Archived - Department of Finance Canada
Quarterly Financial Report for the Quarter Ended September 30, 2013 (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.

1.1 Authority, Mandate and Program Activities

The Department helps the Government of Canada develop and implement strong and sustainable economic, fiscal, tax, social, security, international and financial sector policies and programs. It plays an important central agency role, working with other departments to ensure that the government's agenda is carried out and that ministers are supported with high-quality analysis and advice.

The Department's responsibilities include the following:

  • Preparing the federal Budget and the Update of Economic and Fiscal Projections;
  • Preparing the Annual Financial Report of the Government of Canada and, in cooperation with the Treasury Board of Canada Secretariat and the Receiver General for Canada, the Public Accounts of Canada;
  • Developing tax and tariff policy and legislation;
  • Managing federal borrowing on financial markets;
  • Designing and administering major transfers of federal funds to the provinces and territories;
  • Developing financial sector policy and legislation; and,
  • Representing Canada in various international financial institutions and organizations.

The Minister of Finance is accountable for ensuring that his responsibilities are fulfilled both within his portfolio and with respect to the authorities assigned through legislation. The Minister has direct responsibility for a number of acts and is assigned specific responsibilities in other acts that are under the responsibility of other ministers.

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 1.71 MB] and the Report on Plans and Priorities.

To access a Portable Document Format (PDF) file you must have a PDF reader installed. If you do not already have such a reader, there are numerous PDF readers available for free download or for purchase on the Internet.

1.2 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 as well as transfers from Treasury Board central votes that are approved by the end of the quarter. 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 Budget 2012 could not be reflected in the 2012–13 Main Estimates. Similarly, measures announced in Budget 2013 (March 21, 2013) could not be reflected in the 2013–14 Main Estimates.

In fiscal year 2012–2013, frozen allotments were established by Treasury Board authority in departmental votes to prohibit the spending of funds already identified as savings measures in Budget 2012. In 2013–2014, frozen allotments were not required as the changes to departmental authorities were reflected in the 2013–2014 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.

1.3 Department of Finance – Financial Structure

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.

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

This Departmental Quarterly Financial Report (QFR) reflects the results of the current fiscal period in relation to the Main Estimates and Supplementary Estimates A of 2012–13.

Sections 2.1 and 2.2 below highlight the significant items that contributed to the increase in the resources available for use from 2012–13 to 2013–14 and the increase in actual expenditures as at September 30, 2012 and September 30, 2013.

The following graph provides a comparison of budgetary authorities available for spending for the full fiscal year and budgetary expenditures for the first six months of 2012–13 and 2013–14.

Comparison of Budgetary Authorities and Year to Date Budgetary Expenditures for the Quarter ended September 30 of Fiscal Years 2012–13 and 2013–14

In 2013-14, Q2 Authorities were $87,614 million, Q2 Expenditures were $21,153 million, and Q1 Expenditures were $22,210 million. In 2012-13, Q2 Authorities were $85,398 million, Q2 Expenditures were $20,886 million, and Q1 Expenditures were $21,592 million.

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.

2.1 Authorities Analysis

Total authorities

The following table provides a comparison of cumulative authorities by vote for the current and previous fiscal years.

Comparison of Authorities Available for Spending for the Year as at September 30 of Fiscal Years 2012–13 and 2013–14
      Variance
     
Authorities Available (in  millions) 2013–14 2012–13 $ %
Budgetary        
  Voted:        
    Vote 1 - Operating Expenditures 111.2 114.6 (3.4) -3.0%
    Vote 5 - Grants and Contributions 7.2 215.0 (207.8) -96.7%
  Statutory:
    Federal-Provincial Fiscal Arrangements Act payments 60,368.7 56,148.7 4,220.0 7.5%
    Interest on Unmatured Debt and Interest on Other Liabilities 27,134.0 28,862.0 (1,728.0) -6.0%
    Other (7.1) 58.1 (65.2) -112.2%
  Total statutory 87,495.6 85,068.8 2,426.8 2.9%
Total Budgetary authorities 87,614.0 85,398.4 2,215.6 2.6%
Non-Budgetary - 20.6 (20.6) -100.0%
Total authorities 87,614.0 85,419.0 2,195.0 2.6%

Authorities available for spending in fiscal year 2013–14 are $87,614.0 million at the end of the second quarter as compared to $85,419.0 million at the end of the second quarter of 2012–13, representing an increase of $2,195.0 million, or 2.6%.

