Summary

The Ministry of Finance supports the economic, fiscal, and taxation policies and strategies of the Government of Ontario and oversees the Province's borrowing and debt management program. The ministry produces the provincial budget and fall economic statement, and manages Ontario's fiscal relationship with the federal government and Ontario's municipalities. In conjunction with Treasury Board Secretariat, the ministry also manages the Consolidated Revenue Fund and provincial fiscal and financial policies, and reports on financial matters.

The ministry develops policies for Ontario's financial services sector and supports the regulation of financial services institutions and intermediaries conducting business in the Province. It reports on economic and demographic developments; and provides analytical and policy support on these topics, as well as statistical leadership and monitoring of trends affecting Ontario's economic growth and job creation.

The ministry administers a number of provincial tax statutes, tax credits and benefit programs, and manages the Province's relationship with the Canada Revenue Agency.

The ministry also oversees agencies accountable to the Minister of Finance.

Ministry program summary

Vote Program Estimates
2023-24		 Estimates
2022-23		 Difference
between
2023-24
and
2022-23		 Actual
2021-22

Operating expense
1201 Ministry Administration Program $34,689,700 $34,160,400 $529,300 $44,454,856
1202 Regulatory Policy and Agency Relations Program $18,405,200 $21,795,600 ($3,390,400) $13,792,251
1203 Economic, Fiscal, and Financial Policy Program $369,325,900 $427,617,700 ($58,291,800) $855,386,714
1209 Tax, Benefits and Local Finance Program $1,178,811,100 $987,745,500 $191,065,600 $1,121,909,341
  Total operating expense to be voted $1,601,231,900 $1,471,319,200 $129,912,700 $2,035,543,162
  Statutory appropriations        
 

Treasury Program

 $13,764,000,000 $13,069,494,600 $694,505,400 $11,775,607,449
 

Other statutory appropriations

 $50,799,087 $50,821,465 ($22,378) $67,227,732
  Ministry total operating expense $15,416,030,987 $14,591,635,265 $824,395,722 $13,878,378,343
  Consolidation Adjustment - Investment Management Corporation of Ontario $296,852,100 $220,137,000 $76,715,100 $208,492,000
  Consolidation Adjustment - Ontario Financing Authority $27,211,300 $27,211,300 - $23,646,980
  Consolidation Adjustment - Ontario Securities Commission $141,688,200 $136,427,600 $5,260,600 $125,712,495
  Consolidation Adjustment - Ontario Electricity Financial Corporation ($302,706,700) ($362,305,600) $59,598,900 ($802,616,582)
  Consolidation Adjustment - General Real Estate Portfolio - - - ($201,352)
  Consolidation Adjustment – General Real Estate Portfolio for Ontario Financing Authority ($1,425,000) ($1,580,100) $155,100 -
  Consolidation Adjustment - Financial Services Regulatory Authority of Ontario $107,650,500 $101,919,500 $5,731,000 $116,344,302
  Consolidation Adjustment - Ontario Infrastructure and Lands Corporation - - - ($23,520)
  Consolidation Adjustment - Treasury Program $735,000,000 $794,844,800 ($59,844,800) $1,010,242,140
  Consolidation Adjustment - Treasury Program - Interest capitalization for other Sectors ($441,000,000) ($298,068,000) ($142,932,000) ($199,084,441)
  Total including consolidation & other adjustments $15,979,301,387 $15,210,221,765 $769,079,622 $14,360,890,365

Operating assets
1202 Regulatory Policy and Agency Relations Program - $20,000,000 ($20,000,000) -
1209 Tax, Benefits and Local Finance Program $1,500,000 $1,500,000 - $988,603
  Total operating assets to be voted $1,500,000 $21,500,000 ($20,000,000) $988,603
  Statutory appropriations $32,700,000 $32,700,000 - $32,701,343
  Ministry total operating assets $34,200,000 $54,200,000 ($20,000,000) $33,689,946

Capital expense
1209 Tax, Benefits and Local Finance Program - $1,000 ($1,000) -
  Total capital expense to be voted - $1,000 ($1,000) -
  Ministry total capital expense - $1,000 ($1,000) -
  Consolidation Adjustment - Investment Management Corporation of Ontario $1,990,900 $1,765,200 $225,700 $1,219,000
  Consolidation Adjustment - Ontario Financing Authority $1,372,900 $1,059,800 $313,100 $571,330
  Consolidation Adjustment - Ontario Securities Commission $2,460,800 $2,399,100 $61,700 $2,240,352
  Consolidation Adjustment - Financial Services Regulatory Authority of Ontario $3,511,900 $3,340,000 $171,900 $3,104,346
  Total including consolidation & other adjustments $9,336,500 $8,565,100 $771,400 $7,135,028

