Archived - Department of Finance Canada
Quarterly Financial Report for the Quarter Ended December 31, 2014 (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 of Finance Canada (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 fall 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 description of the program activities for the Department can be found in Part II of the Main Estimates and the Report on Plans and Priorities.

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.  

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 and B of 2013-14.

Sections 2.1 and 2.2 below highlight the significant items that contributed to the increase in the resources available from 2013-14 to 2014-15 and the increase in actual expenditures as at December 31, 2013 and December 31, 2014. Full details can be found in Table 1 Statement of Authorities found at the end of this document.

The following graph provides a comparison of budgetary authorities available for the full fiscal year and budgetary expenditures for the first nine months of 2013-14 and 2014-15.

Comparison of Budgetary Authorities and Year to Date Budgetary Expenditures for the Quarter ended December 31 of Fiscal Years 2013-14 and 2014-15
In 2014-15, Q3 Authorities were $87,956 million, Q3 Expenditures were $21,185 million, Q2 Expenditures were $21,147 million and Q1 Expenditures were $22,908 million. In 2013-14, Q3 Authorities were $87,614 million, Q3 Expenditures were $20,797 million, Q2 Expenditures were $21,153 million and Q1 Expenditures were $22,210 million.

Percentages reflect the utilization of authorities at quarter-end.

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 Use for the Year as at December 31 of Fiscal Years 2013-14 and 2014-15
      Variance
     
Authorities Available (in millions) 2014-15 2013-14 $ %
Budgetary        
  Voted:        
    Vote 1 - Operating Expenditures 120.5 117.6 2.9 2.4%
    Vote 5 - Grants and Contributions 5.0 11.4 (6.4) -56.0%
  Statutory:        
    Major transfers to other levels of government 60,561.0 59,737.4 832.6 1.4%
    Interest on Unmatured Debt and Interest on Other Liabilities 25,970.1 26,522.0 (551.9) -2.1%
    Direct program expenses 1,299.1 682.2 616.9 90.4%
  Total statutory 87,830.2 86,941.5 888.7 1.0%
Total Budgetary authorities 87,955.7 87,070.6 885.1 1.0%
Non-Budgetary - - - -
Total authorities 87,955.7 87,070.6 885.1 1.0%
Note: Figures may not add due to rounding.

Authorities available in fiscal year 2014-15 are $87,955.7 million at the end of the third quarter as compared to $87,070.6 million at the end of the third quarter of 2013-14, representing an increase of $885.1 million.

Voted budgetary authorities

Total 2014-15 Vote 1 operating authorities available as at December 31, 2014 are $120.5 million as compared to $117.6 million at the same period in 2013-14, representing an increase of $2.9 million, which is mainly attributable to the net effect of the following factors:

  • Government initiatives – A temporary increase of $6.6 million related to: the transition to the Cooperative Capital Markets Regulatory System ($3.0 million); the development of a Comprehensive Legislative Financial Consumer Code ($1.7 million); supporting the G-20 Framework Working Group ($0.6 million); implementing the Venture Capital Action Plan ($0.5  million); maintaining the strength of Canada’s financial system ($0.4 million); and the Corporate Asset Management Review ($0.4 million);
  • Policy and Financial Analysis and Support – An increase of $752 thousand to support ongoing and future Government of Canada priorities;
  • 90 Elgin Crown site redevelopment project – A decrease of $234 thousand corresponding to the near completion of the project;
  • Transfer to Shared Services Canada – A permanent decrease of $298 thousand for workplace technology device software;
  • Savings identified as part of the Budget 2012 Spending Review – A permanent decrease of $428 thousand;
  • Toronto Waterfront Revitalization Initiative (TWRI) – A decrease of $587 thousand corresponding to the sunsetting of the TWRI program;
  • Budget 2011 sunsetting initiatives – A decrease of $740 thousand related to Goods and Services Tax (GST) technical issues and legislative and regulatory drafting and printing activities; and,
  • A decrease of $2.8 million related to a lesser carry-forward.

At the end of the third quarter in 2014-15, Vote 5 authorities are $5.0 million compared to $11.4 million at the end of the third quarter of 2013-14, representing a decrease of $6.4 million. This decrease of $6.4 million is attributable to the conclusion of the interim funding arrangement with the Canadian Securities Regulation Regime Transition Office.