Voted budgetary authorities

Total 2013–14 Vote 1 operating authorities available for use as at September 30, 2013 are $111.2 million as compared to $114.6 million at the same period in 2012–13, representing a decrease of $3.4 million which is mainly attributable to the net effect of the following factors:

  • A decrease of $6.0 million for government advertising programs related to the Economic Action Plan;
  • A decrease of $4.4 million in time-limited funding related to maintaining the strength of Canada’s financial sector, GST technical issues, G-20 framework working group, corporate finance and asset management, and personal income tax initiatives;
  • A decrease of $4.2 million which reflects the saving identified as part of Budget 2012 Spending Review (see section 5. Budget 2012 Implementation);
  • An increase of $10.0 million for the department’s relocation to 90 Elgin Street in 2014–15;
  • An increase of $1.2 million in collective bargaining adjustments.

At the end of the second quarter in 2013–14, Vote 5 authorities available are $7.2 million compared to $215.0 million at the end of the second quarter of 2012–13, representing a decrease of $207.8 million. This decrease is largely due to the cessation of payments to Export Development Canada for debt relief via the Paris Club ($210.0 million) and an increase of $2.2 million related to the interim funding for the Canadian Securities Regulation Regime Transition Office (CSTO).

Statutory budgetary authorities

Statutory Authorities available for spending in fiscal year 2013–14 are $87,495.6 million at the end of the second quarter as compared to $85,068.8 million at the end of the same quarter of 2012–13, representing an increase of $2,426.8 million, or 2.9 %.

This increase of $2,426.8 million relates to 3 broad categories; increases of $4,220.0 million in payments pursuant to the Federal-Provincial Fiscal Arrangements Act, offset by decreases in Interest on Unmatured Debt and Interest on Other Liabilities ($1,302.0 million and $426.0 million respectively) and a decrease of $65.2 million in other statutory payments. Additional details are provided below.

Authorities for payments pursuant to the Federal Provincial Fiscal Arrangements Act payments as at September 30, 2013 are $60,368.7 million compared to $56,148.7 at the same period in 2012–13. The increase of $4,220.0 million is mainly due to the net effect of the following factors:

  • Canada Health Transfer - increase of $1,714.1 million reflects the 6% annual increased funding commitment in the September 2004 10-Year Plan to Strengthen Health Care;
  • Payments to Provinces Regarding Sales Tax Harmonization - The payment of $1,481.0 million in assistance provided for under the Comprehensive Integrated Tax Coordination Agreements with Québec and Prince Edward Island ($1,467.0  million and $14 million respectively);
  • Fiscal Equalization - increase of $682.7 million reflects the increase due to the 4.4% Gross Domestic Product-based escalator applied to the 2012–13 level;
  • Canada Social Transfer - increase of $355.8 million represents the annual 3% increase announced in Budget 2007;
  • Territorial Financing - increase of $177.6 million is a result of new and updated data entering the formula for Territorial Formula Financing;
  • Alternative Payments for Standing Programs –  decrease of $111 million which is forecasted based on projected personal income tax;
  • Additional Fiscal Equalization to Nova Scotia - decrease of $80.0 million due to higher growth of combined Equalization and 2005 Offshore Accord payments in the new formula compared to the formula which was in place prior to 2007;

Authorities for the Interest on Unmatured Debt and Interest on Other Liabilities as at September 30, 2013 are $27,134.0 million compared to $28,862.0 at the same period in 2012–13. The decrease of $1,728.0 million is mainly due to following factors:

  • Interest on Unmatured Debt - decrease of $1,302.0 million to reflect the decrease in the average forecast of interest rates by private sector economists for 2013–14, consistent with the 2012 Update of Economic and Fiscal Projections;
  • Interest on Other Liabilities - decrease of $426.0 million to reflect the decrease in the average long-term bond rate forecast for 2013–14, which is used to calculate interest on the public sector pension obligations pertaining to service before April 1, 2000.

