Treasury annual report / Alberta Treasury PDF
Preview Treasury annual report / Alberta Treasury
Digitized by the Internet Archive in 2014 http://archive.org/details/anrpalbtreas1997 1997 OCT 2 A * * I t 3 i>3 Treasury Annual Report For the fiscal year ended March 31, 1997 September 1997 /dlberra TREASURY Treasury Annual Report 96-97 Table of Contents PART ONE - Treasury Annual Report Accountability Statement 1 Report from the Provincial Treasurer 2 Relationship of Treasury Reporting Entities to Goals 4 Treasury Reporting Entities 5 Department Organization 6 Operational Overview 7 Treasury's Mission 7 Treasury's Goals for 1996-97 7 Treasury's Core Business 7 Highlights 8 Office of Budget and Management 9 A Balanced Budget and Debt Retirement 9 Advice to Treasury Board 10 Federal-Provincial Fiscal Arrangements 10 Accountability to Albertans 1 1 Fully Consolidated Budgets and Business Plans 1 1 Treasury's Changing Role 11 Measuring and Reporting the Government's Performance 12 Albertans' Satisfaction with Treasury's Performance 12 Client Satisfaction 12 Satisfaction of the Auditor General 13 Full Costing of Services to Ministries 1 3 Alberta Family Employment Tax Credit 13 Alberta's Tax Plan 15 Federal/Provincial Co-operation 15 Tax and Revenue Administration 16 Reduced Administrative Costs 16 Reduced Compliance Costs 16 New Process for Propane Tax Collection 16 Treasury on the Internet 16 Client Survey 17 Treasury Administers Health Cost Recovery 17 Tax Revenues Increased 17 i Treasury Annual Report Investment Management 17 Alberta Heritage Savings Trust Fund 19 Pre-Restructuring Performance 19 Post-Restructuring Performance 20 Liability Management 21 Treasury Operations 24 Banking and Cash Management 24 Risk Management and Insurance 24 Loans and Guarantees 24 Financial Institutions and Insurance 25 Regulatory Agencies 26 Alberta Securities Commission 26 Credit Union Deposit Guarantee Corporation 27 Alberta Insurance Council and Automobile Insurance Board 27 Financial Services 28 Alberta Pensions Administration Corporation 28 Alberta Municipal Financing Corporation 29 Alberta Treasury Branches 29 Performance Measures in the 1996-97 to 1998-99 Business Plan Not Reported in the 1996-97 Annual Report 32 Appendices A Treasury Executive or Chief Operating Officers and Members of Boards, Councils and Commissions 33 B Acts Administered by Treasury 38 Index to Key Performance Measures in Business Plan Alberta's Consolidated Surplus (excluding pension provisions) 9 Relative Provincial and Municipal Tax Load on Albertans 14 Total Tax Load for 1996-97 14 Investment Performance Marketable Pools 18 "Market Spreads 23 Value of Market Capital Raised in Alberta 26 PART TWO - Treasury Financial Statements 39 Accountability Statement The Ministry's Annual Report for the year ended March 31, 1997 was prepared under my direction in accordance with the Government Accountability Act and the government's accounting policies. All of the government's policy decisions as at August 30, 1997 with material economic or fiscal implications of which I a m aware have been considered in the preparation of the Ministry Annual Report. August 30, 1997 Treasury Annual Report 96-97 Report from the Provincial Treasurer 1996-97 marked another successful year of balanced budgets, paying down Alberta's net debt and spending taxpayers' money wisely. Financial results for the year brought good news for Albertans. A $2.5 billion surplus (before pension provisions) — Alberta's third surplus in a row — went directly to the bottom line — paying down the net debt. As a result, the province's net debt has been cut by more than half since 1993-94. By keeping our financial plan on track, we expect to eliminate the net debt entirely by 2006 or sooner. These solid financial results are a direct result of two factors — a dynamic and growing economy and a firm determination by government to live within its means. The strength of Alberta's economy was reflected directly in higher revenues for the province from corporate taxes, personal income taxes and oil and gas. Rather than spending windfall revenues, that money went to pay down Alberta's debt. The money we're saving on debt servicing costs now can be reinvested in priority programs that are important to Albertans. especially in health and education. In 1996-97, we were able to reinvest particularly in health to address pressure points and reduce waiting times for essential health care services. 