Statutory budgetary authorities

Statutory Authorities available in fiscal year 2014-15 are $87,830.2 million at the end of the third quarter as compared to $86,941.5 million at the end of the same quarter of 2013-14, representing an increase of $888.7 million.

This increase of $888.7 million relates to three broad categories; increases of $823.6 million in major transfers to other levels of government, an increase in authorities for direct program expenses of $616.9 million, offset by a decrease of $551.9 million in Interest on Unmatured Debt and Interest on Other Liabilities. Additional details are provided below.

Authorities for major transfers to other levels of government as at December 31, 2014 are $60,561.0 million compared to $59,737.4 million for the same period in 2013-14. The increase of $823.6 million is mainly due to the net effect of the following factors:

  • Canada Health Transfer – An increase of $1,830.9 million which reflects the 6% annual increased funding commitment in the Jobs, Growth and Long-term Prosperity Act, 2012. This program will increase by 6% per year until 2016–17, after which it will grow based on a 3-year moving average of nominal gross domestic product, with funding guaranteed to increase by at least 3% per year;
  • Fiscal Equalization – An increase of $564.1 million which reflects the increase due to the 3.5% gross domestic product-based escalator applied to the 2013–14 level;
  • Canada Social Transfer – An increase of $366.5 million which reflects the 3% annual increased funding commitment in the Jobs, Growth and Long-term Prosperity Act, 2012;
  • Territorial Financing – An increase of $180.9 million which is a result of new and updated data entering the formula for Territorial Formula Financing;
  • Additional Fiscal Equalization Offset Payment to Nova Scotia – A decrease of $25.0 million due to a decline in Nova Scotia’s offshore oil and gas revenues. The Nova Scotia’s 2005 Offshore Arrangement guarantees that the province’s offshore oil and gas revenues that enter the Equalization formula do not impact its Equalization payments. Consequently, the province receives payments equal to the decline in Equalization resulting from these revenues;
  • Youth Allowance Recovery – An increase in recovery of $37.3 million which results from an increase in the estimated value of personal income tax points;
  • Additional Fiscal Equalization Payment – Total Transfer Protection – A decrease of $55.8 million which relates to one-time payments last fiscal year to New Brunswick and Manitoba to prevent by-province declines in major transfers between 2012-13 and 2013-14;
  • Additional Fiscal Equalization to Nova Scotia – A reduction of $107.5 million in this program, which ensures that there is no reduction in Equalization and 2005 Offshore Accord Offset Payments due to the new formula for Equalization (2007), is 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;
  • Alternative Payments for Standing Programs – An increase in recoveries in the amount of $164.1 million which results from an increase in the value of personal income tax points;
  • Wait Times Reduction Transfer – A reduction of $250.0 million relates to the sun setting of this program in 2013–14; and,
  • Payments to Provinces Regarding Sales Tax Harmonization – A decrease of $1,481.0 million which reflects the completion of scheduled payments to Quebec and Prince Edward Island under their respective Comprehensive Integrated Tax Coordination Agreements.

Authorities for the Interest on Unmatured Debt and Interest on Other Liabilities as at December 31, 2014 are $25,970.1 million compared to $26,522.0 million at the same period in 2013-14. The decrease of $551.9 million is mainly due to the following factors:

  • Interest on Unmatured Debt – A reduction of $27.7 million which is largely due to cash inflows from the maturity of assets purchased under the Insured Mortgage Program which were used to lower the stock of interest-bearing debt; and
  • Other Interest Costs – A reduction of $524.2 million which is due to a decrease in the average Government of Canada long-term bond rate, which is used to calculate interest on the public sector pension obligations pertaining to service pre-April 1, 2000.

Authorities for direct program expenses at the end of the third quarter of fiscal year 2014-15 are $1,299.1 million as compared to $682.2 million at the same period in 2013-14, representing an increase of $616.9 million. This increase is primarily due to the net effect of the following factors:

  • Payments to the International Development Association (IDA) – An increase of $441.6 million, representing Canada’s first of three annual installments under the 17th IDA replenishment period. Canada’s annual contribution to the IDA has not changed. The increase reflects a change in the timing of Canada’s annual payments from April to January. This change in payment timing has no budgetary impact;
  • Canadian Securities Regulation Regime and Canadian Regulatory Authority (Budget Implementation Act 2009) – An increase of $115.8 million in payments to provinces and territories for matters relating to the establishment of the Cooperative Capital Markets Regulatory System; and
  • Incentive for Provinces to Eliminate Taxes on Capital – An increase of $60.3 million relates to anticipated payments in 2014-15 that represent preliminary payments to provinces and final adjustments to preliminary payments that have already been paid.