Capital assets
1209 Tax, Benefits and Local Finance Program - $1,000 ($1,000) -
  Total capital assets to be voted - $1,000 ($1,000) -
  Ministry total capital assets - $1,000 ($1,000) -
  Ministry total operating and capital including consolidation and other adjustments (not including assets) $15,988,637,887 $15,218,786,865 $769,851,022 $14,368,025,393

Reconciliation to previously published data

Operating expense Estimates
2022-23		 Actual
2021-22
Total operating expense previously publishedfootnote 1 $14,562,403,265 $13,849,990,743
Government reorganization    

Transfer of functions from other ministries

 - $26,433,978

Transfer of functions to other ministries

 ($52,039,400) ($26,605,452)
Change in Accounting    

Change in Accounting

 $81,271,400 $28,559,074
Restated total operating expense $14,591,635,265 $13,878,378,343
Capital expense Estimates
2022-23		 Actual
2021-22
Total capital expense previously publishedfootnote 2 $3,000 -
Government reorganization    

Transfer of functions to other ministries

 ($2,000) -
Restated total capital expense $1,000 -
Capital assets Estimates
2022-23		 Actual
2021-22
Total capital assets previously publishedfootnote 3 $2,000 -
Government reorganization    

Transfer of functions to other ministries

 ($1,000) -
Restated total capital assets $1,000 -

Ministry Administration Program - Vote 1201

The Ministry Administration Program, which includes the Offices of the Minister and Deputy Minister of Finance, delivers planning, advisory, legal, and controllership functions to ensure direction and management of operating programs consistent with Ontario Government policy and legislation. The program manages relationships with Treasury Board Secretariat and other central agencies, ensures proper levels of support to the ministry and its client groups.

Vote summary

Item number Item Estimates
2023-24		 Estimates
2022-23		 Difference
between
2023-24
and
2022-23		 Actual
2021-22

Operating expense
1 Ministry Administration $34,689,700 $34,160,400 $529,300 $44,454,856
  Total operating expense to be voted $34,689,700 $34,160,400 $529,300 $44,454,856
S Minister's Salary, the Executive Council Act $47,841 $47,841 - $38,756
S Minister without Portfolio's Salary, the Executive Council Act - $22,378 ($22,378) $17,591
S Parliamentary Assistants' Salaries, the Executive Council Act $32,346 $32,346 - $27,849
S Bad Debt expense, the Financial Administration Act $1,000 $1,000 - -
  Total statutory appropriations $81,187 $103,565 ($22,378) $84,196
  Total operating expense $34,770,887 $34,263,965 $506,922 $44,539,052

Standard account by item and sub-items

Vote-
Item
number		 Standard account by item and sub-items Amount Amount

Operating expense
1201-1 Ministry Administration    
 

Salaries and wages

   $18,516,800
 

Employee benefits

   $2,801,600
 

Transportation and communication

   $1,097,700
 

Services

   $11,440,200
 

Supplies and equipment

   $833,400
  Total operating expense to be voted   $34,689,700
  Sub-Items:    
  Main Office    
 

Salaries and wages

 $3,614,400  
 

Employee benefits

 $389,600  
 

Transportation and communication

 $305,400  
 

Services

 $233,200  
 

Supplies and equipment

 $77,200 $4,619,800
  Corporate Services    
 

Salaries and wages

 $9,568,900  
 

Employee benefits

 $1,942,900  
 

Transportation and communication

 $463,400  
 

Services

 $2,329,500  
 

Supplies and equipment

 $418,700 $14,723,400
  Communications Services    
 

Salaries and wages

 $5,333,500  
 

Employee benefits

 $469,100  
 

Transportation and communication

 $73,600  
 

Services

 $110,300  
 

Supplies and equipment

 $164,100 $6,150,600
  Legal Services    
 

Transportation and communication

 $255,300  
 

Services

 $8,767,200  
 

Supplies and equipment

 $173,400 $9,195,900
  Total operating expense to be voted   $34,689,700
  Statutory appropriations    
Statutory

Minister's Salary, the Executive Council Act

   $47,841
Statutory

Parliamentary Assistants' Salaries, the Executive Council Act

   $32,346
  Statutory appropriations    
 

Other transactions

    
Statutory

Bad Debt expense, the Financial Administration Act

   $1,000
  Total operating expense for Ministry Administration Program   $34,770,887

Regulatory Policy and Agency Relations Program - Vote 1202

The Regulatory Policy and Agency Relations Program provides coordination and oversight of the Ministry of Finance's regulatory policy agenda, and related agency oversight.

