Budgetary Balance Sources: Public Accounts of Canada and Statistics Canada. Comparison of Actual Budgetary Outcomes to Projected Results The Government estimated a deficit of $23.0 billion for 2016–17 in the March 2017 budget. The final budgetary outcome for 2016–17 was a deficit of $17.8 billion. Revenues were $1.4 billion, or 0.5 per cent, higher than expected, primarily reflecting higher-than-projected GST revenues and non-resident income tax revenues, largely as a result of the stronger-than-expected economic growth in the last few months of the fiscal year. Program expenses were $3.7 billion lower than expected, reflecting a number of factors, including lower-than-expected infrastructure transfer payments; lower-than-expected bad debt expenses associated with taxes receivable and other accounts receivable; and a downward adjustment to the expenses of the St. Lawrence Seaway Management Corporation in the current year to reflect the retroactive capitalization of certain asset renewal costs. Public debt charges were $0.1 billion lower than forecast, reflecting a lower-than-expected average effective interest rate on the stock of interest-bearing debt.
The consolidated financial statements of the Government of Canada are presented on an accrual basis of accounting. On this basis, there are several generally accepted definitions of government debt. Net debt represents the total liabilities of the Government less its financial assets. Financial assets include cash and cash equivalents, accounts receivable, foreign exchange accounts, loans, investments and advances, and public sector pension assets. The accumulated deficit is equal to total liabilities less total assets—both financial and non-financial. Non-financial assets include tangible capital assets, such as land and buildings, inventories, and prepaid expenses and other. The annual change in the accumulated deficit is equal to the budgetary balance plus other comprehensive income or loss.
Other comprehensive income or loss represents certain unrealized gains and losses on financial instruments and certain actuarial gains and losses related to pensions and other employee future benefits reported by enterprise Crown corporations and other government business enterprises. In accordance with Canadian public sector accounting standards, other comprehensive income or loss is not included in the Government’s annual budgetary balance, but is instead recorded directly to the accumulated deficit.
The federal debt, referred to in the budget documents and the Annual Financial Report of the Government of Canada, is the accumulated deficit. It is the federal government’s main measure of debt. The following table shows net debt and the federal debt at March 31, 2017. Net Debt and the Federal Debt at March 31, 2017 ($ billions) (% of GDP) Total liabilities 1,097.2 54.1 Less: Financial assets 382.8 18.9 Net debt (714.5) 35.2 Less: Non-financial assets 82.6 4.1 Federal debt (accumulated deficit) (631.9) 31.2 Note: Numbers may not add due to rounding. Net Debt Net debt is the difference between the Government’s total liabilities and its financial assets.
It is not only an election budget but also a directional budget. It has announced benefits for affordable housing and that is good.(To Indian Express) Reactions on: Business. The Financial Express is an online Business and Financial Newspaper providing news from Stock Markets, Companies, Insurance, Automobiles and more through Mobile Apps; iPhone, iPad and Android. Real Estate Regulation and Development Bill is set to become law with the Lok Sabha passing the long pending legislation for housing sector.
Under this measure of debt, liabilities are reduced only by financial assets as non-financial assets cannot normally be converted to cash to pay off the debt without disrupting government operations. At the end of 2016–17, the Government’s net debt stood at $714.5 billion, up $20.7 billion from 2015–16. The net debt ratio, net debt expressed as a percentage of GDP, measures debt relative to the ability of the country’s taxpayers to finance it. The following chart shows the net debt ratio since 1992–93.
The ratio stood at 35.2 per cent in 2016–17, up slightly from 34.9 per cent a year earlier, and down by more than half from its peak of 72.2 per cent in the mid-1990s. Canada Has the Lowest Total Government Net Debt Burden Among G7 Countries G7 Total Government Net Debt, 2016 1 Weighted by nominal GDP converted to U.S. Dollars at average market exchange rates. Source: IMF, Fiscal Monitor (April 2017).
Financial Source/Requirement The financial source/requirement measures the difference between cash coming in to the Government and cash going out. It differs from the budgetary balance, which measures revenues and expenses as they are earned or incurred rather than when the associated cash is received or paid. There was a financial requirement of $27.5 billion in 2016–17, compared to a financial requirement of $19.5 billion in 2015–16. The increase in the financial requirement reflects the deterioration in the budgetary balance, offset in part by a decrease in the financial requirement associated with accounts payable, accounts receivable, accruals and allowances. This decrease in cash requirements associated with accounts payable and accounts receivable primarily reflects $6.6 billion in cash collateral posted by the Government in 2015–16 under new swap and derivative agreements, which increased cash needs during that year, as well as a year-over-year decrease in the growth of taxes receivable, which reflects cash associated with tax revenues that was not received by year-end.
Revenues Revenues totalled $293.5 billion in 2016–17, down $2.0 billion, or 0.7 per cent, from 2015–16 (Table 5). The following chart illustrates the composition of revenues for 2016–17. The largest source of federal revenues is personal income tax revenues, which accounted for 49.0 per cent of total revenues in 2016–17.
