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UNIVERSITY OF ALBERTA LIBRARY 0 1620 0586 3111 public accounts 1995-96 volume 1 — financial statements for the consolidated fund Manitoba Finance HJ 9921 I Z9 for the year ended March 31,1996 | M34 M26 1995/ 1996 1 : v . 1 HSS\ rm T7 fcx LIBRIS UNIVERSITATIS albert/ensis TO THE HONOURABLE W. YVON DUMONT Lieutenant-Governor of the Province of Manitoba May It Please Your Honour: I have the privilege of presenting, for the information of Your Honour, the Public Accounts of the Province of Manitoba for the year ended March 31, 1996. The 1995-96 fiscal year represents a major milestone for the Province of Manitoba. In March 1995, our government tabled the 1995 Budget which forecast a $48 million surplus for the 1995-96 fiscal year - the first budget surplus in over 20 years and the largest budgeted surplus in Manitoba’s history - despite the fact that the province had to deal with a significant reduction in federal funding in support of our vital social programs. In addition, our government introduced the proposed Balanced Budget, Debt Repayment and Taxpayer Protection legislation, the strongest balanced budget legislation in the nation. This legislation not only requires the Province to continue to achieve balanced budgets in the future, it also imposes a realistic and sustainable plan to repay the existing provincial debt without increasing taxes. The Balanced Budget requirement is supported by the continuation of the Fiscal Stabilization Fund - the province’s "savings account". The Balanced Budget, Debt Repayment and Taxpayer Protection Act was passed by the Legislature on November 3, 1995. The 1995-96 fiscal year resulted in a $157 million budgetary surplus, the largest surplus in Manitoba’s history. In accordance with the Balanced Budget legislation, this surplus will be transferred to the province’s Fiscal Stabilization Fund to ensure a provision exists for unforeseen future revenue reductions or abnormal expenditure pressures. Thanks to the confidence, determination and support of all Manitobans, our province is now living within its means. HONOURABLE ERIC STEFANSON Minister of Finance Office of the Minister of Finance September 16, 1996 VOLUME 1 TABLE OF CONTENTS PAGE INTRODUCTION TO THE PUBLIC ACCOUNTS OF MANITOBA. 5 STATEMENT OF RESPONSIBILITY. 7 AUDITOR’S REPORT. 9 SECTION OPERATING FUND FINANCIAL STATEMENTS. 1 TRUST FUND FINANCIAL STATEMENTS. 2 DETAILS OF OPERATING FUND LIABILITIES AND ASSETS... 3 BORROWINGS AND GUARANTEES. 4 DETAILS OF OPERATING FUND REVENUE AND EXPENDITURE ... 5 INFORMATION PROVIDED UNDER STATUTORY REQUIREMENT .. 6 GLOSSARY OF TERMS, 7 5 INTRODUCTION TO THE PUBLIC ACCOUNTS OF MANITOBA The Public Accounts of the Province of Manitoba are prepared by statutory requirement, in accordance with the Financial Administration Act, which is Chapter F55 of the Continuing Consolidation of the Statutes of Manitoba. The Public Accounts for the fiscal year ended March 31,1996 consist of four volumes: Volume 1 - Contains the Financial Statements of the Operating Fund of the Province and schedules of supporting information. Contains the Financial Statements of the Trust Fund and a summary of activities in the various categories of trust money administered by the Province. Contains the details of Operating Fund liabilities and assets. Contains the details of borrowings and guarantees. Contains the details of Operating Fund revenue and expenditure. Contains information provided under Statutory Requirement. Volume 2 - Contains details of compensation paid to employees as well as payments to corporations, firms, individuals, other Governments and Government Agencies. Volume 3 - Contains the Summary Financial Statements of the Province and schedules of supporting information. These statements reflect the consolidation of the financial operations of all organizations integral to the overall operations of Government in performing its executive function. Volume 4 - Contains the financial statements of funds, organizations, agencies and enterprises comprising the government reporting entity. CONTENTS OF VOLUME 1 Section 1 - Operating Fund Financial Statements This section provides a summary of the Government’s operational activities and financial position for the fiscal year ended March 31, 1996. Section 2 - Trust Fund Financial Statements This section provides a summary of the Trust Fund activities in the various categories of trust money administered by the Province. Section 3 - Details of Operating Fund Liabilities and Assets This section provides more detailed information with regard to items reported in the Statement of Financial Position. Section 4 - Borrowings and Guarantees This section provides more detailed information on the Operating Fund direct and guaranteed debt obligations at the fiscal year-end. Section 5 - Details of Operating Fund Revenue and Expenditure This section provides more detailed information regarding the Operating Fund revenue and expenditure of the fiscal year. Section 6 - Information Provided Under Statutory Requirement This section provides information that is disclosed in accordance with statutory requirements. Section 7 - Glossary of Terms Digitized by the Internet Archive in 2017 with funding from University of Alberta Libraries https://archive.org/details/publicaccounts01mani_15 7 STATEMENT OF RESPONSIBILITY The Operating Fund and Trust Fund financial statements are prepared under the direction of the Minister of Finance in accordance with the stated accounting policies of the Government and include a statement of financial position, a statement of revenue and expenditure, a statement of accumulated deficit, a statement of changes in financial position, notes integral to the statements and schedules. Together, they present fairly, in all material respects, the financial condition of the Consolidated Fund at the fiscal period end and results of operations for the year then ended. The Government is responsible for the integrity and objectivity of the Operating Fund and Trust Fund financial statements. In the preparation of these statements, estimates are sometimes necessary because a precise determination of certain assets and liabilities is dependent on future events. The Government believes such estimates have been based on careful judgements and have been properly reflected in the financial statements. The Government maintains a system of internal accounting and administrative controls in order to provide reasonable assurance that transactions are appropriately authorized, assets are safeguarded and financial records are properly maintained. The financial statements are tabled in the Legislature. The financial statements are referred to the Standing Committee on Public Accounts, which reports to the Legislature on the results of its examination together with any recommendations it may have with respect to the financial statements and accompanying audit opinion. More detailed information regarding the Consolidated Fund financial position and operating results can be found in other sections of this Volume and in Volume 2 of the Public Accounts. In addition, explanatory comments with respect to changes in revenue and expenditure are provided in each Government department’s annual report. On behalf of the Government STEFANSON September 16, 1996