This program undertakes pension and income security policy analysis and leads development of relevant legislation and regulations. It tracks emerging trends and developments and identifies the social, economic and fiscal implications of pension and income security policies, and supports the government in formulating legislation and major economic, fiscal and policy documents. The program also manages the government's relationship with the Investment Management Corporation of Ontario.

This program ensures efficient regulation of the provincial financial services sector, including insurance, deposit-taking institutions, mortgage brokers, and the capital markets. This includes providing oversight to the Ontario Securities Commission and the Financial Services Regulatory Authority of Ontario.

This program supports the coordination of horizontal policy development on several transformation initiatives spanning multiple ministries, including implementation of beverage alcohol and gaming modernization, and cannabis retail and distribution. It facilitates the Minister's oversight and accountability of the Liquor Control Board of Ontario, the Ontario Cannabis Retail Corporation, and the Ontario Lottery and Gaming Corporation, and manages the Ontario Deposit Return Program for beverage alcohol containers.

The ministry also provides administrative support to the Financial Services Tribunal, an adjudicative tribunal that, at the request of affected persons, holds appeals and hearings for decisions or proposed decisions, of the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario.

Vote summary

Item number Item Estimates
2023-24		 Estimates
2022-23		 Difference
between
2023-24
and
2022-23		 Actual
2021-22

Operating expense
6 Income Security and Pension Policy $5,285,200 $7,799,700 ($2,514,500) $4,566,703
7 Government Business Enterprise $7,878,700 $8,850,200 ($971,500) $4,678,900
8 Financial Services Policy $5,240,300 $5,144,700 $95,600 $4,546,648
12 Financial Services Tribunal $1,000 $1,000 - -
  Total operating expense to be voted $18,405,200 $21,795,600 ($3,390,400) $13,792,251
  Total operating expense $18,405,200 $21,795,600 ($3,390,400) $13,792,251

Operating assets
- Strategic assets – Loans and Investments - $20,000,000 ($20,000,000) -
  Total operating assets to be voted - $20,000,000 ($20,000,000) -
S Loans and Investments - the Financial Services Regulatory Authority of Ontario Act, 2016 - - - $3,000,000
  Total statutory appropriations - - - $3,000,000
  Total operating assets - $20,000,000 ($20,000,000) $3,000,000

Standard account by item and sub-items

Vote-
Item
number		 Standard account by item and sub-items Amount

Operating expense
1202-6 Income Security and Pension Policy  
 

Salaries and wages

 $4,352,000
 

Employee benefits

 $481,800
 

Transportation and communication

 $18,800
 

Services

 $410,700
 

Supplies and equipment

 $21,900
  Total operating expense to be voted $5,285,200
1202-7 Government Business Enterprise  
 

Salaries and wages

 $4,271,600
 

Employee benefits

 $531,900
 

Transportation and communication

 $72,900
 

Services

 $2,937,600
 

Supplies and equipment

 $64,700
  Total operating expense to be voted $7,878,700
1202-8 Financial Services Policy  
 

Salaries and wages

 $3,863,300
 

Employee benefits

 $530,900
 

Transportation and communication

 $68,600
 

Services

 $1,085,700
 

Supplies and equipment

 $62,700
  Subtotal $5,611,200
  Less: Recoveries $370,900
  Total operating expense to be voted $5,240,300
1202-12 Financial Services Tribunal  
 

Salaries and wages

 $174,900
 

Employee benefits

 $22,700
 

Transportation and communication

 $4,200
 

Services

 $535,800
 

Supplies and equipment

 $1,700
  Subtotal $739,300
  Less: Recoveries $738,300
  Total operating expense to be voted $1,000
  Total operating expense for Regulatory Policy and Agency Relations Program $18,405,200

