Finance
Annual Report
for the fiscal year ended March 31, 2004 - Part 1
September
30, 2004
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Table of Contents
- Part 1
Go to Part
2: Overview
Go to Part
3: Results Analysis
Preface
Public Accounts
2003-04
The Public
Accounts of Alberta are prepared in accordance with the Financial
Administration Act and the Government Accountability
Act. The Public Accounts consist of the annual report of
the Government of Alberta and the annual reports of each of the
24 ministries.
The annual
report of the Government of Alberta, released June 29, 2004, contains
the Minister of Finance’s accountability statement, the
consolidated financial statements of the Province and a comparison
of the actual performance results to desired results set out in
the Government’s Business Plan, including the Measuring
Up report.
This
annual report of the Ministry of Finance contains the Minister’s
accountability statement, the audited consolidated financial statements
of the Ministry and a comparison of actual performance results
to desired results set out in the ministry business plan.
This
Ministry annual report also includes:
- the
financial statements of entities making up the Ministry including
the Department of Finance, regulated funds, provincial agencies
and Crown-controlled corporations for which the Minister is
responsible,
-
other financial information as required by the Financial
Administration Act and the Government Accountability
Act, either as separate reports or as a part of the financial
statements, to the extent that the Ministry has anything to
report, and
-
financial information relating to trust funds.
Minister's
Accountability Statement
The Ministry’s
Annual Report for the year ended March 31, 2004, 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 September 20, 2004
with material economic or fiscal implications of which I am aware
have been considered in the preparation of this report.
[original signed]
Patricia Nelson
Minister of Finance
September 20, 2004
Message
from the Minister
As I
present the 2003-04 Annual Report for the Ministry of Finance,
I note another year of both challenges and highlights for our
province. Our agricultural sector was hit with such disasters
as Bovine Spongiform Encephalopathy (BSE) and severe drought conditions,
but strong resource revenues enabled us to maintain our healthy
economy.
In our first
complete year of the government's new fiscal framework - designed
to bring predictability, sustainability and continued discipline
to our fiscal planning process - the Province's new Sustainability
Fund reached its $2.5 billion target funding level. The budget
was also balanced for the tenth straight year and further payments
were made to reduce Alberta's accumulated debt, which now effectively
sits at $3.7 billion.
Albertans
continue to pay the lowest taxes in the country. In 2003, the
government cut corporate income tax rates further, saving corporations
millions in taxes. We also continued indexation of the personal
income tax system and froze school property tax rates. Alberta's
low taxes are a solid foundation for our dynamic and vibrant provincial
economy.
Alberta's
strong fiscal position continues to be recognized by leading credit
rating agencies in North America. For the third consecutive year,
Moody's Investor Service, Standard and Poor's and DBRS rated our
province's credit rating as triple A, making Alberta the only
province in Canada to enjoy such a status.
The process
to reform automobile insurance, which began in 2002, also continued
this year. An automobile insurance implementation team was formed
to develop the mechanics of a proposed policy framework approved
by Caucus, premiums were frozen to prevent further increases for
good drivers, and regulations for the new proposed framework continued
to be developed. The implementation of the new automobile insurance
system is set for October 2004.
I would like
to acknowledge the Finance Ministry staff for their hard work
and dedication throughout the past year. Due to their efforts,
Alberta Finance continues to demonstrate its commitment to providing
excellent service to Albertans.
In the coming
year, our focus will be on implementing the new automobile insurance
system, building on our past successes, and finding new and innovative
ways to address challenges.
Patricia Nelson
Minister of Finance
September 20, 2004
Management's
Responsibility for Reporting
The
Ministry of Finance includes:
• Department of Finance
• Alberta
Automobile Insurance Board
• Alberta
Capital Finance Authority
•
Alberta Insurance Council
• Alberta
Pensions Administration Corporation
• ATB Financial
and its subsidiaries
• Credit
Union Deposit Guarantee Corporation
• Gainers
Inc.
• N.A.
Properties (1994) Ltd.
• The Alberta
Government Telephones Commission
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The
executives of the individual entities within the Ministry
have the primary responsibility and accountability
for the respective entities. Collectively, the executives
ensure the Ministry complies with all relevant legislation,
regulations and policies.
Ministry
business plans, annual reports, performance results
and the supporting management information are integral
to the government’s fiscal and business plans,
annual report, quarterly reports and other financial
and performance reporting.
Responsibility
for the integrity and objectivity of the consolidated
financial statements and performance results for the
Ministry rests with the Minister of Finance. Under
the direction of the Minister, I oversee the preparation
of the Ministry’s Annual Report, including consolidated
financial statements and performance results. The
consolidated financial statements and the performance
results, of necessity, include amounts that are based
on estimates and judgments. The consolidated financial
statements are prepared in accordance with the government’s
stated accounting policies.
As
Deputy Minister, in addition to program responsibilities,
I establish and maintain the Ministry’s financial
administration and reporting functions. The Ministry
maintains systems of financial management and internal
control which give consideration to costs, benefits,
and risks that are designed to:
- provide
reasonable assurance that transactions are properly
authorized, executed in accordance with prescribed
legislation and regulations, and properly recorded
so as to maintain accountability of public money,
-
provide information to manage and report on performance,
-
safeguard the assets and properties of the Province
under Ministry administration,
-
provide Executive Council, Treasury Board and the
Minister of Finance any information needed to fulfill
their responsibilities, and
-
facilitate preparation of Ministry business plans
and annual reports required under the Government
Accountability Act.
In fulfilling my responsibilities
for the Ministry, I have relied, as necessary, on
the executives of the individual entities within the
Ministry.
[original signed]
Peter Kruselnicki, P.
Eng.
Deputy Minister of Finance
September 20, 2004
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