists of transfers for capital purposes to municipalities and universities, and expenditures for capital repairs. These expenditures are included in the Province's total expense.
2 Other Transportation includes planning activities, property acquisition, and other infrastructure programs (e.g., municipal/local roads, remote airports).
3 Municipal and local water and wastewater infrastructure investments are included in the Water/Environment sector.
4 Third-party contributions to capital investment in the consolidated sectors (schools, colleges and hospitals).
5 Mostly federal government transfers for capital investments.
Note: Numbers may not add due to rounding.
Go to the top of this page.

Ontario’s 2009–10 Financing Program

Province and Ontario Electricity Financial Corporation
($ Millions)
  Interim
2008–09
2009–10
Budget
Plan
Current
Outlook
In-Year
Change
Deficit / (Surplus) 3,890 14,100 18,500 4,400
Non-Cash Adjustments 1,917 (1,985) (1,985)
Investment in Capital Assets 4,343 9,499 9,499
Net Loans / Investments 946 1,862 1,733 (129)
Debt Maturities 20,283 14,650 14,762 112
Debt Redemptions 507 405 405
Total Funding Requirement 31,885 38,532 42,915 4,383
Canada Pension Plan Borrowing (477) (651) (1,087) (436)
Decrease / (Increase) in Short-Term Borrowing (5,500) (3,035) (3,035)
Increase / (Decrease) in Cash and Cash Equivalents 2,815 417 417
Total Long-Term Public Borrowing Requirement 28,723 34,846 39,210 4,364
Note: Numbers may not add due to rounding.

 

Borrowing Program Status (as at June 30, 2009)
($ Billions)
  Completed Remaining Total
Province 16.3 20.9 37.2
Ontario Electricity Financial Corporation 0.8 1.2 2.0
Total 17.1 22.1 39.2
  • Long-Term Public Borrowing completed as at June 30, 2009, totalled $17.1 billion as follows:
 ($ Billions)
Ontario Savings Bonds 1.1
Domestic Issues 6.8
Global/US Dollar/Other Issues 9.2
  17.1
  • The current long-term borrowing for 2009–10 is estimated at $39.2 billion, an increase of $4.4 billion from $34.8 billion in the 2009 Ontario Budget, reflecting the projected increase in the deficit.

  • The $129 million decrease in Net Loans/Investments is due to a decrease in the non-deficit portion of industrial support loans, partially offset by the Province’s loans to Infrastructure Ontario.

  • The increase of $436 million in Canada Pension Plan (CPP) borrowing reflects additional CPP funding available to the Province.

  • The $112 million increase in Debt Maturities reflects the impact of foreign exchange rate movements on the Province’s debt. While the foreign exchange rate is different, there is no fiscal impact.

  • The Province has elected to increase Cash and Cash Equivalents to guard against continued uncertain conditions in financial markets.

Go to the top of this page.
Page: 2786  |