Archived - Department of Finance Canada
Quarterly Financial Report for the Quarter Ended December 31, 2012 (unaudited)

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TABLE OF CONTENTS

1. Introduction

2. Highlights of fiscal quarter and fiscal year-to-date (YTD) results

3. Risks and uncertainties
4. Significant changes in relation to operations, personnel and programs
5. Budget 2012 Implementation

1. Introduction 

This quarterly financial report has been prepared by management as required by section 65.1 of the Financial Administration Act and in the form and manner prescribed by the Treasury Board Accounting Standard 1.3. This quarterly financial report should be read in conjunction with the Main Estimates, Supplementary Estimates as well as Canada’s Economic Action Plan 2012 (Budget 2012). The quarterly financial report has not been subject to an external audit or review.

The description of the program activities for the Department of Finance Canada (the ‘Department’) can be found in Part II of the Main Estimates (PDF 2.79 MB).

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1.1 Basis of Presentation 

This quarterly report has been prepared by management using an expenditure basis of accounting. The accompanying Statement of Authorities includes the Department’s spending authorities granted by Parliament and those used by the Department, consistent with the Main Estimates and Supplementary Estimates for both fiscal years. This quarterly financial report has been prepared using a special purpose financial reporting framework designed to meet financial information needs with respect to the use of spending authorities.

The authority of Parliament is required before monies can be spent by the Government. Approvals are given in the form of annually approved limits through appropriation acts or through legislation in the form of statutory spending authority for specific purposes.

As part of the Parliamentary business of supply, the Main Estimates must be tabled in Parliament on or before March 1 preceding the new fiscal year. Budget 2012 was tabled in Parliament on March 29, after the tabling of the Main Estimates on February 28, 2012. As a result the measures announced in the Budget 2012 could not be reflected in the 2012-13 Main Estimates.

In fiscal year 2012-2013, frozen allotments will be established by Treasury Board authority in departmental votes to prohibit the spending of funds already identified as savings measures in Budget 2012. In future years, the changes to departmental authorities will be implemented through the Annual Reference Level Update, as approved by Treasury Board, and reflected in the subsequent Main Estimates tabled in Parliament.

The Department uses the full accrual method of accounting to prepare and present its annual departmental financial statements that are part of the departmental performance reporting process. However, the spending authorities voted by Parliament remain on an expenditure basis.

2. Highlights of fiscal quarter and fiscal year-to-date (YTD) results

2.1 Authorities Analysis 

The Department has three major categories of expenditure authority.

These categories are:

  • Voted budgetary authorities: included in this category are the operational expenditures of the Department itself as well as authorized expenditures under grants and contribution programs. These expenditures must be specifically approved by Parliament through an appropriation act.
  • Statutory budgetary authorities: included in this category are expenditure authorities that are granted through an existing Act of Parliament. Further parliamentary approval is not required for expenditures related to statutory amounts and it is within the normal course of business that statutory expenditures may in some cases exceed planned spending estimates. Departmental statutory payments include those made under the Federal-Provincial Fiscal Arrangements Act as well as interest incurred in connection with the public debt of Canada.
  • Non-budgetary authorities: included in this category are disbursements made by the Department which do not have a direct budgetary impact to the Government. This includes the value of loans initially disbursed to Crown Corporations participating in the Crown Borrowing Framework.

This Departmental Quarterly Financial Report (QFR) reflects the results of the current fiscal period in relation to the Main Estimates and Supplementary Estimates A and B of 2011-12.

Total authorities

Total 2012-13 authorities available for use as at December 31, 2012 decreased by $1.338 billion compared to the same period in 2011-12, reflecting a decrease of $1.187 billion in 2012-13 budgetary authorities, as well as a decrease in non-budgetary authorities of $151.5 million. The decrease in budgetary authorities was composed of a decrease in statutory authorities ($1.229 billion), offset in part by an increase in voted operating and grants and contributions authorities ($42.3 million).

Voted budgetary authorities

Total 2012-13 operating authorities available for use as at December 31, 2012 increased by $5.8 million compared to the same period in 2011-12, reflecting increases related to:

  • government advertising programs ($9.6 million);
  • maintaining the strength of Canada’s financial system ($2.4 million);
  • funding to support corporate information management/information technology ($1.9 million);
  • review of GST Technical Issues ($1.5 million);
  • funding for G-20 Framework Working Group ($0.9 million);
  • support for corporate finance and asset management ($0.4 million); and
  • personal income tax initiatives ($0.2 million).

