Ontario Finances - 2004-05 first quarter - Quarterly update - June 30, 2004

Archived Release

Ontario Finances - 2004-05 first quarter - Quarterly update - June 30, 2004

Ministry of Finance

TORONTO, July 26 - NOTE: This is an incomplete version of Ontario's first-quarter finances. For the complete version, please see the Ministry of Finance web site at http://www.gov.on.ca/FIN/english/finances/2004/ofin041e.htm ONTARIO FINANCES Ontario 2004-05 FIRST QUARTER QUARTERLY UPDATE - JUNE 30, 2004 Ministry of Finance ------------------------------------------------------------------------- ------------------------------------------------------------------------- Fiscal Summary ($ Millions) ------------------------------------------------------------------------- 2004-05 -------------------------- Interim Budget Current In-Year 2003-04 Plan Outlook Change ------------------------------------------------------------------------- Revenue* 68,250 78,360 78,364 4 Expense Programs 62,518 66,695 66,695 - Capital 2,202 2,575 2,575 - Interest on Debt 9,752 10,329 10,329 - ------------------------------------ Total Expense 74,472 79,599 79,599 - Reserve - 1,000 1,000 - ------------------------------------ SURPLUS / (DEFICIT) (6,222) (2,239) (2,235) 4 ------------------------------------------------------------------------- * Includes one-time revenue gain of $3,881 million related to the projected elimination of the liability for non-utility generator power purchase agreements in 2004-05. HIGHLIGHTS ------------------------------------------------------------------------- 2004-05 IN-YEAR PERFORMANCE DEFICIT OUTLOOK AT $2.2 BILLION - The 2004-05 current deficit outlook has improved by $4 million from the fiscal outlook presented in the Budget Plan. As at June 30, 2004, a deficit of $2,235 million is projected for 2004-05. REVENUE AT $78.4 BILLION - The revenue outlook, at $78,364 million, is up a net $4 million from the Budget Plan mainly due to an increase in the Personal Income Tax revenue outlook as a result of preliminary information on tax assessments for 2003 and prior years, partially offset by decreases in Corporations Tax revenue and other taxation revenues. EXPENSE AT $79.6 BILLION - Total expense, at $79,599 million, is unchanged from the fiscal outlook presented in the Budget Plan. RESERVE AT $1.0 BILLION - The Budget Plan includes a $1 billion reserve to protect against unexpected and adverse changes in the economic and fiscal outlook. ------------------------------------------------------------------------- ONTARIO FINANCES DETAILS OF IN-YEAR CHANGES ------------------------------------------------------------------------- FISCAL PERFORMANCE ------------------------------------------------------------------------- REVENUE - The revenue outlook, at $78,364 million, is up a net $4 million from the Budget Plan. Major changes this quarter include: - The Personal Income Tax (PIT) revenue outlook is up a net $99 million. This is primarily due to preliminary information on tax assessments for 2003 and prior years that has increased the outlook for 2004-05 PIT revenues by $100 million. This increase is partially offset by a reduction in the 2004-05 PIT revenue outlook of $1 million due to the proposed longer phase-out of the Ontario Research Employee Stock Option Credit for those individuals who were granted an option as of May 18, 2004. - The Corporations Tax revenue outlook is down $70 million due to lower-than-anticipated payments associated with 2003 tax return filings. - The Employer Health Tax (EHT) revenue outlook is down $12 million as a result of the proposed longer phase-out of the EHT exemption for stock option benefits paid to employees of research intensive companies for those employers who granted an option as of May 18, 2004. - The revenue outlook for the proposed Ontario Health Premium (OHP) is down $13 million due to a lowering of the phase-in rate that would apply at the $36,000 taxable income level from 25 per cent to 6 per cent. OPERATING EXPENSE - Program expense, at $66,695 million, is unchanged from the Budget Plan. - The Interest on Debt expense forecast, at $10,329 million, is unchanged from the Budget Plan. CAPITAL EXPENSE - Capital expense, at $2,575 million, is unchanged from the Budget Plan. RESERVE - The reserve, at $1 billion, is unchanged from the Budget Plan. ------------------------------------------------------------------------- ONTARIO FINANCES CHANGE FUND ------------------------------------------------------------------------- Change Fund Investments ($ Millions) ------------------------------------------------------------------------- 2004-05 ------------------------------------------------------------------------- BUDGET PLAN Investments for Health Care Community Health Services - home care and community mental health 140 Family Health Teams 111 e-Health Initiatives 78 Other Projects (including wait lists and workplace safety) 280 ------ 609 Other Investments ServiceOntario Enhancement 27 College Stabilization 25 Nutrient Management Financial Assistance Program 5 All Other 6 ------ 63 PROJECT APPROVALS SINCE BUDGET First Quarter Approvals No new project approvals this quarter - ------ - Investments to be Confirmed 328 ------------------------------------------------------------------------- TOTAL CHANGE FUND INVESTMENTS 1,000 ------------------------------------------------------------------------- - The 2004 Budget included a one-time $1.0 billion Change Fund to support the government's plans to change and improve Ontario's public services. The Fund will help to pay for projects that rationalize or better integrate existing programs and services, put in place new systems and processes to reduce long-term costs, or mitigate the demand for services over the long run. - The remaining $328 million in the Change Fund will be allocated this fiscal year, following a review of business case plans to ensure projects demonstrate benefits such as good value for money; improved quality or delivery of public services; improved cost efficiency or result in cost savings in the long run. As Change Fund projects are reviewed and approved during the fiscal year, these will be detailed and reported in the quarterly Ontario Finances. - Any unallocated amounts remaining in the Change Fund at year-end will be applied to reduce the deficit. ONTARIO FINANCES FISCAL PERFORMANCE ------------------------------------------------------------------------- ------------------------------------------------------------------------- Statement of Financial Transactions ($ Millions) ------------------------------------------------------------------------- Current Actual Interim Outlook 2000-01 2001-02 2002-03 2003-04 2004-05 ------------------------------------------------------------------------- Revenue* 66,044 66,249 68,609 68,250 78,364 Expense Programs 51,146 53,647 56,922 62,518 66,695 Capital(xx) 2,123 1,890 1,876 2,202 2,575 Interest on Debt 10,873 10,337 9,694 9,752 10,329 ------------------------------------------------- Total Expense 64,142 65,874 68,492 74,472 79,599 Reserve - - - - 1,000 ------------------------------------------------- SURPLUS / (DEFICIT) 1,902 375 117 (6,222) (2,235) ------------------------------------------------------------------------- Net Debt(xxx) 132,496 132,121 132,647 139,405 142,408 Accumulated Deficit(xxx) 132,496 132,121 118,705 124,927 127,162 ------------------------------------------------------------------------- * Includes one-time revenue gain of $3,881 million related to the projected elimination of the liability for non-utility generator power purchase agreements in 2004-05. (xx) Starting in 2002-03, major tangible capital assets owned by Provincial ministries (land, buildings and transportation infrastructure) are accounted for on a full accrual accounting basis. Other tangible capital assets owned by Provincial ministries will continue to be accounted for as expense in the year of acquisition or construction. All capital assets owned by consolidated government organizations are accounted for on a full accrual basis. (xxx) Net debt represents the difference between liabilities and financial assets. Accumulated deficit represents net debt adjusted for tangible capital assets. ------------------------------------------------------------------------- Selected Economic and Fiscal Statistics ------------------------------------------------------------------------- Current Actual Interim Outlook 2000-01 2001-02 2002-03 2003-04 2004-05 ------------------------------------------------------------------------- Gross Domestic Product (GDP) at Market Prices* ($ Millions) 441,204 453,384 479,122 494,229 514,492 Ontario Population (000s) - July 1 11,685 11,898 12,097 12,238 12,397 Ontario Revenue as a per cent of GDP 15.0 14.6 14.3 13.8 15.2 Ontario Revenue Growth (%) 1.9 0.3 3.6 (0.5) 14.8 Ontario Total Expense as a per cent of GDP 