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