These increases were partially offset by:

  • a transfer of funding to Shared Services Canada for the provision of centralized email, data centre and network services to departments as a result of the November 15, 2011, Order-in-Council ($2.8 million);
  • time-limited funding for the Task Force for the Payments System Review, which completed its mandate of assisting the Minister in charting the future of the Canadian payments system ($2.8 million);
  • a decrease in funding for necessary expert capital market and legal resources related to the Common Securities Regulator initiative ($1.9 million);
  • a decrease in severance payments for collective bargaining agreements ($1.3 million);
  • a transfer to Vote 5 grants and contributions to offset an increase in funding for a reprofile of the Toronto Waterfront Revitalization Initiative ($1.3 million);
  • sunsetting of the Task Force on Financial Literacy which was funded to support the creation of an independent task force, which made recommendations on a cohesive national strategy on financial literacy ($0.7 million); and
  • litigation related to the application of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act ($0.3 million).

Available authorities for voted grants and contributions as at December 31, 2012 increased by $36.6 million compared to the same period in 2011-12. Of this amount, $59.5 million relates to an increase in planned bilateral debt relief payments, offset by a decrease of $20.9 million for scheduled payments to Toronto Waterfront Revitalization Initiative in 2012-13 and a decrease of $2.0 million related to the Harbourfront Centre.

Statutory budgetary authorities

Statutory authorities decreased by $1.229 billion, as at December 31, 2012, compared to the same period in 2011-12.

This was in part due to an increase in the authorities for the Federal-Provincial Fiscal Arrangements Act of $1.531 billion compared to the same period in 2011-12. This increase is largely attributable to the legislative framework increases in Fiscal Equalization, the Canada Health Transfer, the Canada Social Transfer, Territorial Formula Financing and Additional Fiscal Equalization to Nova Scotia ($3.255 billion); and is partially offset by decreases in:

  • the schedule of payments to provinces regarding Sales Tax Harmonization ($1.147 billion);
  • Additional Fiscal Equalization – Total Transfer Protection ($272.4 million);
  • Alternative Payments for Standing Programs (increase of $218.9 million) which are forecast based on projected personal income tax data; and
  • Incentive for Provinces to Eliminate Taxes on Capital ($86.4 million).

Effective 2012-13, the Department of Finance statutory vote for Public Debt–Interest and Other Costs is presented as two distinct categories, Interest on Unmatured Debt and Other Interest Costs. Interest on Unmatured Debt represents the interest resulting from certificates of indebtedness issued by the Government of Canada that have not yet become due. Other Interest Costs represents the interest related to superannuation accounts, deposit and trust accounts and other specified purpose accounts. The purpose of this change was to more clearly distinguish the significant components of interest costs.

Authorities for Interest on Unmatured Debt, for the period ended December 31, 2012, decreased by $1.758 billion compared to the same period in 2011-12. The decrease is due to the revision of forecasted interest rates by private sector economists, consistent with Budget 2012. Other Interest Costs decreased by $415 million. This decrease primarily reflects the forecasted decrease in the average long-term bond rate, which is used to calculate interest on the superannuation accounts pertaining to pre-April 1, 2000 service.

The remaining statutory authorities (as at December 31, 2012) decreased by $586.7 million compared to the same period in 2011-12 largely due to decreases in a number of areas. The main source of the decrease in authorities relates to the Transitional Payment to Newfoundland and Labrador ($536.1 million) which was specific to fiscal year 2011-12. There was also a decrease related to the establishment of the Common Securities Regulator ($161 million). Budget 2009 provided up to $150 million for compensating provinces and territories for matters relating to the transition to a common securities regulator. The $150 million payment was forecast in 2011-12; however, no payment was made. The remaining decrease of $11 million relates to payments to the Canadian Securities Regulation Regime Transition Office as no payment was made in 2012-13. There was also a decrease of $49.6 million for the Youth Allowances Recovery, which is forecast based on personal income tax data.

In addition, there was a $10 million decrease in the statutory budgetary authorities for the Purchase of Domestic Coinage to primarily reflect expected lower production costs associated with the introduction of plated $1 and $2 coins that had been referenced in Budget 2011.

The above decreases were partially offset by an increase of Additional Fiscal Equalization Offset Payment to Nova Scotia ($112.4 million) and payments to the International Development Association ($57.3 million).

