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financing PROgRAMs

Net financial requirements (surplus)1

-100

-500

Repayments of borrowings

6 174

4 748

Change in cash position

-2 662

-2 590

Optional repayments of borrowings

0

57

Retirement Plans Sinking Fund2

4 213

2 987

Pre-financing

2 590

0

Credit policy

1 481

0

Total Consolidated Revenue Fund

11 696

4 702

Financing Fund3

1 643

1 750

Total

13 339

6 452

financing pRogRam – consolidated ReVenue fund and financing fund (MILLIONs OF DOLLARs)

Note: Preliminary results for 2005-2006 and forecasts for 2006-2007. A positive number indicates a financial

Consolidated Revenue Fund

2005-2006

2006-2007

1 2 3

requirement; a negative number, a source of financing. Excluding consolidated organizations. Deposits to the Retirement Plans Sinking Fund are optional. The Financing Fund makes loans to certain consolidated organizations and government corporations.

CONsOLIDATED REvENUE FUND AND FINANCINg FUND

  • In 2006-2007, the financing program amounts to $6.5 billion.

  • The financing program is designed essentially:

    • to repay maturing borrowings;

    • to contribute to a sinking fund for future payment of retirement benefits to public-sector employees;

    • to make loans to certain consolidated organizations and government corporations through the Financing Fund.

FINANCEMENT-QUÉBEC

  • Financement-Québec is a government corporation created in 1999 that borrows on financial markets to meet the needs of institutions of the health and education networks:

    • by pooling their financing in this way, these organizations lower their borrowing costs.

financing pRogRam financement-QuÉBec (MILLIONs OF DOLLARs)

2005-2006 2 029

Note: Preliminary result for 2005-2006 and forecast for 2006-2007.

2006-2007 2 000

  • The Québec government

Financement-Québec.

guarantees

the

borrowings

of

  • In 2006-2007, Financement-Québec’s financing program amounts

to $2.0 billion.

2005

2006

3 855

3 120

financing pRogRam - hydRo-QuÉBec (MILLIONs OF DOLLARs)

hyDRO-QUÉBEC

The 2006 financing program of Hydro-Québec amounts to $3.1 billion.

Note: Preliminary result for 2005 and forecast for 2006.

Hydro-Québec’s borrowings are guaranteed by the Québec government.

ECONOMIC AND FINANCIAL PROFILE OF QUÉBEC

FINANCINg

17

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