Economic, Fiscal, and Financial Policy Program - Vote 1203

The Economic, Fiscal and Financial Policy Program assists the government in formulating the fiscal plan and monitors and reports on the performance of the Ontario economy through the Ontario Budget, Ontario Quarterly Finances, Ontario Economic Accounts, Economic Outlook and Fiscal Review, and Ontario's Public Accounts. It leads preparation of the Long-Term Report on the Economy and supports the Pre-Election Review of Ontario's Finances by the Auditor General. This program supports, develops and implements sound economic and fiscal strategies to stimulate economic growth and job creation; and it provides financial and economic expertise and advice to support the development, implementation and assessment of the impact of government policies and programs on Ontarians. It undertakes annual population projections for use in resource allocation and planning and develops demographic forecasts for Ontario and its 49 census divisions.

This program assists the Minister of Finance and the government in formulating Ontario's fiscal policy and strategies with respect to federal-provincial fiscal arrangements; and provides policy advice to clients, managers, and decision makers in the areas of fiscal management. The program facilitates engagement with central agency and line ministry partners to provide fiscal and budgetary policy advice and support policy development and prioritization. The program is responsible for statistics policy and is leading efforts to deliver high quality data and information and modernizing Ontario's statistics services.

In addition, the program reflects the transfer of dedicated electricity earnings from the Province to the Ontario Electricity Financial Corporation.

Vote summary

Item number Item Estimates
2023-24		 Estimates
2022-23		 Difference
between
2023-24
and
2022-23		 Actual
2021-22

Operating expense
1 Economic Policy $12,236,000 $11,624,500 $611,500 $11,128,216
8 Office of the Budget $4,494,200 $4,339,200 $155,000 $4,454,498
12 Ontario Electricity Financial Corporation Dedicated Electricity Earnings $352,595,700 $411,654,000 ($59,058,300) $839,804,000
  Total operating expense to be voted $369,325,900 $427,617,700 ($58,291,800) $855,386,714
S Guarantees and Indemnities, the Financial Administration Act $1,000 $1,000 - -
S Hydro One Inc., Provincial Corporate Tax Provision, the Electricity Act, 1998 $1,000 $1,000 - $29,499,000
  Total statutory appropriations $2,000 $2,000 - $29,499,000
  Total operating expense $369,327,900 $427,619,700 ($58,291,800) $884,885,714

Standard account by item and sub-items

Vote-
Item
number		 Standard account by item and sub-items Amount

Operating expense
1203-1 Economic Policy  
 

Salaries and wages

 $9,951,700
 

Employee benefits

 $1,169,700
 

Transportation and communication

 $86,400
 

Services

 $764,200
 

Supplies and equipment

 $264,000
  Total operating expense to be voted $12,236,000
1203-8 Office of the Budget  
 

Salaries and wages

 $3,806,100
 

Employee benefits

 $455,100
 

Transportation and communication

 $71,800
 

Services

 $119,000
 

Supplies and equipment

 $42,200
  Total operating expense to be voted $4,494,200
1203-12 Ontario Electricity Financial Corporation Dedicated Electricity Earnings  
 

Other transactions

  
 

Electricity Sector Dedicated Income

 $352,595,700
  Total operating expense to be voted $352,595,700
  Statutory appropriations  
 

Other transactions

  
Statutory

Guarantees and Indemnities, the Financial Administration Act

 $1,000
  Statutory appropriations  
 

Other transactions

  
Statutory

Hydro One Inc., Provincial Corporate Tax Provision, the Electricity Act, 1998

 $1,000
  Total operating expense for Economic, Fiscal, and Financial Policy Program $369,327,900

Tax, Benefits and Local Finance Program - Vote 1209

The Tax, Benefits and Local Finance Program develops the policy and legislative framework for Ontario's taxation and benefits systems; administers Ontario tax statutes, tax and non-tax revenue programs and a number of benefit programs; maintains the integrity of Ontario's tax system; and manages the Province's fiscal relationship with municipalities.

The program objective is to maintain a tax system that is competitive and transparent for business to support economic growth, while ensuring tax supports are fair and effective for individuals and families in Ontario. To this end, the program provides strategic analysis and advice as well as legislative design on a range of tax areas, including personal, corporate, mining, electricity sector, commodity, and sales, estate administration and payroll.