Non-Budgetary Authorities

Non-budgetary authorities related to the value of loans disbursed to Crown Corporations participating in the Crown Borrowing Framework are not reflected in the Estimates. The gross borrowing requirements for Crown Corporations are driven by the need to match the term and structure of the borrowing requirements of corporations’ clients. These activities are influenced by current, and expectations of future, economic conditions and can vary greatly over a short period of time. For example, if clients of the Crown Corporation are seeking short-term, floating rate loans, the Crown Corporation will seek to match that with short-term borrowings from the government. This will result in the loan being refinanced several times through the year, with higher gross borrowings associated with a smaller net borrowing amount. This can change very quickly should market conditions suggest interest rates are going to rise and their clients seek to lock in their borrowing costs through longer term borrowings. As such, there can be very large and significant variances both inter-year and intra-year. Given the risk of significant forecast errors and that the gross advances to Crown Corporations are a non-budgetary item and do not impact on the net-debt of the government, the Department only reports on actual borrowings by the Crown Corporations.

The authorities related to the Bretton Woods and Related Agreements Act for the purchase of shares of the International Bank for Reconstruction and Development in 2011-12 became the authorities for the statutory vote Payments to International Bank for Reconstruction and Development in 2012-13. The decrease of this authority from 2011-12 is being offset by the same increase of the new statutory vote in 2012-13.

There is a decrease of $151.5 million in non-budgetary authorities related to Payments to Ontario and Prince Edward Island under the Federal-Provincial Fiscal Arrangements Act which reflected one-time payments to those provinces which are being recovered over time.

2.2 Expenditure Analysis 

Total Expenditures

Total 2012-13 budgetary expenditures for the third quarter increased by $178.1 million compared to the same quarter in 2011-12. This was due to an increase in statutory expenditures ($185.7 million) offset by a decrease in voted operating expenditures and grants and contributions ($7.6 million). Non-budgetary expenditures for the third quarter 2012-13 increased by $1.781 billion compared to the same quarter in 2011-12.

Year-to-date budgetary expenditures for the period ended December 31, 2012 decreased by $1.729 billion, or 2.7%, compared to the same period in 2011-12. This decrease is in large part due to Interest on unmatured debt ($967.2 million), Other interest costs ($344.4 million) and Transitional payments to Newfoundland and Labrador pursuant to the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act ($398.9 million).

Voted budgetary expenditures

The decrease in voted expenditures for the third quarter of 2012-13 ($7.6 million) compared to the same quarter in 2011-12 is primarily attributable to a decrease in voted grants and contributions ($10.3 million) offset by an increase in operating expenditures ($2.7 million). The decrease under voted grants and contributions is a result of timing of payments to the Toronto Waterfront Revitalization Initiative ($8.4 million) and a decrease in bilateral debt relief payments ($1.9 million). Operating expenditures used during the quarter represent 24% of authorities available for use compared to 23% last year.

The increase in voted operating expenditures for the third quarter of 2012-13 ($2.7 million) compared to the same quarter in 2011-12 is mainly due to an increase in advertising expenditures and timing differences in billing from Justice Canada offset by time-limited funding for the Task Force on Payments Systems Review, the transfer of certain IT responsibilities to Shared Services Canada, and reduced severance payments under collective bargaining agreements.

Statutory budgetary expenditures

Total 2012-13 statutory expenditures for the third quarter increased by $185.7 million compared to the same quarter in 2011-12. This increase is primarily attributable to an increase in transfer payments pursuant to the Federal-Provincial Fiscal Arrangements Act ($714.3 million). This increase is offset by a decrease in interest on unmatured debt ($127.3 million) and other interest costs ($107.7 million), a decrease in Transitional Payment to Newfoundland and Labrador ($137.2 million) pursuant to the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act, by losses on foreign exchange of $149.2 million and a decrease in purchase of domestic coinage ($7.4 million).

The increase in transfer payments under the Federal-Provincial Fiscal Arrangements Act for the third quarter of 2012-13 ($714.3 million) compared to the same quarter in 2011-12 is primarily the result of legislative framework increases in Fiscal Equalization, the Canada Health Transfer, the Canada Social Transfer and Territorial Formula Financing ($739.4 million), an increase in payment to Ontario related to the Canada Health Transfer ($55.8 million), and an increase in the schedule of payments to provinces regarding sales tax harmonization ($25 million). These increases are offset by increased recoveries under the Alternative Payments for Standing Programs ($106.0 million).

