Publics Accounts 2022-2023 – Errata

Background

Following publication on December 11, 2023, corrections were made to volumes 1 and 2 of Public Accounts 2022‑2023. Certain special fund investments do not require additional approvals. Section 15 of the Financial Administration Act authorizes the Minister of Finance to make investments on behalf of the various special funds as part of the management of liquid assets not required for their operation.

The corrections indicated below have been integrated into the second edition of both volumes.

Volume 1

The following corrections were made in Volume 1, Section B, “Consolidated Financial Statements.”

Statement of responsibility

Page 73 – Under the signatures, “Québec, December 11, 2023” was replaced by “Québec, December 11, 2023, except as to amendments made to Note 2, which are as of February 9, 2024.”

Independent auditor’s report

Page 75 – Addition of the following section after the “Basis for Opinion” section:

“Emphasis of Matter – Amended Note 2

I draw attention to Note 2 to the consolidated financial statements, which explains that it was amended by the Comptroller of Finance on behalf of the Minister of Finance after the publication of my report dated December 11, 2023. My opinion is not modified in respect of this matter.”

Page 80 – Under the signatures, “Québec, December 11, 2023” was replaced by “Québec, December 11, 2023, except as to amendments made to Note 2, which are as of February 9, 2024.”

Notes to the consolidated financial statements

Page 92 – Compliance with legislative authorizations 

• In the 3^rd paragraph, “Surpluses of expenditures and investments of special funds over approved amounts of $446 million and $961 million respectively were recognized” was replaced by “Surpluses of expenditures and investments of special funds over approved amounts of $446 million and $7 million¹ respectively were recognized.”
• Footnote 1 was added: “This amount has been reduced by $954 million subsequent to the date on which the financial statements were initially approved, to be consistent with the amendments made in Volume 2, since certain special fund investments do not require additional approvals. Section 15 of the Financial Administration Act authorizes the Minister of Finance to make investments on behalf of the various special funds as part of the management of liquid assets not required for their operation.”

Volume 2

The following corrections were made in Volume 2, section A, “General Funds.” and section B, “Special Funds.”

Foreword

Page iv – Other elements, 2^nd bullet: “investments of the Generations Fund (section 8 of the Act to reduce the debt and establish the Generations Fund [CQLR, chapter R‑2.2.0.1])” was replaced by “investments of the Generations Fund (section 8 of the Act to reduce the debt and establish the Generations Fund [CQLR, chapter R‑2.2.0.1] and those carried out in accordance with section 15 of the Financial Administration Act [CQLR, chapter A‑6.001])”.

Report of excess expenditures and other costs over appropriations

Page 8 – Table 1: Authorized appropriations, the name of the portfolio listed in the 20^th entry of the table: “Culture et Communications” was replaced by “Santé et Services sociaux.”

Report of special funds’ excess expenditures and investments over approved amounts

Page 387 – Territorial Information Fund, column Excess investment: the line “64 475 thousands of dollars” was removed.

Page 388 – Electrification and Climate Change Fund, column Excess investment: the line “758 998 thousands of dollars” was removed.

Page 388 – Fund for the Protection of the Environment and the Waters in the Domain of the State, column Excess investment: the amount 132 415 thousands of dollars was replaced by 2 195 thousands of dollars.

Page 388 – Total of the column Excess investment: the amount 961 083 thousands of dollars was replaced by 7 390 thousands of dollars.

Page 388 – Under the signatures, “Québec, December 11, 2023” was replaced by “Québec, December 11, 2023, except as to amendments to this report and to information on revenues, expenditures and investments of special funds, which are dated February 9, 2024.”

Summary of excess expenditures and investments of special funds over approved amounts

Page 390 – Notes (1), (2) and (3) were removed.

Page 391 – Sports and Physical Activity Development Fund, column Investments – Actual: the amount 22 109 thousands of dollars was removed.

Page 391 – Territorial Information Fund

• Column Investments – Actual: the amount 121 105 thousands of dollars was replaced by 5 034 thousands of dollars.
• Column Investments – Excess: the amount 64 475 thousands of dollars was removed.

Page 391 – Electrification and Climate Change Fund

• Column Investments – Actual: the amount 762 213 thousands of dollars was replaced by 432 thousands of dollars.
• Column Investments – Excess: the amount 758 998 thousands of dollars was removed.

Page 391 – Fund for the Protection of the Environment and the Waters in the Domain of the State

• Column Investments – Actual: the amount 132 665 thousands of dollars was replaced by 2 445 thousands of dollars.
• Column Investments – Excess: the amount 132 415 thousands of dollars was replaced by 2 195 thousands of dollars.

Page 393 – Total of the column Investments – Actual: the amount 5 881 975 thousands of dollars was replaced by 4 851 795 thousands of dollars.

Page 393 – Total of the column Investments – Excess: the amount 961 083 thousands of dollars was replaced by 7 389 thousands of dollars.

Information on revenue, expenditure and investment by special fund

Page 404 – Sports and Physical Activity Development Fund

• Loans, investments, advances and other costs, column Actual 2023: the amount 22 109 thousands of dollars was removed.
• Total of investments to be approved, column Actual 2023: the amount 22 109 thousands of dollars was removed.

Page 407 – Territorial Information Fund

• Loans, investments, advances and other costs, column Actual 2023: the amount 116 071 thousands of dollars was removed.
• Total of investments to be approved, column Actual 2023: the amount 121 105 thousands of dollars was replaced by 5 034 thousands of dollars.

Page 409 – Electrification and Climate Change Fund

• Loans, investments, advances and other costs, column Actual 2023: the amount 761 781 thousands of dollars was removed.
• Total of investments to be approved, column Actual 2023: the amount 762 213 thousands of dollars was replaced by 432 thousands of dollars.

Page 412 – Fund for the Protection of the Environment and the Waters in the Domain of the State

• Loans, investments, advances and other costs, column Actual 2023: the amount 132 652 thousands of dollars was replaced by 2 432 thousands of dollars.
• Total of investments to be approved, column Actual 2023: the amount 132 665 thousands of dollars was replaced by 2 445 thousands of dollars.
• Note (3) was removed.
• Note (4) became Note (3), without modification of the text.
• A new Note (4) has been inserted: “This amount derive from the accounting change recognized in fiscal year 2020‑2021.”

Page 417 – Generations Fund: the text of note (1), “This amount corresponds to investments in the Caisse de dépôt et placement du Québec,” was replaced by “This amount corresponds to investments in the Caisse de dépôt et placement du Québec and under section 8 of the Act to reduce the debt and establish the Generations Fund (CQLR, chapter R‑2.2.0.1), forecast investments of the Generations Fund do not have to be approved by Parliament.”