As part of this work, the program offers front-line customer service across the Province including program advice, education and outreach, as well as assistance throughout the registration and account management process. The program also conducts tax compliance activities including automated verification, audit, inspection, investigation and collection. In addition, the program delivers key benefit programs for low-income individuals and families, including automated income-testing services and online client experience improvements to other benefit programs. The program conducts research and analysis of tax compliance; reviews tax administration programs for effectiveness, efficiencies, and opportunities to improve revenue integrity; coordinates Burden Reduction activities on behalf of the Ministry; and manages the Province's relationship with the Canada Revenue Agency.

The program provides advice on the development of policies and legislation governing the Ontario property tax system, including municipal property taxation, education property taxes and provincial land tax, establishes the policy and legislative framework for Ontario's property assessment system, and provides oversight of the Municipal Property Assessment Corporation. It also provides advice on policies that support the Province's fiscal arrangements with municipalities and designs and delivers municipal funding programs, including the Ontario Municipal Partnership Fund, the Province's main general assistance grant to municipalities.

Vote summary

Item number Item Estimates
2023-24		 Estimates
2022-23		 Difference
between
2023-24
and
2022-23		 Actual
2021-22

Operating expense
1 Tax and Benefits Administration $553,926,800 $409,647,100 $144,279,700 $566,551,384
5 Taxation Policy $9,598,000 $9,275,500 $322,500 $7,019,869
6 Provincial-Local Finance $32,418,200 $25,962,800 $6,455,400 $25,480,820
7 Municipal Support Programs $582,868,100 $542,860,100 $40,008,000 $522,857,268
  Total operating expense to be voted $1,178,811,100 $987,745,500 $191,065,600 $1,121,909,341
S Payments to Private Collection Agencies, the Financial Administration Act $5,500,000 $5,500,000 - $5,011,064
S Bad Debt expense, the Financial Administration Act $45,215,900 $45,215,900 - $32,633,472
  Total statutory appropriations $50,715,900 $50,715,900 - $37,644,536
  Total operating expense $1,229,527,000 $1,038,461,400 $191,065,600 $1,159,553,877

Operating assets
2 Assets $1,500,000 $1,500,000 - $988,603
  Total operating assets to be voted $1,500,000 $1,500,000 - $988,603
S Advances, the Education Act $20,300,000 $20,300,000 - $17,810,688
S Advances, the Northern Services Boards Act $6,200,000 $6,200,000 - $5,881,671
S Advances, the Local Roads Boards Act $6,200,000 $6,200,000 - $6,008,984
  Total statutory appropriations $32,700,000 $32,700,000 - $29,701,343
  Total operating assets $34,200,000 $34,200,000 - $30,689,946

Capital expense
- Tax and Benefits - $1,000 ($1,000) -
  Total capital expense to be voted - $1,000 ($1,000) -
  Total capital expense - $1,000 ($1,000) -

Capital assets
- Tax and Benefits - $1,000 ($1,000) -
  Total capital assets to be voted - $1,000 ($1,000) -
  Total capital assets - $1,000 ($1,000) -

Standard account by item and sub-items

Vote-
Item
number		 Standard account by item and sub-items Amount Amount Amount

Operating expense
1209-1 Tax and Benefits Administration      
 

Salaries and wages

     $80,036,600
 

Employee benefits

     $11,061,400
 

Transportation and communication

     $3,602,100
 

Services

     $170,701,300
 

Supplies and equipment

     $1,940,300
 

Transfer payments

      
 

Guaranteed Annual Income System

   $289,439,700  
 

Tax Compliance Partnership Agreements

   $170,000 $289,609,700
  Subtotal     $556,951,400
  Less: Recoveries     $3,024,600
  Total operating expense to be voted     $553,926,800
  Sub-Items:      
  Strategy, Stewardship and Program Policy      
 

Salaries and wages

   $13,609,000  
 

Employee benefits

   $2,253,000  
 

Transportation and communication

   $635,000  
 

Services

   $147,069,400  
 

Supplies and equipment

   $637,000 $164,203,400
  Tax Compliance and Benefits      
 

Salaries and wages

   $66,427,600  
 

Employee benefits

   $8,808,400  
 

Transportation and communication

   $2,967,100  
 

Services

   $23,631,900  
 

Supplies and equipment

   $1,303,300  
 

Transfer payments

      
 