The total decrease in interest and other costs related to public debt was $235.0 million. This was attributable to decreases in interest on unmatured debt ($127.3 million) and other interest costs ($107.7 million) for the third quarter of 2012-13 compared to the same quarter in 2011-12. The decrease in interest on unmatured debt reflects lower Consumer Price Index adjustments on real return bonds and a lower effective interest rate on the stock of unmatured debt. The decrease in other interest costs primarily reflects a decrease in the average long-term bond rate, which is used to calculate interest on the public sector pensions obligations pertaining to service pre-April 1, 2000.

The $7.4 million decrease in Purchase of Domestic Coinage in the third quarter in 2012-13 compared to the same quarter last year is attributable to normal variations in the demand for coinage from businesses and consumers and in the timing of costs incurred for coinage procurement throughout the year, as well as the cessation of penny production during the year.

Non-budgetary expenditures

Non-budgetary expenditures for the third quarter of 2012-13 increased by $1.780 billion compared to the same quarter in the prior year. This increase is due to an increase related to the value of loans disbursed to Crown Corporations participating in the Crown Borrowing Framework. Gross borrowings by Crown Corporations are based on demand and the business requirements of the participating entities, and also depend on the terms of the Crown Corporation borrowings. As such, amounts can vary significantly from year to year.

3. Risks and Uncertainties 

The global economic recovery has recently weakened, becoming more uneven and uncertain, and the world economy continues to face significant challenges, including the European sovereign and banking debt crisis. Going forward, private sector economists are calling for positive, but modest growth in Canada and the United States. With this forecast, the Department's program priorities and associated plans are designed to mitigate the risks to the Canadian economy while seizing opportunities to strengthen economic growth and job creation and to advance Canada's leadership internationally.

In particular, the Department will continue to manage the economic volatility risks by ensuring it has in place the infrastructure, resources and authorities needed to respond to an evolving economic and financial sector environment. The Department will also manage the increased requirement for coordinated international decision making to deal with uncertain world economic conditions, with attention to ensuring that responsible agencies take effective coordinated action to support the soundness, integrity and reputation of the global financial system.

4. Significant changes in relation to operations, personnel and programs

The Department continues to work closely with Shared Services Canada to ensure the successful transfer of responsibilities, resources, and personnel relating to e-mail, data centres, networks, and associated internal services.

5. Budget 2012 Implementation 

This section provides an overview of the savings measures announced in Budget 2012 that will be implemented in order to refocus government and programs; make it easier for Canadians and business to deal with their government; and, modernize and reduce the back office.

The Department of Finance will achieve Budget 2012 savings of $32.4 million by fiscal year 2014-15 by reconfiguring and modernizing the Department’s internal services and policy analysis functions. It is also taking a further significant step to reduce coinage costs including, for example, such measures as changing the metal composition of $1 and $2 coins from metal alloys to plated steel cores and phasing out the penny.

The estimated cost to the Government of supplying pennies to the economy is about $11 million per year. The Royal Canadian Mint ceased the distribution of pennies to financial institutions on February 4, 2013. Also on this date, businesses began rounding cash transactions in a fair and transparent manner. As financial institutions are no longer receiving pennies from the Mint, they will not distribute pennies to consumers and businesses after February 4, 2013.

The Department’s available funding reflects a reduction of $10 million associated with the introduction of plated $1 and $2 coins. This measure is part of Finance Canada’s contribution to the Government’s deficit reduction action plan. Further savings generated by other measures that comprise the Department’s contribution to the plan have not been reflected in the Estimates or this quarterly financial statement. However these additional amounts have been frozen and are not available for spending.

There are no financial risks or uncertainties related to these savings.

