MAIN HEADING: Financial Services Industry Regulation Program - VOTE 1204

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Financial Services Industry Regulation Program - VOTE 1204

The Financial Services Commission of Ontario (FSCO) regulates the province's financial services sector, including insurance companies, health service providers for auto insurance, 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 and enhance public confidence in the regulated sectors.

Vote Summary
($)
ITEM # ITEM

Estimates
2014-15

Estimates
2013-14

Difference
Between
2014-15
and
2013-14

Actual
2012-13

  OPERATING EXPENSE        
1 Financial Services Commission of Ontario 2,488,600 3,738,600 (1,250,000) 3,230,929
2 Motor Vehicle Accident Claims Fund 1,000 1,000 - -
Total Including Special Warrants 2,489,600 3,739,600 (1,250,000) 3,230,929
Less: Special Warrants 800,000 - 800,000 -
  TOTAL OPERATING EXPENSE TO BE VOTED 1,689,600 3,739,600 (2,050,000) 3,230,929
Special Warrants 800,000 - 800,000 -
S Bad Debt Expense, the Financial Administration Act 1,000 1,000 - -
  Total Statutory Appropriations 1,000 1,000 - -
  Total Operating Expense 2,490,600 3,740,600 (1,250,000) 3,230,929
  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 - -
S Amortization, the Financial Administration Act 1,000 1,000 - -
  Total Statutory Appropriations 1,000 1,000 - -
  Total Capital Expense 2,000 2,000 - -
  CAPITAL ASSETS        
3 Financial Services Industry Regulation Program 9,677,600 6,989,000 2,688,600 141,139
Total Including Special Warrants 9,677,600 6,989,000 2,688,600 141,139
Less: Special Warrants 3,200,000 - 3,200,000 -
  TOTAL CAPITAL ASSETS TO BE VOTED 6,477,600 6,989,000 (511,400) 141,139
Special Warrants 3,200,000 - 3,200,000 -
  Total Capital Assets 9,677,600 6,989,000 2,688,600 141,139


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     44,292,500
      Employee benefits     9,820,200
      Transportation and communication     947,000
      Services     46,947,000
      Supplies and equipment     751,200
  Subtotal     102,757,900
  Less: Recoveries     100,269,300
  Total Operating Expense     2,488,600
1204-2 Motor Vehicle Accident Claims Fund      
      Salaries and wages     2,066,000
      Employee benefits     309,900
      Transportation and communication     70,400
      Services     6,945,300
      Supplies and equipment     92,600
  Subtotal     9,484,200
  Less: Recoveries     9,483,200
  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     2,490,600
  OPERATING ASSETS      
1204-5 Financial Services Industry Regulation Program      
      Deposits and prepaid expenses     1,000
  Total Operating Assets to be Voted     1,000
  Total Operating Assets for Financial Services Industry Regulation Program     1,000
  CAPITAL EXPENSE      
1204-4 Financial Services Industry Regulation Program      
      Other transactions     1,000
  Total Capital Expense to be Voted     1,000
  Statutory Appropriations      
Statutory Amortization, the Financial Administration Act      
      Other transactions     1,015,600
      Less: Recoveries     1,014,600
  Total Capital Expense for Financial Services Industry Regulation Program     2,000
  CAPITAL ASSETS      
1204-3 Financial Services Industry Regulation Program      
      Buildings - asset costs     500,000
      Information technology hardware     664,000
      Business application software - salaries and wages     2,457,000
      Business application software - employee benefits     444,300
      Business application software - asset costs     5,612,300
  Total Capital Assets     9,677,600
  Total Capital Assets for Financial Services Industry Regulation Program     9,677,600