Other Statutory Authorities at the end of the second quarter of fiscal year 2013–14 are ($7.1 million) as compared to $58.1 million at the same period in 2012–13, representing a decrease of $65.2 million. This decrease is primarily due to the net effect of the following factors:

  • Additional Fiscal Equalization Offset Payment to Nova Scotia - decrease of $56.6 million is due to the decline in offshore revenues received by Nova Scotia;
  • Youth Allowance Recovery – decrease of $24.1 million which is forecast based on personal income tax data;
  • Agriculture Advance Market Commitment – increase of $10 million relates to a payment to the World Bank for an innovative financing mechanism;
  • Purchase of domestic coinage - increase of $6.5 million reflects the savings identified as part of the Budget 2012 Spending Review offset by increased net redemption and administration costs estimates due to an accelerated profile of penny redemption rates. In addition, there are increased cost estimates for demand and metal prices reflective of recent growth projections for overall coinage.

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 forecast inaccuracy 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.

There is a decrease of $20.6M in the authorities for the statutory vote Payments to International Bank for Reconstruction and Development from 2012–13 to 2013–14. No further payments are planned as the full amount was paid over the two year period of 2011-12 and 2012–13.

2.2 Expenditure Analysis

Total Expenditures

The following table provides a comparison of cumulative spending by vote for the current and previous fiscal years.

Comparison of Year to Date Expenditures for the Quarter Ended September 30 of Fiscal Years 2012–13 and 2013–14
      Variance
     
Year to date expenditures (in  millions) 2013–14 2012–13 $ %
Budgetary
  Voted:
    Vote 1 - Operating Expenditures 45.9 45.8 0.2 0.4%
    Vote 5 - Grants and Contributions 6.7 2.5 4.2 167.9%
  Statutory:
    Federal-Provincial Fiscal Arrangements Act payments 29,678.7 28,888.5 790.2 2.7%
    Interest on Unmatured Debt and
    Interest on Other Liabilities
13,373.5 13,256.6 117.0 0.9%
    Other 257.5 284.4 (26.9) -9.5%
  Sub Total Statutory 43,309.7 42,429.4 880.2 2.1%
Total Budgetary expenditures 43,362.3 42,477.7 884.6 2.1%
Non-Budgetary 36,438.9 32,721.7 3,717.2 11.4%
Total year to date expenditures 79,801.2 75,199.4 4,601.8 6.1%
Note: Figures may not add due to rounding

At the end of the second quarter of the 2013–14 fiscal year, total expenditures were $79,801.2 million compared to $75,199.4 million reported in the same period of 2012–13, representing an increase of $4,601.8 million or 6.1%.

Voted budgetary expenditures

Total 2013–14 Vote 1 operating expenditures at the end of the second quarter were $45.94 million as compared to $45.76 million at the same period of fiscal year 2012–13, representing an increase of $0.2 million or 0.4%.

Total 2013–14 Vote 5 grants and contribution expenditures at the end of the second quarter were $6.7 million as compared to $2.5 million at the same period of fiscal year 2012–13, representing an increase of $4.2 million. This increase is attributable to interim funding of $4.2 million to the Canadian Securities Regulation Regime Transition Office (CSTO).

Statutory budgetary expenditures

Total statutory expenditures at the end of the second quarter of 2013–14 are $43,309.69 million as compared to $42,429.45 at the end of the second quarter of 2012–13 representing an increase of $880.2 million, or 2.1%.