Guaranteed Annual Income System

 $289,439,700    
 

Tax Compliance Partnership Agreements

 $170,000 $289,609,700  
 

Subtotal

   $392,748,000  
 

Less: Recoveries

   $3,024,600 $389,723,400
  Total operating expense to be voted     $553,926,800
1209-5 Taxation Policy      
 

Salaries and wages

     $7,487,600
 

Employee benefits

     $1,382,900
 

Transportation and communication

     $134,900
 

Services

     $499,500
 

Supplies and equipment

     $93,100
  Total operating expense to be voted     $9,598,000
1209-6 Provincial-Local Finance      
 

Salaries and wages

     $7,993,900
 

Employee benefits

     $949,800
 

Transportation and communication

     $181,200
 

Services

     $23,178,300
 

Supplies and equipment

     $115,000
  Total operating expense to be voted     $32,418,200
1209-7 Municipal Support Programs      
 

Transfer payments

      
 

Ontario Municipal Partnership Fund

   $501,850,000  
 

Special Payments to Municipalities

   $16,693,100  
 

Temporary and other Local Assistance

   $64,325,000 $582,868,100
  Total operating expense to be voted     $582,868,100
  Statutory appropriations      
 

Services

      
Statutory

Payments to Private Collection Agencies, the Financial Administration Act

     $5,500,000
  Statutory appropriations      
 

Other transactions

      
Statutory

Bad Debt expense, the Financial Administration Act

     $45,215,900
  Total operating expense for Tax, Benefits and Local Finance Program     $1,229,527,000

Operating assets
1209-2 Assets      
 

Advances and recoverable amounts

      
 

Guaranteed Annual Income System

     $1,500,000
  Total operating assets to be voted     $1,500,000
  Statutory appropriations      
 

Advances and recoverable amounts

      
Statutory

Advances, the Education Act

     $20,300,000
 

Advances and recoverable amounts

      
Statutory

Advances, the Northern Services Boards Act

     $6,200,000
 

Advances and recoverable amounts

      
Statutory

Advances, the Local Roads Boards Act

     $6,200,000
  Total operating assets for Tax, Benefits and Local Finance Program     $34,200,000

Treasury Program

The Treasury Program is responsible for the development, direction, operation, execution and formulation of policies for the management of the Province's debt, investments, credit ratings, investor relations, and related financial administration activities. This is accomplished by issuing and managing debt, including Green Bonds, to complete the Province's annual borrowing program; liaising with rating agencies on their determination of the Province's credit rating; providing centralized financial services to the Province, including banking and cash management; providing financial reporting on the fiscal position of the Province to investors and the public; providing financial analysis and support on the electricity sector and for any direct or indirect provincial liabilities and monitoring the fiscal implications; co-managing, with Ontario Power Generation, the investment activities of the Ontario Nuclear Funds; providing advice to government and broader public sector on financing initiatives and policies; provision of guarantees and loans by the Province and assistance in investments to its Crown Corporations and agencies; assisting Crown agencies and other public bodies on financial policies and projects and investing on behalf of some public bodies; and arranging custodial and fiscal agency services for the Province and certain agencies.

The Ontario Financing Authority also provides a broad range of financial services to Ontario Electricity Financial Corporation and Infrastructure Ontario.

Vote summary

Item number Item Estimates
2023-24		 Estimates
2022-23		 Difference
between
2023-24
and
2022-23		 Actual
2021-22

Operating expense
S Interest on Debt, the Financial Administration Act $13,764,000,000 $13,069,494,600 $694,505,400 $11,775,607,449
  Total operating expense $13,764,000,000 $13,069,494,600 $694,505,400 $11,775,607,449

Standard account by item and sub-items

Vote-
Item
number		 Standard account by item and sub-items Amount Amount

Operating expense
Statutory Statutory appropriations
Interest on Debt, the Financial Administration Act		    
 

Interest on Ontario Securities

    
 

For general purposes

 $15,145,000,000  
 

Canada Pension Plan Investment Board

 $365,000,000 $15,510,000,000
 

Less: Interest capitalized in Ministry appropriations

   $132,000,000
 

Less: other interest, exchange, discount and commission

   ($114,000,000)
 

Less: Interest on Investments

   $2,126,000,000
      $13,366,000,000
 

Interest on Debt Payable to Ontario Electricity Financial Corporation

   $398,000,000
  Total operating expense for Treasury Program   $13,764,000,000