Approved by:

Michael Horgan,
Deputy Minister

Sherry Harrison,
Chief Financial Officer

Ottawa, Canada
February 14, 2013

Department of Finance Canada
Quarterly Financial Report
For the quarter ended December 31, 2012

Statement of Authorities (unaudited)
Fiscal year 2012-2013 Fiscal year 2011-2012


(in thousands of dollars) Total available
for use for
the year ending
March 31, 2013 *, **
Used during
the quarter ended
December 31, 2012
Year to date
used at
quarter-end
Total available for use for the
year ending
March 31, 2012 *
Used during the
quarter ended
December 31, 2011
Year to date used at
quarter-end
Budgetary authorities
  Voted authorities
    Operating expenditures 119,283 28,393 74,152 113,515 25,667 77,216
    Grants and contributions 224,987 672 3,177 188,416 10,953 24,740
 

  Total voted authorities 344,270 29,065 77,329 301,931 36,620 101,956
    
  Statutory authorities
  Federal-Provincial Fiscal
   Arrangements
   Act payments
    Fiscal Equalization
     (Part I - Federal-Provincial
     Fiscal Arrangements Act
)
15,422,503 3,855,626 11,566,877 14,658,570 3,664,643 10,993,928
    Canada Health Transfer
     (Part V.1 - Federal-Provincial
     Fiscal Arrangements Act
)
28,568,975 7,142,244 21,426,731 26,951,863 6,728,010 20,203,928
    Canada Social Transfer
     (Part V.1 - Federal-Provincial
     Fiscal Arrangements Act
)
11,859,486 2,964,872 8,894,615 11,514,064 2,878,516 8,635,548
    Territorial Financing
     (Part I.1 - Federal-Provincial
     Fiscal Arrangements Act
)
3,110,680 634,578 2,476,101 2,876,083 586,721 2,289,362
    Wait Times Reduction
     Transfer (Part V.1 -
     Federal-Provincial Fiscal
     Arrangements Ac
t)
250,000 62,500 187,500 250,000 62,500 187,500
    Alternative Payments for
     Standing Programs (Part VI -
     Federal-Provincial Fiscal
     Arrangements Ac
t)
(3,366,415) (832,691) (2,515,898) (3,147,547) (726,696) (2,384,229)
    Payments to Provinces
     Regarding Sales Tax
     Harmonization (Part III.1 -
     Federal-Provincial Fiscal
     Arrangements Act
)
733,000 25,000 25,000 1,880,000 - 1,880,000
    Incentive for Provinces to
     Eliminate Taxes on Capital
     (Part IV - Federal-Provincial
     Fiscal Arrangements Ac
t)
- - 15 86,390 - (4)
    Additional Fiscal Equalization
     Payment - Total Transfer
     Protection (Part I - Federal-
     Provincial Fiscal Arrangements
     Act
)
679,660 - 679,660 952,107 - 952,107
    Additional Fiscal Equalization
     to Nova Scotia (Part I -
     Federal-Provincial Fiscal
     Arrangements Act
)
312,308 - - 17,988 - -
    Payment to Ontario related
     to the Canada Health Transfer
     (Part V.1 - Federal-Provincial
     Fiscal Arrangements Act
)
- 46,855 46,855 - (8,992) (8,992)
 

  Total Federal-Provincial
     Fiscal Arrangements Act

     payments
57,570,197 13,898,984 42,787,456 56,039,518 13,184,702 42,749,148
  Interest on Unmatured Debt 1 18,537,000 4,408,461 13,115,775 20,295,000 4,535,736 14,082,946
  Other Interest Costs 1 9,131,000 2,255,512 6,804,765 9,546,000 2,363,256 7,149,124
  Transitional Payment to
   Newfoundland and Labrador
   (Nova Scotia and
   Newfoundland and
   Labrador Additional Fiscal
   Equalization Offset Payments
   Act
)
- - - 536,121 137,177 398,944
  Additional Fiscal Equalization
   Offset Payment to Nova Scotia
   (Nova Scotia and Newfoundland
   and Labrador Additional Fiscal
   Equalization Offset Payments
   Act
)
146,059 - - 33,695 - -
  Youth Allowances Recovery
   (Federal-Provincial Fiscal
   Revision Act
, 1964)
(743,232) - (371,616) (693,597) - (346,799)
  Payments to International
   Development Association
441,620 - 441,620 384,280 - 384,280
  Debt payments on behalf
   of poor countries to
   International Organizations
   pursuant to section 18(1)
   of the Economic Recovery
   Act
51,200 - - 51,200 - -
  Establishment of a Canadian
   Securities Regulation Regime
   and Canadian Regulatory
   Authority (Budget
   Implementation Act
, 2009)
- - - 150,000 - -
  Canadian Securities Regulation
   Regime Transition Office
   (Canadian Securities
   Regulation Regime Transition
   Office Act
)
- - - 11,000 - 14,345
  Purchase of Domestic Coinage 120,000 28,997 85,262 130,000 36,404 88,090
  Statutory Subsidies
   (Constitution Acts,
   1867-1982
, and Other
   Statutory Authorities)
32,149 1,100 17,312 32,149 1,238 17,312
  Contributions to Employee
   Benefit Plans
13,143 3,286 9,857 12,790 3,197 9,592
  Minister of Finance - Salary
   and motor car allowance
78 19 58 78 18 58
  Minister of State - Motor
   car allowance
- 1 2 2 2 2
  Other
    Losses on foreign exchange - (108,827) 25,618 - 40,326 61,500
    Payment of liabilities
     previously recorded
     as revenue
- 700 1,571 - 481 13,458
 