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.

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 December 31 of Fiscal Years 2013-14 and 2014-15
      Variance
     
Year to date expenditures (in millions) 2014-15 2013-14 $ %
Budgetary        
  Voted:        
    Vote 1 - Operating Expenditures 79.1 74.1 5.0 6.8%
    Vote 5 - Grants and Contributions 3.0 7.2 (4.2) -58.4%
  Statutory:        
    Major transfers to other levels of government 45,638.0 43,803.1 1,834.9 4.2%
    Interest on Unmatured Debt and Interest on Other Liabilities 18,599.2 19,544.0 (944.8) -4.8%
    Direct program expenses 920.5 731.2 189.3 25.9%
  Sub Total Statutory 65,157.7 64,078.3 1,079.4 1.7%
Total Budgetary expenditures 65,239.8 64,159.6 1,080.2 1.7%
Non-Budgetary 61,212.2 53,680.6 7,531.6 14.0%
Total year to date expenditures 126,452.0 117,840.2 8,611.8 7.3%
Note: Figures may not add due to rounding.

At the end of the third quarter of the 2014-15 fiscal year, total expenditures were $126,452.0 million compared to $117,840.2 million reported in the same period of 2013-14, representing an increase of $8,611.8 million or 7.3%.

Voted budgetary expenditures

Total 2014-15 Vote 1 operating expenditures at the end of the third quarter were $79.1 million as compared to $74.1 million at the same period of fiscal year 2013-14, representing an increase of $5.0 million or 6.8%. The increase is mainly attributable to the Government-wide Payment in Arrears initiative and the cost associated with the move to 90 Elgin.

Total 2014-15 Vote 5 grants and contribution expenditures at the end of the third quarter were $3.0 million as compared to $7.2 million at the same period of fiscal year 2013-14, representing a decrease of $4.2 million. This decrease is attributable to interim funding of $4.2 million last fiscal year to the Canadian Securities Regulation Regime Transition Office (CSTO).

Statutory budgetary expenditures

Total statutory expenditures at the end of the third quarter of 2014-15 are $65,157.7 million as compared to $64,078.3 million at the end of the third quarter of 2013-14 representing an increase of $1,079.4 million, or 1.7%.

This increase is primarily attributable to an increase of $1,834.9 million in major transfers to other levels of government, an increase of $189.3 million in direct program expenses and a decrease of $944.8 million in Interest on Unmatured Debt and Interest on Other Liabilities (decrease of $684.4 million and $260.4 million, respectively).

Expenditures related to major transfers to other levels of government as at December 31, 2014 are $45,638.0 million compared to $43,803.1 million at the same period in 2013-14 representing an increase of $1,834.9 million. This increase is mainly due to the net effect of the following factors:

  • Canada Health Transfer – An increase of $1,373.3 million;
  • Fiscal Equalization – An increase of $423.1 million;
  • Canada Social Transfer – An increase of $274.8 million;
  • Territorial Financing – An increase of $144.0 million;
  • Payments to Ontario related to the Canada Health Transfer – A decrease of $10.1 million;
  • Payment to Provinces Regarding Sales Tax Harmonization – A decrease of $14.0 million;
  • Youth Allowances Recovery – An increase in recoveries of $18.7 million which is forecast based on personal income tax data;
  • Additional Fiscal Equalization Payment – Total Transfer Protection – A decrease of $55.8 million;
  • Alternative Payments for Standing Programs – An increase in recoveries of $95.5 million; and
  • Wait Times Reduction Transfer – A decrease of $187.5 million.

Explanations for all but one of the items listed above are consistent with the explanations found under the statutory budgetary authorities in Section 2.1. The decrease of $10.1 million in 2014-15 in payments to Ontario related to the Canada Health Transfer is due to the sunsetting of this item in 2013-14.

Expenditures for the Interest on Unmatured Debt and Interest on Other Liabilities as at December 31, 2014 are $18,599.2 million compared to $19,544.0 million at the same period in 2013-14 representing a decrease of $944.8 million. The decrease is mainly due to the following factors:

  • Interest on Unmatured Debt – A decrease of $684.4 million which reflects a lower average effective interest rate on Government of Canada bonds, as well as cash inflows from the maturity of assets purchased under the Insured Mortgage Program which were used to lower the stock of interest-bearing debt, offset in part by higher Consumer Price Index adjustments on Real Return Bonds;
  • Interest on Other Liabilities – A decrease of $260.4 million to reflect a decrease in the average Government of Canada long-term bond rate, which is used to calculate interest on public sector pension obligations pertaining to service pre-April 1, 2000.