14.5 14.5 14.3 15.1 15.5 Ontario Total Expense Growth (%) 0.0 2.7 4.0 8.7 6.9 Ontario Total Program Expense as a per cent of GDP 11.6 11.8 11.9 12.6 13.0 Ontario Total Program Expense Growth (%) 6.1 4.9 6.1 9.8 6.7 Ontario Interest on Debt as a per cent of Revenue 16.5 15.6 14.1 14.3 13.2 Ontario Interest on Debt as a per cent of Total Expense 17.0 15.7 14.2 13.1 13.0 Ontario Interest on Debt as a per cent of GDP 2.5 2.3 2.0 2.0 2.0 Ontario Surplus/(Deficit) as a per cent of GDP 0.4 0.1 0.0 (1.3) (0.4) Net Debt per capita ($) 11,339 11,104 10,965 11,391 11,487 Net Debt as a per cent of GDP 30.0 29.1 27.7 28.2 27.7 Accumulated Deficit per capita ($) 11,339 11,104 9,813 10,208 10,257 Accumulated Deficit as a per cent of GDP 30.0 29.1 24.8 25.3 24.7 ------------------------------------------------------------------------- * Reflects Statistics Canada's release of the preliminary Provincial Economic Accounts and revisions to the National Income and Expenditure Accounts. ONTARIO FINANCES FISCAL TRENDS ------------------------------------------------------------------------- In 2000-01, the Province recorded a budgetary surplus of $1.9 billion. However, between 2000-01 and 2003-04, Provincial program spending increased by 22 per cent, far exceeding tax revenue growth, which declined by 0.6 per cent during this period. This imbalance between revenue and spending created a structural deficit. Based on the current fiscal outlook for 2004-05, total revenue will increase by 14.8 per cent this year while total expense will grow by 6.9 per cent resulting in a substantial decline in the deficit projected for 2004-05. Consistent with the government's medium-term fiscal plan outlined in the 2004 Budget, the deficit will continue to be gradually reduced until Ontario's books are balanced in 2007-08. Debt-to-GDP declined in Ontario over the period from 1999-2000 to 2002-03. Starting in fiscal year 2002-03, the costs of major tangible capital assets are capitalized and amortized over their estimated useful lives. The initial impact of this change in accounting policy is primarily responsible for the sharp decline in the debt-to-GDP ratio from 29.1 per cent in 2001-02 to 24.8 per cent in 2002-03. The medium-term fiscal plan reported in the 2004 Budget includes steadily declining deficit targets which will reduce the interim deficit of $6.2 billion in 2003-04 to $2.2 billion in 2004-05, $2.1 billion in 2005-06, $1.5 billion in 2006-07 and a balanced budget by 2007-08. Consistent with these fiscal targets, Ontario's debt as a proportion of GDP is projected to fall from 25.3 per cent in 2003-04 to 21.8 per cent in 2007-08. ONTARIO FINANCES ECONOMIC PERFORMANCE ------------------------------------------------------------------------- ------------------------------------------------------------------------- ONTARIO REAL GROSS DOMESTIC PRODUCT (GDP) UP IN FIRST QUARTER (JANUARY- MARCH) - Ontario real GDP grew by 0.4 per cent (1.5 per cent annualized) in the first quarter of 2004, down from a 1.0 per cent pace (4.0 per cent annualized) in the fourth quarter of 2003. ONTARIO CREATES 160,500 JOBS IN 2003 - In 2003, Ontario employment grew by 160,500 net new jobs, up 2.6 per cent from 2002 and accounting for 48 per cent of all job creation in Canada. - Ontario's unemployment rate was 7.0 per cent in 2003, down slightly from 7.1 per cent in 2002. - In June 2004, Ontario employment increased by 17,700 net new jobs following an increase of 30,800 jobs in May. The unemployment rate held steady at 7.0 per cent. Over the past three months, Ontario employment is up by nearly 63,000 jobs. CONSUMER SPENDING HIGHER OVER FIRST FOUR MONTHS OF 2004 - Ontario retail sales fell 1.3 per cent in April, the first monthly decline in 2004. However, over the first four months of 2004, Ontario retail sales are 2.8 per cent ahead of the same period in 2003. INFLATION REMAINS MODERATE - Ontario consumer prices rose 2.4 per cent year-to-year in June, down from 2.8 per cent in May. Excluding energy prices, Ontario's inflation rate was 1.7 per cent in June, up slightly from 1.6 per cent in May. HOUSING MARKET CONTINUES TO BE ROBUST - In 2003, Ontario housing starts hit their highest level in 14 years, up 1.9 per cent from 2002. Ontario housing starts advanced 0.6 per cent in June, to a level of 90,500 units (seasonally adjusted annual rate). - Ontario home resales rose 10.5 per cent in May from a year ago to reach a level of 21,385 units, making