The second largest source was corporate income tax revenues at 14.4 per cent. GST revenues were 11.7 per cent of revenues while other taxes and duties were 5.8 per cent. EI premium revenues contributed 7.5 per cent of revenues and non-resident income tax revenues made up 2.4 per cent. Other revenues, which include net income from enterprise Crown corporations and other government business enterprises, revenues from sales of goods and services, returns on investments, net foreign exchange revenues and miscellaneous revenues, contributed 9.2 per cent of revenues in 2016–17. Composition of Revenues for 2016-17 Source: Public Accounts of Canada. Personal income tax revenues decreased by $1.2 billion, or 0.8 per cent, in 2016–17, largely reflecting the impact of tax planning by high-income individuals to recognize income in the 2015 tax year before the new 33 per cent tax rate came into effect in 2016. This behaviour raised revenues in 2015–16 but lowered them in 2016–17.
Corporate income tax revenues increased by $0.8 billion, or 1.9 per cent, reflecting economic growth leading to growth in corporate taxable income. The increase reflects strong earnings in the financial, retail and information/cultural sectors. Non-resident income tax revenues are paid by non-residents on Canadian-sourced income. These revenues increased by $0.6 billion, or 8.7 per cent, reflecting growth in corporate earnings and dividends. Other taxes and duties increased by $1.5 billion, or 3.1 per cent. GST revenues grew by $1.4 billion in 2016–17, or 4.3 per cent, reflecting growth in retail sales.
Energy taxes grew by $0.1 billion, or 1.2 per cent, due to slightly higher gasoline consumption in 2016–17. Customs import duties increased by $0.1 billion, or 2.0 per cent. Other excise taxes and duties were down $48 million, or 0.8 per cent, largely reflecting lower softwood lumber export charge revenues as a result of the expiration of the Canada-U.S. Softwood Lumber Agreement. EI premium revenues decreased by $0.9 billion, or 4.1 per cent. This decrease resulted from the reduction in the EI premium rate in 2017, offset in part by growth in employment and wages. Other revenues decreased by $2.7 billion, or 9.0 per cent, in 2016–17, largely reflecting the one-time gain of $2.1 billion recorded in 2015–16 on the sale of the Government’s remaining holdings of General Motors common shares.
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In addition, other revenues were impacted by a $0.2-billion decline in interest and penalties revenues and $0.2-billion decrease in Exchange Fund Account profits. Revenue Ratio Sources: Public Accounts of Canada and Statistics Canada. Expenses Expenses consist of program expenses and public debt charges.
In 2016–17, expenses amounted to $311.3 billion, up $14.8 billion, or 5.0 per cent, from 2015–16. The chart below shows the composition of expenses for 2016–17. Major transfers to persons (elderly, EI and children’s benefits) and major transfers to other levels of government (the Canada Health Transfer, the Canada Social Transfer, fiscal arrangements and Gas Tax Fund transfers) were the two largest components of expenses in 2016–17, representing 29.2 per cent and 22.1 per cent of expenses, respectively. The remaining elements of program expenses (other transfer payments, consolidated Crown corporation expenses, and operating expenses of departments and agencies) make up the Government’s direct program expenses. Operating expenses of government departments and agencies, excluding National Defence, made up 16.7 per cent of total expenses in 2016–17. Operating expenses include items such as salaries and benefits, amortization of facilities and equipment, and supplies.
Operating expenses of National Defence accounted for 8.2 per cent of expenses. Other transfer payments, which include various amounts paid through federal programs to stabilize market prices for commodities, develop new technologies, conduct research, provide international development assistance, support health care and infrastructure of First Nations and Inuit communities, support social housing and families, and promote educational and cultural activities, made up 13.4 per cent of total expenses in 2016–17.
Consolidated Crown corporation expenses accounted for 2.7 per cent of expenses. Public debt charges amounted to 7.7 per cent of expenses in 2016–17. This is down from a peak of nearly 30 per cent in the mid-1990s, when public debt charges were the largest component of spending. Composition of Expenses for 2016–17 Source: Public Accounts of Canada. Program expenses amounted to $287.2 billion in 2016–17, up $16.2 billion, or 6.0 per cent, from 2015–16 (Table 6). Within program expenses, major transfers to persons increased by $8.0 billion, or 9.7 per cent, in 2016–17. Elderly benefits consist of Old Age Security and Guaranteed Income Supplement and Allowance payments.