This increase is primarily attributable to an increase in transfer payments pursuant to the Federal-Provincial Fiscal Arrangements Act ($790.2 million), a net increase of $117.0 million in Interest on Unmatured Debt and Interest on Other Liabilities (increase of $347.45 million and decrease of $230.47 million respectively) and a decrease of $26.9 million in other statutory payments.

Expenditures for payments pursuant to the Federal Provincial Fiscal Arrangements Act as at September 30, 2013 are $29,678.7 million compared to $28,888.5 million at the same period in 2012–13 representing an increase of $790.2 million. This increase is mainly due to the net effect of the following factors:

  • Canada Health Transfer - increases of $857.1 million;
  • Fiscal Equalization – increase of $341.3 million;
  • Canada Social Transfer – increase of $177.9 million,
  • Territorial Financing – increase of $105.1 million;
  • Payments to Provinces Regarding Sales Tax Harmonization – increase of $14.0 million;
  • Incentives for Provinces to Eliminate Taxes on Capital – increase of $1.4 million;
  • Additional Fiscal Equalization Payment – Total Transfer Protection - decrease of $623.9 million;
  • Alternative Payments for Standing Programs – decrease of $82.8 million.

Explanations for all but two of the items listed above are consistent with the explanations found under the statutory budgetary authorities in Section 2.1. The increase of $1.4 million in the incentive for provinces to eliminate taxes on capital relates to a payment in 2013–14 that represent a final adjustment to a preliminary payment that has already been paid to a province. The decrease of $623.9 million in 2013–14 in Additional Fiscal Equalization Payment – Total Transfer Protection relates to payments to New Brunswick and Manitoba to prevent by-province declines in major transfers.

Expenditures for the Interest on Unmatured Debt and Interest on Other Liabilities as at September 30, 2013 are $13,373.5 million compared to $13,256.6 million at the same period in 2012–13 representing an increase of $117.0 million. The increase is mainly due to the net effect of the following factors:

  • Interest on Unmatured Debt – increase of $347.45 million to reflect higher Consumer Price index adjustments on real return bonds.
  • Interest on Other Liabilities – decrease of $230.45 million to reflect 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.

Other Statutory payments at the end of the second quarter of fiscal year 2013–14 are $257.5 million as compared to $284.4 million at the same period in 2012–13, representing a decrease of $26.9 million. This decrease is primarily due to the net effect of the following factors:

  • Youth Allowance Recovery – increase in recoveries of $16.8 million which is forecast based on personal income tax data;
  • Losses of foreign exchange – decrease of $15.2 million due to the revaluation of foreign denominated liabilities;
  • Purchase of Domestic Coinage – increase of $3.0 million 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;
  • Payment of Liabilities Previously Recorded as Revenue – increase of $2.7 million is largely attributable to Receiver General cheques that have been cashed by the payee subsequent to having been written off. Receiver General cheques are written off if they remain uncashed and issued after a period of 10 years.

Non-budgetary expenditures

Non-budgetary expenditures at the end of the second quarter of 2013–14 are $36,438.9 million compared to $32,721.7 million at the end of the same quarter in the prior year representing an increase of $3,717.2 million. This increase is in part due to an increase of $3,618.8 million 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. The increase is also explained by an increase of $97.4 million in payments to the International Monetary Fund New Arrangement to Borrow and an increase of $1.0 million in advances pursuant to section 13(1) of the Financial Consumer Agency of Canada Act.

Significant Changes on the Departmental budgetary expenditures by Standard Object table

Table 2, located at the end of this report, presents Budgetary Expenditures by Standard Object (SO). The main variance in expenditures between 2013–14 and 2012–13 by standard object are as follows:

  • Transfer Payments (SO 10) – increase of $797.3 million of which the majority is related to the statutory expenditures pursuant to the Federal-Provincial Fiscal Arrangements Act;
  • Public Debt Charges (SO 11) – increase of $117.0 million;
  • Utilities, materials and supplies (SO 07) – increase of $2.9 million mostly attributable to increases in purchase of domestic coinage;
  • Other subsidies and payments (SO 12) – decrease of $32.4 million primarily due to losses on foreign exchange.