  Total statutory authorities 85,299,214 20,488,233 62,917,680 86,528,236 20,302,537 64,622,000
 

Total budgetary authorities 85,643,484 20,517,298 62,995,009 86,830,167 20,339,157 64,723,956
 

Non-budgetary authorities
    Pursuant to section 8(2)
     of the Bretton Woods and
     Related Agreements Act
, the
     amount of financial assistance
     provided by the Minister
     of Finance for the purchase
     of shares of the
     International Bank for
     Reconstruction and Development
     shall not exceed an amount
     of $98,141,398 in United States
     dollars over the period 2011-12
     to 2015-16.
- - - 20,611 - -
    Advances to Crown
     corporations (Gross)
- 16,730,755 49,447,468 - 14,950,377 47,200,481
    Payments to Ontario and
     Prince Edward Island (Part I.01 -
     Federal-Provincial Fiscal
     Arrangements Act
)
- - - 151,454 - 151,454
    Advances pursuant to
     section 13(1) of the
     Financial Consumer Agency
     of Canada Act
(Gross)
- 2,000 7,000 - 2,000 8,000
    In accordance with the
     Bretton Woods and Related
     Agreements Act
, the
     issuance and payment
     of non-interest bearing,
     non-negotiable demand
     notes in an amount not
     to exceed $441,610,000
     to the International
     Development Association
- - - - - -
    Payment to International
     Bank for Reconstruction
     and Development
20,611 - - - - -
 

Total non-budgetary
 authorities
20,611 16,732,755 49,454,468 172,065 14,952,377 47,359,935
 

Total authorities 85,664,095 37,250,053 112,449,477 87,002,232 35,291,534 112,083,891
* Includes only Authorities available for use and granted by Parliament at quarter-end
** Total available for use does not reflect measures announced in Budget 2012
1 Effective 2012-13, the Department of Finance’s statutory vote for Public Debt–Interest and Other Costs has been divided into two categories, Interest on Unmatured Debt and Other Interest Costs. 

 

Table 1: Departmental budgetary expenditures by Standard Object (unaudited)
Fiscal year 2012-2013 Fiscal year 2011-2012


(in thousands of dollars) Planned
expenditures
for the year
ending
March 31,
2013 *
Expended during the
quarter ended
December 31,
2012
Year to date used
at
quarter-end
Planned expenditures for the year
ending
March 31,
2012
Expended during the
quarter ended
December 31,
2011
Year to date used
at
quarter-end
Expenditures:            
  Personnel 88,337 21,653 64,509 87,876 24,091 70,026
  Transportation and
   communications
4,992 850 1,743 6,582 980 2,540
  Information 17,851 4,982 7,466 8,821 208 4,156
  Professional and
   special services
17,129 3,596 8,432 17,491 2,493 7,518
  Rentals 587 66 778 934 18 238
  Repair and
   maintenance
587 8 19 700 47 129
  Utilities, materials
   and supplies
121,057 29,153 85,752 131,429 36,586 88,534
  Acquisition of
   machinery and
   equipment
2,364 367 511 2,952 538 1,448
  Transfer payments 57,722,980 13,903,681 42,880,874 56,721,782 13,334,070 43,227,625
  Public debt charges 27,668,000 6,663,973 19,920,540 29,841,000 6,898,992 21,232,070
  Other subsidies
   and payments
- (110,997) 24,473 11,000 41,134 89,672
 

Total gross budgetary
 expenditures
85,643,884 20,517,332 62,995,097 86,830,567 20,339,157 64,723,956
Less Revenues netted
 against expenditures
400 34 88 400 - -
 

Total net budgetary
 expenditures
85,643,484 20,517,298 62,995,009 86,830,167 20,339,157 64,723,956
* Planned expenditures do not reflect measures announced in Budget 2012