Report on Resources
The Ministry of Finance estimates for 2005/06 were $366.6 million. During the year the Ministry received $712.7 million in additional funding for the Negotiating Framework and one-time repairs and maintenance to Government House. Total authorized estimates for the year were $1,079.3 million. At the end of 2005/06, the Ministry of Finance was under-expended by $294.9 million. The majority of the underspending in the Ministry of Finance relates to the Negotiating Framework. All agreements due March 31 were settled by March 31. Incentive funding for various agreements expiring at later dates remained unspent at March 31. Cross government Ministers' travel costs were lower due to the election held in May 2005.
Funding is provided in the Ministry Operations Vote of the legislature and one special account, Insurance and Risk Management.
The following table summarizes the budgeted and actual expenses for the Ministry for fiscal 2005/06. Variances are calculated as "Total Estimated" minus "Actual" = "Variance", so that underspending is without brackets and overspending in brackets.
Resource Summary 2005/06
| Core Business Areas | Estimated | Other Authorizations | Total Estimated | Actual | Variance |
|---|---|---|---|---|---|
| Operating Expenses ($000) | |||||
| Crown Agencies Secretariat | 1,497 | 1,497 | 1,214 | 283 | |
| Financial and Economic Performance and Analysis | 6,415 | 6,415 | 6,116 | 299 | |
| Financial Governance, Accounting and Reporting | 6,721 | 6,721 | 5,808 | 913 | |
| Treasury | 1 | 1 | 1 | 0 | |
| Financial and Corporate Sector Services | 1,565 | 1,565 | 1,392 | 173 | |
| Public Sector Employer's Council | 14,596 | 14,596 | 14,452 | 144 | |
| Executive and Support Services | 15,776 | 2,400 | 18,176 | 15,635 | 2,541 |
| Contingencies (All Ministries) and New Programs | 320,000 | ||||
| Transfer to Ministries | (289,711) | 30,289 | 30,000 | 289 | |
| Negotiating Framework Incentive | 1,000,000 | 1,000,000 | 709,710 | 290,290 | |
| Total | 366,571 | 712,689 | 1,079,260 | 784,328 | 294,932 |
| Full-time Equivalents (FTEs) | |||||
| Crown Agencies Secretariat | 10 | 10 | 9 | 1 | |
| Financial and Economic Performance and Analysis | 65 | 65 | 51 | 14 | |
| Financial Governance, Accounting and Reporting | 117 | 117 | 108 | 9 | |
| Treasury | 74 | 74 | 66 | 8 | |
| Financial and Corporate Sector Services | 144 | 144 | 145 | (1) | |
| Public Sector Employer's Council | 13 | 13 | 12 | 1 | |
| Executive and Support Services | 145 | 145 | 138 | 7 | |
| Total | 568 | 568 | 529 | 39 | |
| Ministry Capital Expenditures (Consolidated Revenue Fund) ($000) | |||||
| Crown Agencies Secretariat | 18 | 18 | 0 | 18 | |
| Financial and Economic Performance and Analysis | 45 | 45 | 13 | 32 | |
| Financial Governance, Accounting and Reporting | 215 | 215 | 187 | 28 | |
| Treasury | 1,631 | 1,631 | 962 | 669 | |
| Financial and Corporate Sector Services | 2,604 | 2,604 | 1,617 | 987 | |
| Public Sector Employer's Council | 3 | 3 | 0 | 3 | |
| Executive and Support Services | 1,036 | 1,036 | 45 | 991 | |
| Total | 5,552 | 5,552 | 2,824 | 2,728 | |
| Insurance and Risk Management (IRMA) | Estimated | Other Authorizations | Total Estimated | Actual | Variance |
|---|---|---|---|---|---|
| Operating Expenses ($000) | 0 | 0 | (7,811) | 7,811 | |
| FTEs | 46 | 46 | 43 | 3 | |
| Ministry Capital Expenditures ($000) | 20 | 20 | 9 | 11 |
| 1 | Estimates as presented to the Legislative Assembly on September 14, 2005. |
| 2 | "Other Authorizations" includes $2.4 million access to Contingencies for repairs and maintenance to Government House. |