Direct Program Expenditures at the end of the third quarter of fiscal year 2014-15 are $920.5 million as compared to $731.2 million at the same period in 2013-14, representing an increase of $189.3 million. This increase is primarily due to the net effect of the following factors:

  • Canadian Securities Regulation Regime and Canadian Regulatory Authority (Budget Implementation Act 2009) – An increase of $154.7 million consisting of payments to Saskatchewan, New Brunswick and Prince Edward Island for the establishment of the Cooperative Capital Markets Regulatory;
  • Incentive for Provinces to Eliminate Taxes on Capital – An increase of $93.6 million which reflects payments to Québec and British Columbia in respect of their 2010-11 foregone revenues;
  • Losses on Foreign Exchange – A decrease of $55.5 million due to the revaluation of foreign denominated financial instruments.

Non-budgetary expenditures

Non-budgetary expenditures at the end of the third quarter of 2014-15 are $61,212.2 million compared to $53,680.6 million at the end of the same quarter in the prior year representing an increase of $7,531.6 million. This change is due to an increase of $7,041.1 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. There is also an increase of $200.0 million related to a payment to the Ukraine for financial assistance under the Bretton Woods and Related Agreements Act and an increase of $285.0 million in payments to the International Monetary Fund New Arrangement to Borrow.

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 2014-15 and 2013-14 by standard object are as follows:

  • Transfer Payments (SO 10) – An increase of $2,083.0 million of which the majority is related to the statutory expenditures pursuant to major transfers to other levels of government ($1,834.9 million) and transfer payments under Direct Program Expenses ($252.4 million) offset by Vote 5 grants and contributions ($4.2 million);
  • Other subsidies and payments (SO 12) – A decrease of $58.3 million primarily due to the revaluation of foreign denominated financial instruments; and
  • Public Debt Charges (SO 11) – A decrease of $944.7 million.

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

Quarterly Spending

Expenditures in the third quarter of fiscal 2014-15 were $41,047.3 million compared with $38,039.0 million for the third quarter of 2013-14, representing an increase of $3,008.3 million or 7.9% in quarterly spending.

Comparison of Quarterly Expenditures for the Third Quarter Ended
December 31 of Fiscal Years 2013-14 and 2014-15
      Variance
     
Expenditures for the Third Quarter (in millions) 2014-15 2013-14 $ %
Budgetary        
  Voted:        
    Vote 1 - Operating Expenditures 29.6 28.1 1.5 5.4%
    Vote 5 - Grants and Contributions 0.5 0.5 0.0 0.0%
  Statutory:        
    Major transfers to other levels of government 15,139.5 14,498.1 641.4 4.4%
    Interest on Unmatured Debt and Interest on Other Liabilities 5,836.7 6,170.4 (333.7) -5.4%
    Direct program expenses 178.3 100.0 78.3 78.2%
  Sub Total Statutory 21,154.6 20,768.6 386.0 1.9%
Total Budgetary expenditures 21,184.6 20,797.2 387.4 1.9%
Non-Budgetary 19,862.7 17,241.7 2,621.0 15.2%
Total year to date expenditures 41,047.3 38,039.0 3,008.3 7.9%
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 ongoing strength in domestic demand is expected to be moderated by a fragile global recovery and sharp declines in global crude oil prices. In the euro area, the recovery is uncertain and the risk of deflation is increasing.  In China, the challenges that the authorities face in introducing necessary policy reforms while maintaining their targeted growth objectives could lead to slower and more-variable-than-expected growth. Furthermore, volatility in other global commodity markets also poses challenges and risks to Canada’s economy. In contrast to these developments, the U.S. economic recovery appears to be gaining traction.

The Department of Finance Canada’s Corporate Risk Profile provides a snapshot of the Department’s key corporate risks. It focuses the attention and action of senior management on measures to mitigate the adverse effects of global economic uncertainty and their impact on the Canadian economy. The Department monitors its corporate risks and associated risk responses to identify areas of opportunity and to reflect progress made in implementing measures to mitigate risks.

