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 |