The year over year variances are explained in detail in the preceding Section 2.2.

Quarterly Spending

Expenditures in the second quarter of fiscal 2013–14 were $40,845.7 million compared with $36,951.5 million for the second quarter of 2012–13, representing an increase of $3,894.2 million or 10.5% in quarterly spending.

Comparison of Quarterly Expenditures for the Second Quarter Ended September 30 of Fiscal Years 2012–13 and 2013–14
      Variance
     
Expenditures for the Second Quarter
(in millions)
2013–14 2012–13 $ %
Budgetary
  Voted:
    Vote 1 - Operating Expenditures 24.6 22.2 2.5 11.1%
    Vote 5 - Grants and Contributions 4.7 0.5 4.2 842.0%
  Statutory:
    Federal-Provincial Fiscal Arrangements Act payments 14,558.4 14,497.9 60.5 0.4%
    Interest on Unmatured Debt and
    Interest on Other Liabilities
6,459.4 6,218.3 241.1 3.9%
    Other 105.6 146.8 (41.2) -28.1%
  Sub Total Statutory 21,123.4 20,863.0 260.4 1.2%
Total Budgetary expenditures 21,152.7 20,885.6 267.1 1.3%
Non-Budgetary 19,693.0 16,065.8 3,627.1 22.6%
Total year to date expenditures 40,845.7 36,951.5 3,894.2 10.5%
Note: Figures may not add due to rounding.

Variance explanations of the quarterly spending are in line with the year to date variance explanations provided in Section 2.2.

3. Risks and Uncertainties

Private sector economists expect moderate growth in the Canadian economy, as growth in domestic demand is expected to be moderated by a fragile global recovery and the related near- to medium-term risks. In particular, uncertainty stems from ongoing concerns about the U.S. federal government's fiscal position, although the U.S. economy is showing signs of improvement, as well as the ongoing banking and sovereign debt sustainability issues in Europe. In addition, any potential slowdown in the major emerging market economies could affect the Canadian economy owing to weaker commodity prices and exports and slower global growth. Domestically, the key risk continues to be elevated household debt.

The Department of Finance Canada remains committed to ensuring a strong economy and sound public finances for Canadians. In meeting this commitment, the Department is exposed to a broad range of risks. Effective risk management is therefore critical to its ability to deliver results for Canadians, and the Department has put in place mechanisms to systematically identify and manage its corporate risks, notably policy, people and relationships, infrastructure and process risks.

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 and to support the soundness of the global financial system. At the same time, the Department will continue to ensure that responsible financial sector agencies take effective coordinated action to support the soundness, integrity and reputation of the Canadian financial system.

While implementing the 2012 expenditure review measures, the Department also recognizes that as a knowledge-based organization, its continued success depends on attracting, developing and retaining a highly skilled and adaptable workforce. The Department will continue to focus on strategic recruitment, cost-effective training and development initiatives, performance management and staff retention as a successful way of achieving desired outcomes.

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

The Department continues to work closely with Shared Services Canada to standardize and consolidate end user device hardware and software.

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 further significant steps to reduce coinage costs including, for example, measures such as changing the metal composition of $1 and $2 coins from metal alloys to plated steel cores and eliminating the penny.

All savings measures are on track to meet their planned savings. Staff reductions were fully completed in 2012–13.

The statutory forecast for the Purchase of Domestic Coinage includes the savings identified as part of the Budget 2012 Spending Review.