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

Effective November 3rd , 2014, Timothy Sargent was appointed to the position of Associate Deputy Minister of Finance and G7 Deputy of Canada.

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 eliminating the penny.

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

Administration costs related to the phase out of the penny in 2013-14 were significantly lower than previously estimated. The Royal Canadian Mint contracted an external company to carry out the processing of the pennies, which significantly reduced capital and processing costs. These savings are expected to continue into 2014-15 and 2015-16.

Approved by:

Paul Rochon,
Deputy Minister

Randy Larkin,
Chief Financial Officer

Ottawa, Canada
February 26, 2015

Department of Finance Canada
Quarterly Financial Report for the quarter ended December 31, 2014
Table 1 - Statement of Authorities (unaudited)
(in thousands of dollars)
Fiscal year 2014-2015 Fiscal year 2013-2014
 

Total available for use for the
year ending
March 31, 2015 * 
Used during the
quarter ended
December 31, 2014
Year to date used at
quarter-end
Total available for use for the
year ending
March 31, 2014 *
Used during the
quarter ended
December 31, 2013
Year to date used at
quarter-end
Budgetary Authorities
Voted authorities
Operating expenditures 120,502 29,555 79,080 117,630 28,127 74,064
Grants and contributions 5,035 500 3,000 11,435 500 7,210
 

Total voted authorities 125,537 30,055 82,080 129,065 28,627 81,274
 

Statutory authorities
Major transfers to other levels of government
Canada Health Transfer (Part V.1 - Federal-Provincial Fiscal Arrangements Act) 32,114,033 8,028,594 24,085,611 30,283,114 7,570,779 22,712,336
Canada Social Transfer (Part V.1 - Federal-Provincial Fiscal Arrangements Act) 12,581,729 3,145,433 9,436,297 12,215,271 3,053,818 9,161,454
Fiscal arrangements
Fiscal Equalization (Part I - Federal-Provincial Fiscal Arrangements Act) 16,669,278 4,167,320 12,501,959 16,105,194 4,026,299 12,078,896
Territorial Financing (Part I.1 - Federal-Provincial Fiscal Arrangement Act) 3,469,215 707,720 2,761,496 3,288,282 670,809 2,617,472
Statutory Subsidies (Constitution Acts, 1867-1982, and Other Statutory Authorities) 34,119 1,237 18,426 32,149 1,237 17,312
Youth Allowances Recovery (Federal-Provincial Fiscal Revision Act, 1964) (814,071) - (407,036) (776,742) - (388,371)
Other major transfers
Addtional Fiscal Equalization Offset Payment to Nova Scotia (Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act) 64,481 - - 89,461 - -
Additional Fiscal Equalization to Nova Scotia (Part I - Federal-Provincial Fiscal Arrangements Act) 138,275 - - 245,785 - -
Additional Fiscal Equalization Payment - Total Transfer Protection (Part I - Federal-Provincial Fiscal Arrangements Act) - - - 55,806 - 55,806
Payments to Provinces Regarding Sales Tax Harmonization (Part III.1 — Federal-Provincial Fiscal Arrangements Act) - - - 1,481,000 - 14,000
Wait Times Reduction Transfer (Part V.1 - Federal-Provincial Fiscal Arrangements Act) - - - 250,000 62,500 187,500
Payments to Ontario related to the Canada Health Transfer (Part V.1 - Federal-Provincial Fiscal Arrangements Act) - - - - 10,052 10,052
Alternative Payments for Standing Programs (Part VI - Federal-Provincial Fiscal Arrangements Act) (3,696,022) (910,791) (2,758,802) (3,531,960) (897,351) (2,663,331)
 

Total major transfers to other levels of government 60,561,037 15,139,513 45,637,951 59,737,360 14,498,142 43,803,125
Interest on Unmatured Debt and Interest on Other Liabilities
Interest on Unmatured Debt and Other Public Debt Costs 17,817,322 3,768,733 12,404,579 17,845,000 4,034,158 13,088,917
Interest on Other Liabilities 8,152,756 2,068,010 6,194,649 8,677,000 2,136,262 6,455,048
 

