Good evening, Mr. Chair and members of the committee.
Thank you for the opportunity to present the main estimates for the 2020-21 fiscal year on behalf of the Department of Finance. Joining me today are departmental officials to assist in providing you with a more in-depth perspective on the rationale and policies that support the numbers within our estimates.
As you know, the Department of Finance develops policies and provides advice to the government with the goal of creating a healthy economy for all Canadians. In 2020-21, the Department of Finance will continue to support the Minister of Finance and the Minister of Middle Class Prosperity and Associate Minister of Finance in delivering on a responsible fiscal plan that will continue to invest in people and in the things that give people a better quality of life while continuing to build confidence in Canada’s economy.
The 2020-21 main estimates reflect a departmental budgetary spending of $99.5 billion and non-budgetary spending of $50.2 million, which is composed of $105.5 million of voted budgetary expenditures, $99.4 billion in statutory budgetary expenditures and $50.2 million in statutory non-budgetary expenditures.
In comparison to the 2019-20 main estimates, these main estimates reflect a net increase of $4.7 million in voted budgetary expenditures, mainly due to increased activity for analytical capacity building within the department to manage government assets including the Trans Mountain Corporation as well as an increase in payments due to collective bargaining.
Statutory expenditures are not included in the appropriation bill, as they have already been approved by Parliament through enabling legislation; however, they are included for information in the estimates documents. The statutory budgetary expenditures in the main estimates reflect a net increase of $500 million in statutory budgetary expenditures, which is mainly due to increases in major transfers to other levels of government. This net increase is offset by decreases in interest on unmatured debt and other interest costs. The statutory non-budgetary expenditures included in these main estimates reflect Canada’s fourth of five equal installment payments to the Asian Infrastructure Investment Bank.
Mr. Chair, this concludes my high-level overview of the main estimates for the Department of Finance. My colleagues and I would be pleased to answer any questions the committee members may have.