Approved by:

Michael Horgan
Deputy Minister 

Sherry Harrison
Chief Financial Officer

Ottawa, Canada
November 20, 2013

Department of Finance Canada Quarterly Financial Report
For the quarter ended September 30, 2013
Table 1 - Statement of Authorities (unaudited)
(in thousands of dollars)
Fiscal year 2013-2014 Fiscal year 2012-2013
 

Total available
for use for the
year ending
March 31, 2014* 
Used during
the quarter
ended
September 30, 2013
Year to date used at
quarter-end
Total
available
for use
for the
year ending
March 31, 2013* **

Used during
the quarter
ended
September 30, 2012

Year
to date
used at
quarter-end
Budgetary Authorities            
  Voted authorities            
    Operating expenditures 111,169 24,632 45,937 114,591 22,178 45,759
    Grants and contributions 7,235 4,710 6,710 215,000 500 2,505
 

  Total voted authorities 118,404 29,342 52,647 329,591 22,678 48,264
 

  Statutory authorities            
  Federal-Provincial Fiscal 
  Arrangements Act payments
           
    Fiscal Equalization
    (Part I Federal-Provincial
    Fiscal Arrangements Act
)
16,105,194 4,026,298 8,052,597 15,422,503 3,855,625 7,711,251
    Canada Health Transfer
    (Part V.1 Federal-Provincial
    Fiscal Arrangements Act
)
30,283,114 7,570,778 15,141,557 28,568,975 7,142,243 14,284,487
    Canada Social Transfer
    (Part V.1 Federal-Provincial
    Fiscal Arrangements Act
)
12,215,271 3,053,818 6,107,636 11,859,486 2,964,871 5,929,743
    Territorial Financing
    (Part I.1 Federal-Provincial
     Fiscal Arrangement Act
)
3,288,282 670,810 1,946,663   3,110,680 634,579 1,841,523
    Wait Times Reduction Transfer
    (Part V.1 Federal-Provincial
    Fiscal Arrangements Act
)
250,000 62,500 125,000 250,000 62,500 125,000
    Alternative Payments for Standing Programs
    (Part VI — Federal-Provincial
    Fiscal Arrangements Act
)
(3,499,933) (882,990) (1,765,980) (3,388,677) (841,603) (1,683,207)
    Payments to Provinces Regarding
    Sales Tax Harmonization
    (Part III.1 — Federal-Provincial
    Fiscal Arrangements Act
)
  1,481,000  - 14,000 -  -   -

    Incentive for Provinces to Eliminate
    Taxes on Capital (Part IV
    Federal-Provincial
    Fiscal Arrangements Act
)

-  1,405  1,405 15 15
    Additional Fiscal Equalization Payment -
    Total Transfer Protection
    (Part 1 — Federal-Provincial
    Fiscal Arrangements Act
)
- 55,806 55,806 679,660 679,660
    Additional Fiscal Equalization
    to Nova Scotia (Part I Federal-Provincial
    Fiscal Arrangements Act
)
245,785  -   - 325,779  -   -
 

  Total Federal-Provincial Fiscal
  Arrangements Act
payments
60,368,713 14,558,425 29,678,684 56,148,746 14,497,890 28,888,472
  Interest on Unmatured Debt and
  Interest on Other Liabilities
    Interest on Unmatured Debt and
    Other Public Debt Costs
18,401,000 4,307,483 9,054,759 19,703,000 3,947,106 8,707,314
    Interest on Other Liabilities  8,733,000 2,151,896 4,318,786   9,159,000 2,271,170 4,549,253
 