Total Interest on Unmatured Debt and Interest on Other Liabilities 25,970,078 5,836,743 18,599,228 26,522,000 6,170,420 19,543,965
Direct program expenses
Operating expenses
Purchase of Domestic Coinage 122,500 27,972 82,837 126,500 25,330 84,611
Contributions to Employee Benefit Plans 12,115 2,985 8,954 12,203 3,051 9,153
Minister of Finance - Salary and motor car allowance 80 20 60 79 20 58
Minister of State – Motor car allowance 2 1 2 2 - 2
Transfer payments
Incentive for Provinces to Eliminate Taxes on Capital (Part IV - Federal-Provincial Fiscal Arrangements Act) 95,042 4,942 95,042 34,780 - 1,405
Canadian Millenium Scholarship Foundation (Budget Implementation Act, 1998) - - - - - (11)
Payments to International Development Association 883,220 - 441,610 441,610 - 441,610
Debt payments on behalf of poor countries to International Organizations pursuant to section 18(1) of the Economic Recovery Act 51,200 - - 51,200 - -
Canadian Securities Regulation Regime Transition Office (Canadian Securities Regulation Regime Transition Office Act) 9,100 - - 5,800 - -
Establishment of a Canadian Securities Regulation Regime and Canadian Regulatory Authority (Budget Implementation Act, 2009) 115,800 108,900 154,700 - - -
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 - - 10,000 - -
Other
Losses on Foreign Exchange - 32,719 134,723 - 71,013 190,225
Refunds of Previous Years Revenue - - 127 - - -
Payment of Liabilities Previously Recorded as Revenue - 766 2,487 - 623 4,150
 

Total direct program expenses 1,299,060 178,305 920,542 682,174 100,037 731,203
 

Total statutory authorities 87,830,175 21,154,561 65,157,721 86,941,534 20,768,599 64,078,293
 

Total budgetary authorities 87,955,712 21,184,616 65,239,801 87,070,599 20,797,226 64,159,567
 

Non-budgetary authorities
Advances to Crown corporations (Gross) - 19,647,422 60,576,973 - 17,200,349 53,535,853
Advances pursuant to section 13(1) of the Financial Consumer Agency of Canada Act (Gross) - 4,000 10,000 - 2,000 8,000
Payments under Bretton Woods and Related Agreements Act - National Governements (Gross) - - 200,000 - - -
Payments under Bretton Woods and Related Agreements Act - International Organizations (Gross) - - 3,481 - - -
Payments to the International Monetary Fund New Arrangements to Borrow - 211,245 421,778 - 39,381 136,768
 

Total non-budgetary authorities - 19,862,667 61,212,232 - 17,241,730 53,680,621
 

Total authorities 87,955,712 41,047,283 126,452,033 87,070,599 38,038,956 117,840,188
Numbers may not add due to rounding
* Includes only Authorities available for use and granted by Parliament at quarter-end
Department of Finance Canada
Quarterly Financial Report for the quarter ended December 31, 2014
Table 2 - Departmental budgetary expenditures by Standard Object (unaudited)
(in thousands of dollars)
  Fiscal year 2014-2015 Fiscal year 2013-2014
 

Planned expenditures for the year
ending
March 31, 2015
Expended during the
quarter ended
December 31, 2014
Year to date
used at
quarter-end
Planned expenditures for the year
ending
March 31, 2014
Expended during the
quarter ended
December 31, 2013
Year to date
used at
quarter-end
Expenditures:            
Personnel 87,908 21,524 63,695 82,432 21,553 64,310
Transportation and communications 2,689 769 2,015 3,890 607 1,813
Information 11,072 3,001 3,732 11,300 3,196 5,319
Professional and special services 18,905 3,233 7,640 18,053 4,911 9,194
Rentals 1,757 505 924 400 225 876
Repair and maintenance 42 16 69 5,431 434 1,101
Utilities, materials and supplies 123,737 28,090 83,112 127,500 25,422 84,883
Acquisition of land, buildings and works 2,031 629 2,082 - - -
Acquisition of machinery and equipment 7,188 2,729 4,767 7,808 126 227
Transfer payments 61,730,434 15,313,437 46,407,336 60,292,185 14,549,826 44,324,359
Public debt charges 25,970,078 5,836,743 18,599,228 26,522,000 6,170,420 19,543,965
Other subsidies and payments 20 (26,010) 65,251 - 20,547 123,581
 
Total gross budgetary expenditures 87,955,862 21,184,666 65,239,851 87,070,999 20,797,267 64,159,628
Less Revenues netted against expenditures 150 50 50 400 41 61
 
Total net budgetary expenditures 87,955,712 21,184,616 65,239,801 87,070,599 20,797,226 64,159,567
Note: Numbers may not add due to rounding.