it the busiest month on record. TRADE SECTOR STRENGTHENS IN 2004 - The value of Ontario merchandise exports rose 0.6 per cent in May, the fourth consecutive monthly gain (Ontario Ministry of Finance estimate). Ontario's imports surged 7.0 per cent in May, following a 1.2 per cent increase in April. Solid growth in imports of machinery and equipment (+11.3 per cent) and autos (+7.1 per cent) were responsible for almost three-quarters of the advance. - The value of Ontario manufacturing shipments rose 1.8 per cent to $25.7 billion in May, following a gain of 0.7 per cent in April. This is the fourth consecutive increase. ------------------------------------------------------------------------- ONTARIO FINANCES RECENT ECONOMIC DEVELOPMENTS ------------------------------------------------------------------------- ------------------------------------------------------------------------- KEY ECONOMIC INDICATORS (Per Cent Change from previous period, unless indicated otherwise) ------------------------------------------------------------------------- Annual Annual Quarterly ------------------------------------------- 2002 2003 03:1 03:2 03:3 03:4 04:1 ------------------------------------------- Output (Seasonally Adjusted at Annual Rates) Real GDP Ontario 3.7 1.6 2.9 (1.0) (3.0) 4.0 1.5 Nominal GDP Ontario 5.7 3.2 3.4 (3.4) (0.6) 4.2 5.1 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Annual Annual Monthly 2004 2002 2003 Feb Mar Apr May Jun Other Indicators (Seasonally Adjusted) Labour Markets Labour Force (Change in 000s) Ontario 167 163 6 8 (3) 41 19 Employment (Change in 000s) Ontario 105 161 5 (25) 14 31 18 Unemployment Rate (%) Ontario 7.1 7.0 6.6 7.1 6.8 7.0 7.0 Household Sector Retail Sales Ontario 5.9 3.4 2.4 0.3 (1.3) N/A N/A Housing Starts (000s)(xx) Ontario 83.6 85.2 76.7 92.7 88.6 90.0 90.5 New Home Sales* Toronto 29.3 (19.9) 7.7 31.2 40.2 1.6 N/A MLS Home Resales* Ontario 9.7 3.6 2.7 30.5 24.4 10.5 N/A Manufacturing Shipments Ontario 3.5 (1.7) 0.6 4.0 0.7 1.8 N/A Transportation Equipment Ontario 6.3 (3.3) (0.8) 5.7 2.2 1.1 N/A Consumer Price Index* Ontario 2.0 2.7 0.8 1.1 2.3 2.8 2.4 ------------------------------------------------------------------------- Sources: Statistics Canada, Ontario Ministry of Finance, Canada Mortgage and Housing Corporation, Greater Toronto Home Builders' Association, Canadian Real Estate Association and Ward's Automotive. ------------------------------------------------------------------------- * per cent change from a year earlier. (xx) Monthly housing starts are expressed at a seasonally adjusted annual rate. N/A - Data not available. ONTARIO FINANCES FINANCIAL TABLES REVENUE ------------------------------------------------------------------------- ($ Millions) 2004-05 -------------------------- Interim Budget Current In-Year 2003-04 Plan Outlook Change ------------------------------------------------------------------------- TAXATION REVENUE Personal Income Tax 17,778 18,821 18,920 99 Retail Sales Tax 14,260 15,036 15,036 - Corporations Tax 7,222 8,320 8,250 (70) Employer Health Tax 3,737 3,874 3,862 (12) Gasoline Tax 2,282 2,328 2,328 - Fuel Tax 684 716 716 - Ontario Health Premium - 1,635 1,622 (13) Tobacco Tax 1,299 1,452 1,452 - Land Transfer Tax 911 927 927 - Electricity Payments-In-Lieu of Taxes 597 630 630 - Other Taxes 391 259 259 - ----------------------------------- 49,161 53,998 54,002 4 ------------------------------------------------------------------------- GOVERNMENT OF CANADA Canada Health and Social Transfer (CHST) 7,014 - - - Canada Health Transfer (CHT) - 4,677 4,677 - Canada Social Transfer (CST) - 2,924 2,924 - CHST Supplements 577 775 775 - Social Housing 522 521 521 - Health Reform Fund 387 582 582 - Diagnostic/Medical Equipment 193 193 193 - Infrastructure 155 267 267 - Other Government of Canada 1,114 859 859 - ----------------------------------- 9,962 10,798 10,798 - ------------------------------------------------------------------------- INCOME FROM INVESTMENT IN GOVERNMENT BUSINESS ENTERPRISES Ontario Lottery and Gaming Corporation 2,100 2,117 2,117 - Liquor Control Board of Ontario 1,043 1,117 1,117 - Ontario Power Generation Inc. and Hydro One Inc. (15) 335 335 - Other Government Enterprises (59) (5) (5) - ----------------------------------- 3,069 3,564 3,564 - ------------------------------------------------------------------------- OTHER NON-TAX REVENUE Net Reduction of Power Purchase Contract Liability* 104 