Total benefits were up $2.7 billion, or 5.9 per cent, in 2016–17, reflecting growth in the elderly population and changes in consumer prices, to which benefits are fully indexed. EI benefits consist of regular benefits, special benefits (sickness, maternity, parental, adoption and fishing) and work-sharing agreements. Total benefits increased by $1.3 billion, or 6.7 per cent, in 2016–17, reflecting measures announced in Budget 2016 to expand EI coverage. Children’s benefits increased by $4.0 billion, or 22.4 per cent, reflecting the new Canada Child Benefit, which replaced the Canada Child Tax Benefit and the Universal Child Care Benefit as of July 2016. Major transfers to other levels of government include the Canada Health Transfer (CHT), the Canada Social Transfer (CST), fiscal arrangements (Equalization, transfers to the territories, a number of smaller transfer programs and the Quebec Abatement) and Gas Tax Fund transfers. These transfers increased by $2.8 billion, or 4.3 per cent, compared to 2015–16.
The CHT and CST—block-funded transfers—support health care, post-secondary education, social assistance and social services, including early childhood development. These programs provide support in the form of cash and tax transfers to the provinces and territories. Transfers in support of health and other social programs increased by $2.4 billion in 2016–17, reflecting legislated growth. Total entitlements under fiscal arrangements increased by $0.3 billion in 2016–17, mainly due to legislated growth in Equalization and Territorial Formula Financing payments.
Gas Tax Fund transfers increased by $0.1 billion, or 6.5 per cent. Direct program expenses include transfer payments to individuals and other organizations not included in major transfers to persons and other levels of government, and other expenses, which consist of operating expenses of National Defence, other departments and agencies, and expenses of consolidated Crown corporations. Direct program expenses increased by $5.3 billion, or 4.4 per cent, in 2016–17. Other transfer payments increased by $6.7 billion, or 19.2 per cent, in 2016–17. This increase reflects a number of factors including the accelerated repayment of contributions by Pratt & Whitney Canada in 2015–16, which decreased transfer payments in that year, as well as increased transfers recorded in 2016–17, including transfers for Aboriginal peoples and social housing programs, and funding under the new Post-Secondary Institutions Strategic Investment Fund. Other expenses decreased by $1.4 billion, or 1.6 per cent. Consolidated Crown corporation expenses decreased by $0.1 billion, or 0.8 per cent.
National Defence expenses decreased by $2.9 billion, or 10.3 per cent. The decrease is due mainly to high prior year expenses, which reflected the one-time accrual impact of amendments to veterans future benefit plans in 2015–16. Absent the impact of this one-time accrual, National Defence expenses grew by $0.8 billion, or 3.2 per cent, in 2016–17. All other departmental and agency expenses increased by $1.6 billion, or 3.2 per cent, largely reflecting an increase in claims expenses and pension and other future benefit costs based on the Government’s latest actuarial valuations, offset in part by a decrease in bad debt expenses.
Public debt charges decreased by $1.3 billion, or 5.2 per cent, reflecting a lower average effective interest rate on the stock of interest-bearing debt.
System Requirements These suggested system requirements are for small- to moderately-sized agencies running Roadsoft standalone (client & database on one PC) and Laptop Data Collector (LDC). Larger agencies may need more computer power; if this is the case, please contact Roadsoft technical support at. Operating System Minimum: Windows 8.1.
Windows 7 will not be supported after December, 2019. Roadsoft/LDC no longer run on Windows XP or Windows Vista Recommended: Windows 10 CPU Minimum: 1 GHz 32-bit (x86) or 64-bit (x64) Recommended: 2.2 GHz Intel Core 2 Duo / AMD Athlon 64 X2 Larger jurisdictions should consider the fastest processor available, within their budget, for improved performance. RAM Minimum: 1 GB RAM (32-bit) or 2 GB RAM (64-bit) Recommended: 2GB Larger jurisdictions should consider larger amounts of RAM for improved performance (4 GB is the maximum for 32bit operating systems). Hard drive 1GB per-installation; 4GB per-database Roadsoft install is approximately 125 MB. For small jurisdictions, Roadsoft database is approximately 50 MB. Larger jurisdictions can expect database sizes around, or in excess of, 4 GB. Graphics LDC Minimum: 1024 x 600 Roadsoft Minimum: 1024 x 768 The Laptop Data Collector can also support a netbook resolution of 1024x600.
Roadsoft will run on a screen of 1024x768, but not all windows will fit. Recommended: 1600x1200 w/ 32 bit color mode GPS for Laptop Data Collector The LDC can connect with USB GPS units that support NMEA 0183, such as the Globalsat BU-353-S4. For more information on GPS compatibility,. Roadsoft Mobile Roadsoft Mobile is designed for tablet devices, such as the Nexus 7 or iPad.
Devices must be running Android version 4.0.3 and up or iOS 8.3 and up. Devices must have access to wireless service. SQL Server Roadsoft requires the use of SQL Server or SQL Server Express to build a database. We recommend using our packaged instance of.
Minimum: SQL Server/SQL Server Express 2012 Recommended: SQL/SQL Server Express 2016 or newer Supported: SQL/SQL Server Express versions 2012, 2014, 2016 & 2017.