ESTIMATED SUMMARY ACCOUNTS DEFICIT OVERVIEW

Estimates ¹

Revised Forecast

Estimates

2001/02

2001/02

2002/03

$000

$000

$000

22,924,000 

22,853,000 

Consolidated Revenue Fund Revenue ² .........................................................................

22,038,000 

25,101,900 

25,636,900 

Consolidated Revenue Fund Expense ...........................................................................

25,556,000 

(2,177,900)

(2,783,900)

Consolidated Revenue Fund Operating Result before Joint Trusteeship ................................

(3,518,000)

(226,100)

(94,000)

Taxpayer-Supported Crown Corporations and Agencies (net of dividends paid and

       transfers to/from the Consolidated Revenue Fund) .....................................................

(206,000)

66,000 

( 480,000)

Self-Supported Crown Corporations and Agencies (net of dividends paid to the
     Consolidated Revenue Fund) ..................................................................................

74,000 

(160,100)

(574,000)

Net Crown Corporations and Agencies ...........................................................................

(132,000)

(2,338,000)

(3,357,900)

Deficit before Forecast Allowance and Joint Trusteeship .....................................................

(3,650,000)

(500,000)

(70,000)

Forecast Allowance.....................................................................................................

(750,000)

1,338,000 

1,464,000 

Joint Trusteeship..........................................................................................................

— 

(1,500,000)

(1,963,900)

Deficit.........................................................................................................................

(4,400,000)

ESTIMATED SUMMARY ACCOUNTS ACCUMULATED DEFICIT

Estimates

Revised Forecast

Estimates

2001/02

2001/02

2002/03

$000

$000

$000

(3,472,000)

(3,472,000)

Accumulated Deficit, Beginning of Year ³ ........................................................................

(5,386,900)

88,000 

88,000 

Adjustment for Accounting Policy Change in Respect of Tangible Capital Assets ⁴................

— 

(39,000)

(39,000)

Other Adjustments ⁵ .....................................................................................................

— 

(3,423,000)

(3,423,000)

Accumulated Deficit, Beginning of Year, Restated .............................................................

(5,386,900)

(1,500,000)

(1,963,900)

Deficit for the Year .......................................................................................................

(4,400,000)

(4,923,000)

(5,386,900)

Accumulated Deficit, End of Year ..................................................................................

(9,786,900)

NOTES

¹

To conform with the 2002/03 Estimates presentation, the 2001/02 Estimates and Revised Forecast have been restated to reflect the dissolution of Forest Renewal BC and the reclassification of the amortization of unfunded pension liabilities.  These reclassifications do not affect the Summary Accounts Deficit or result in a restatement of the opening Accumulated Deficit.  See Significant Presentation Changes in the 2002/03 Estimates, Note 1 for details on this restatement.

²

Consolidated Revenue Fund Revenue excludes dedicated revenues collected on behalf of, and transferred to, Crown corporations and agencies (see page 9).

³

The 2001/02 Estimates and Revised Forecast amounts for the beginning of the fiscal year are as reported in the 2000/01 Public Accounts.

⁴

The 2001/02 Estimates and Revised Forecast amounts represent the effect of the capitalization of land improvements ($88 million) that were previously expensed.

⁵

The 2001/02 Estimates and Revised Forecast amount represents the restatement of 2000/01 Consolidated Revenue Fund revenue to reflect a $39 million reduction in personal income tax revenue due to a federal error in the calculation of personal income tax remittances to British Columbia resulting from capital gains refunds associated with mutual fund trusts for the 2000 tax year.