1996-97 also brought good news on the tax front for many Alberta families. The Alberta Family Employment Tax Credit was introduced to reduce taxes for thousands of low and middle income working families. For all Albertans. our province continues to have the lowest tax rates in Canada, an advantage we're determined to keep. Also on the tax front, a number of important tax changes were made to improve the competitive position of Alberta's industries. Steps were taken to phase out the machinery and equipment tax and aviation fuel taxes were reduced. At Alberta Treasury the focus continued to be on careful financial planning and management. We became the first province in Canada to publish a fully consolidated budget. We continued to provide timely reports not only on what we spent, but also on the results we achieved. Government's second Measuring Up report was released in June 1996 and will now be done every year as part of our commitment to be open and accountable to Albertans. Major changes were implemented this year for the Alberta Heritage Savings Trust Fund. From now on the objectives of the Fund will be focused on achieving the best returns on investments for future generations of Albertans. The Fund was restructured, a private sector group with business and financial expertise provides guidance on the best mix of investments, and regular information will be available to Albertans about how much the Fund is worth, how it i s invested, and what kind of returns it achieves. 1996-97 was also a major turning point in the long history of Alberta Treasury Branches. A Board was established to provide overall direction and new management was put in place. With a new business plan. ATB now aims to be Albertans' first choice as provider of financial services in three target markets — individuals, agri-food companies and independent business. Looking ahead, the key challenge is to build on the solid progress we made in 1996-97. Alberta is now seen across Canada and throughout North America as a leader in financial management. It's a reputation we have worked hard to achieve. And with the continuing support of Albertans, we are confident Alberta will continue to lead the way in delivering quality services at a price we can all afford. Stockwell Day Provincial Treasurer August 30, 1997 Relationship of Treasury Reporting Entities to Goals Alberta Treasury Ministry Support Services Goall Goal 2 Goal 3 Goal 4 Goal 5 Goal 6 To get and To ensure To ensure a f air, To maximize To ensure an Toef f picrioevnitd, e investment keep our government is competitive, efficient, fair accountable returns and cost-effective simple and and competitive financial fpirnoavnicnecse ' isn to Albertans efficient minimize capital market order borrowing costs, and regulatory services to rpervoevniunec i asly s ttaexm subject to environment Albertans acceptable risk for financial institutions Treasury Department Treasury Department Treasury Department ♦ Office of Budget and ♦ Tax and Revenue Administration ♦ Treasury Operations Management ♦ Office of Budget and Management ♦ Treasury Operations (Tax Policy) Provincial Agencies (Risk Management and ♦ Alberta Insurance Council Insurance) Funds ♦ Alberta Securities Commission (Alberta Risk ♦ Utility Companies Income Tax Manaeement Fund) Commercial Enterprises Rebates Fund* ♦ Credit Union Deposit Guarantee Corporation ♦ SC Financial Ltd. Treasury Department Treasury Department Provincial Agencies ♦ Office of Budget and ♦ Liability Management ♦ Alberta Pensions Administration Management ♦ Treasury Operations Corporation Banking and Cash Management ♦ Investment Management Commercial Enterprises ♦ Alberta Government Telephones Funds ♦ Alberta Heritage Foundation for ♦ 4C7o3m6m5i4s s iAlobne*r ta Ltd.* Medical Research Endowment Fund ♦ NFI Finance, Inc.* ♦ Alberta Intermodal Services Ltd.* ♦ Alberta Heritage Savings ♦ Alberta Municipal Financing Trust Fund Corporation ♦ Alberta Heritage Scholarship Fund ♦ Alberta Treasury Branches ♦ N.A. Properties (1994) Ltd.* These entities are in wind-up Crown-Controlled Corporations ♦ ChembiomedLtd.* Page 4 ♦ Gainers Inc.*
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