4,024 4,024 - Reimbursements 1,175 1,252 1,252 - Electricity Debt Retirement Charge 1,000 1,009 1,009 - Vehicle and Driver Registration Fees 986 987 987 - Power Sales 510 675 675 - Other Fees and Licences 505 536 536 - Liquor Licence Revenue 486 499 499 - Sales and Rentals 520 403 403 - Royalties 243 239 239 - Miscellaneous Other Non-Tax Revenue 529 376 376 - ----------------------------------- 6,058 10,000 10,000 - ------------------------------------------------------------------------- TOTAL REVENUE 68,250 78,360 78,364 4 ------------------------------------------------------------------------- * Includes one-time revenue gain of $3,881 million related to the projected elimination of the liability for non-utility generator power purchase agreements in 2004-05. OPERATING EXPENSE ------------------------------------------------------------------------- ($ Millions) 2004-05 -------------------------- Interim Budget Current In-Year MINISTRY 2003-04 Plan Outlook Change ------------------------------------------------------------------------- Agriculture and Food 677 549 549 - Attorney General* 1,156 1,162 1,162 - Board of Internal Economy 204 149 149 - Children and Youth Services* 2,643 2,832 2,832 - Citizenship and Immigration* 56 62 62 - Community and Social Services* 6,016 6,317 6,317 - Community Safety and Correctional Services* 1,670 1,745 1,745 - Consumer and Business Services 184 213 213 - Culture 294 277 277 - Democratic Renewal Secretariat - 4 4 - Economic Development and Trade* 260 414 414 - Education 9,754 10,623 10,623 - Teachers' Pension Plan (TPP) 235 359 359 - Energy 118 137 137 - Environment* 260 304 304 - Executive Offices 22 19 19 - Finance - Own Account* 1,316 1,184 1,184 - Interest on Debt 9,752 10,329 10,329 - Change Fund - 328 328 - Community Reinvestment Fund 652 656 656 - Electricity Consumer Price Protection Fund 253 - - - Power Purchases 799 946 946 - Health and Long-Term Care* 28,100 29,652 29,652 - Change Fund - 609 609 - SARS-related and Major One-Time Health Costs 842 - - - Intergovernmental Affairs* 6 9 9 - Labour 120 133 133 - Management Board Secretariat* 268 355 355 - Retirement Benefits 340 433 433 - Contingency Fund - 965 965 - Municipal Affairs and Housing* 678 692 692 - Native Affairs Secretariat 16 14 14 - Natural Resources 518 505 505 - Northern Development and Mines 79 73 73 - Office of Francophone Affairs 4 4 4 - Public Infrastructure Renewal* 23 31 31 - Tourism and Recreation* 213 184 184 - Training, Colleges and Universities 3,934 4,194 4,194 - Transportation 808 862 862 - Year-End Savings - (300) (300) - ------------------------------------------------------------------------- TOTAL OPERATING EXPENSE 72,270 77,024 77,024 - ------------------------------------------------------------------------- * Ministries restated to reflect new government structure. CAPITAL EXPENSE ------------------------------------------------------------------------- ($ Millions) 2004-05 -------------------------- Interim Budget Current In-Year MINISTRY 2003-04 Plan Outlook Change ------------------------------------------------------------------------- Agriculture and Food 1 7 7 - Attorney General 25 55 55 - Children and Youth Services* - 9 9 - Community and Social Services* 10 21 21 - Community Safety and Correctional Services 47 42 42 - Consumer and Business Services 1 2 2 - Culture 28 70 70 - Economic Development and Trade* 32 39 39 - Education 16 27 27 - Energy 54 52 52 - Environment 4 13 13 - Finance* 5 4 4 - Health and Long-Term Care 355 346 346 - Management Board Secretariat(xx) (1) (13) (13) - Municipal Affairs and Housing* 208 234 234 - Native Affairs Secretariat - 2 2 - Natural Resources 69 85 85 - Northern Development and Mines 344 447 447 - Public Infrastructure Renewal* 17 168 168 - Capital Contingency Fund - 150 150 - Tourism and Recreation 54 65 65 - Training, Colleges and Universities 121 171 171 - Transportation 812 679 679 - Year-End Savings - (100) (100) - ------------------------------------------------------------------------- TOTAL CAPITAL EXPENSE 2,202 2,575 2,575 - ------------------------------------------------------------------------- * Ministries restated to reflect new government structure. (xx) Ministries' contributions for investments in Provincially owned land and buildings are recorded as an expense by the contributing ministries. Starting in 2002-03 any resulting adjustment to expense from the capitalization and amortization of most of