  Total Interest on Unmatured Debt
  and Interest on Other Liabilities
27,134,000 6,459,379 13,373,545 28,862,000 6,218,276 13,256,567
  Other
    Addtional Fiscal Equalization Offset
    Payment to Nova Scotia (Nova Scotia
    and Newfoundland and Labrador
    Additional Fiscal Equalization
    Offset Payments Act
)
 89,461  -   - 146,059  -   -
    Youth Allowances Recovery
    (Federal-Provincial Fiscal
    Revision Act
, 1964)
(770,280)  - (388,371) (746,180)  - (371,616)
    Canadian Millenium Scholarship Foundation
    (Budget Implementation Act, 1998)
-  - (11) -  -   -
    Payments to International
    Development Association
441,610  - 441,610 441,620  - 441,620
    Debt payments on behalf of poor countries
    to International Organizations pursuant
    to section 18(1) of the Economic
    Recovery Act
 51,200  -   -  51,200  -   -
    Purchase of Domestic Coinage 126,500 31,371 59,281 120,000 27,228 56,265
    Statutory Subsidies
    (Constitution Acts, 1867-1982,
    and Other Statutory Authorities)
32,149 14,837 16,075  32,149 14,837 16,212
    Contributions to Employee Benefit Plans 12,204  3,051  6,102  13,143  3,285  6,571
    Minister of Finance -
    Salary and motor car allowance
79 19 38 78 20 39
    Minister of State – Motor car allowance  2 1 2 -  - 1
    Payment to the International Bank
    for Reconstruction and Development
    for the Agriculture Advance Market
    Commitment (Bretton Woods and
    Related Agreements Act
, section 8) 
 10,000  -   - -  -   -
    Losses on Foreign Exchange - 53,355 119,212 - 100,957 134,445
    Payment of Liabilities Previously
    Recorded as Revenue
-  2,939  3,527 -  466  871
 

  Total Other   (7,075) 105,573 257,465  58,069 146,793 284,408
 

  Total statutory authorities 87,495,638 21,123,377 43,309,694 85,068,815 20,862,959 42,429,447
 

Total budgetary authorities 87,614,042 21,152,719 43,362,341 85,398,406 20,885,637 42,477,711
 

Non-budgetary authorities
    Advances to Crown corporations (Gross) - 19,591,572 36,335,504 - 16,062,835 32,716,713
    Advances pursuant to section 13(1)
    of the Financial Consumer
    Agency of Canada Act
(Gross)
-  4,000  6,000 -  3,000  5,000
    Payments to the International Monetary
    Fund New Arrangements to Borrow
- 97,387 97,387 -  -   -
    Payment to International Bank for
    Reconstruction and Development
-  -   -  20,611  -   -
 

Total non-budgetary authorities - 19,692,959 36,438,891 20,611 16,065,835 32,721,713
 

Total authorities 87,614,042 40,845,678 79,801,232 85,419,017 36,951,472 75,199,424
* 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.
Department of Finance Canada
Quarterly Financial Report
For the quarter ended September 30, 2013
Table 2 - Departmental budgetary expenditures by Standard Object (unaudited)
(in thousands of dollars)
  Fiscal year 2013-2014 Fiscal year 2012-2013
 

  Planned expenditures
for the year ending
March 31, 2014 
Expended during
the quarter ended
September 30, 2013
Year to date used at quarter-end Planned expenditures
for the year ending
March 31, 2013 *
Expended during
the quarter ended
September 30, 2012
Year to date
used at
quarter-end
Expenditures:            
  Personnel 82,420 21,299 42,757 87,898 19,183 42,856
  Transportation and communications 4,000 693 1,206 4,500 332 893
  Information 11,300 1,196 2,123 17,100 2,245 2,484
  Professional and special services 15,400 3,690 4,283 14,800 3,674 4,836
  Rentals 400 127 651 500 225 712
  Repair and maintenance 500 655 667 500 8 11
  Utilities, materials and supplies 127,500 31,474 59,461 120,900 27,346 56,599
  Acquisition of machinery and equipment 8,834 57 101 2,013 95 144
  Transfer payments 60,230,088 14,535,402 29,774,533 56,288,595 14,486,338 28,977,193
  Public debt charges 27,134,000 6,459,379 13,373,545 28,862,000 6,218,276 13,256,567
  Other subsidies and payments - 98,767 103,034 - 127,939 135,470
 

Total gross budgetary expenditures 87,614,442 21,152,739 43,362,361 85,398,806 20,885,661 42,477,765
Less Revenues netted against expenditures  400 20 20  400 24 54
 

Total net budgetary expenditures 87,614,042 21,152,719 43,362,341 85,398,406 20,885,637 42,477,711
* Planned expenditures do not reflect measures announced in Budget 2012