these Provincially owned land and buildings is recorded in Management Board Secretariat. ------------------------------------------------------------------------- Schedule of Net Investment in Capital Assets - 2004-05 Current Outlook ($ Millions) ------------------------------------------------------------------------- Government Land and Transportation Organizations' Buildings Infrastructure Capital Assets Total ------------------------------------------------------------------------- Acquisition/Construction of Major Tangible Capital Assets 135 998 432 1,565 Amortization of Provincially Owned Major Tangible Capital Assets (78) (524) (195) (797) ------------------------------------------------------------------------- NET INVESTMENT IN CAPITAL ASSETS* 57 474 237 768 ------------------------------------------------------------------------- * Starting in 2002-03, major tangible capital assets owned by Provincial ministries (land, buildings and transportation infrastructure) are accounted for on a full accrual accounting basis. Other tangible capital assets owned by Provincial ministries will continue to be accounted for as expense in the year of acquisition or construction. All capital assets owned by consolidated government organizations are accounted for on a full accrual basis. ONTARIO'S 2004-05 FINANCING PROGRAM ------------------------------------------------------------------------- ------------------------------------------------------------------------- Consolidated Province and Ontario Electricity Financial Corporation ($ Millions) ------------------------------------------------------------------------- 2004-05 -------------------------- Interim Budget Current In-Year 2003-04 Plan Outlook Change ------------------------------------------------------------------------- Deficit 6,222 2,239 2,235 (4) Adjustments for: Non-Cash Items Included in Deficit (1,345) 3,219 3,241 22 Amortization of Major Tangible Capital Assets (766) (797) (797) - Acquisitions of Major Tangible Capital Assets 1,302 1,565 1,565 - Debt Maturities Province 9,800 11,965 11,965 - Ontario Electricity Financial Corporation 3,507 4,122 4,122 - ----------------------------------- Total 13,307 16,087 16,087 - Debt Redemptions 1,551 1,041 1,041 - Canada Pension Plan Borrowing (100) (1,133) (1,033) 100 Increase/(Decrease) in Cash and Cash Equivalents 886 - - - Decrease/(Increase) in Short-Term Borrowing 1,348 150 74 (76) Other Uses/(Sources) of Cash 2,954 1,380 1,338 (42) ------------------------------------------------------------------------- Long-Term Public Borrowing Requirement 25,359 23,751 23,751 - ------------------------------------------------------------------------- ------------------------------------------------------------------------- Borrowing Program Status ($ Millions) ------------------------------------------------------------------------- Completed Remaining Total ------------------------------------------------------------------------- Province 4,697 14,893 19,590 Ontario Electricity Financial Corporation 1,066 3,095 4,161 ------------------------------------------------------------------------- TOTAL 5,763 17,988 23,751 ------------------------------------------------------------------------- - Changes to the Current Outlook are attributable to a $100 million reduction in CPP borrowing as rates were not cost-effective; a $42 million repayment of a non-utility generator loan; a $76 million increase in short-term borrowing; and a revised outlook of Non-Cash Items Included in Deficit. - Long-term public borrowing undertaken in the year to date as of June 30, 2004, was $5.8 billion as follows: ---------------------------------------------- ($ Millions) ---------------------------------------------- Ontario Savings Bonds 1,145 Domestic Issues 3,368 Euro Medium Term Notes 500 Other 750 -------------- 5,763 ---------------------------------------------- Ce rapport est disponible en français This document is available on the Internet at: http://www.gov.on.ca/FIN/english/engdoc.htm Contact Info For further information: contact Communications and Corporate Affairs Branch, (416) 325-0333, Frost Building North, Queen's Park, Toronto, M7A 1Z1 HELP | CONTACT US | PRIVACY | IMPORTANT NOTICES © Queen's Printer for Ontario, 2008-2009 — Last Modified: February 15, 2009 For further information: contact Communications and Corporate Affairs Branch, (416) 325-0333, Frost Building North, Queen's Park, Toronto, M7A 1Z1