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2003-04 Alberta Finance Annual Report

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2003-04 Alberta Finance Annual Report Alberta Finance 2003-2004 Annual Report Published by Alberta Finance ISBN 0-7785-3375-1 ISSN 1708-4075 Alberta Finance 2003-04 Annual Report Ministry of Finance Annual Report 2003-04 TABLE OF CONTENTS Table of Contents . i Preface . 1 Minister’s Accountability Statement . 2 Message from the Minister . 3 Management’s Responsibility for Reporting . 4 Overview . 7 Alberta Finance’s Vision, Mission, Core Businesses and Goals . 7 Relationship of Finance Department and Reporting Entities to Core Businesses . 8 Alberta Finance’s Operational Structure . 9 Office of Budget and Management . 9 Treasury Management Division . 9 Pensions, Insurance and Financial Institutions Division . 9 Highlights and Summary of Key Activities . 12 Report of the Auditor General on the Results of Applying Specified Auditing Procedures to Performance Measures . 15 Results Analysis . 17 Financial Highlights . 17 Ministry Expense by Core Business . 18 Ministry Expense by Function . 18 Goals, Performance Measures, Targets and Results Core Business: Fiscal Planning and Financial Management Goal 1 - A Financially Strong, Sustainable and Accountable Government . 19 Goal 2 - A Fair and Competitive Provincial Tax System . 22 Goal 3 - Effective Management of Financial Assets, Liabilities and Risk . 27 TABLE OF CONTENTS i Alberta Finance 2003-04 Annual Report Core Business: Regulation of Provincial Financial Institutions Goal 4 - Confidence in Provincially Regulated Financial Institutions and Insurance Companies . 29 Core Business: Pension Policy, Regulation and Administration Goal 5 - Pensions that Deliver on Promises . 31 Core Business: Financial Services Goal 6 - Financial Services Available to Albertans and Alberta Municipalities . 35 Finance Financial Statements Table of Contents . 39 Alphabetical List of Government Entities’ Financial Statements . 355 ii TABLE OF CONTENTS Alberta Finance 2003-04 Annual Report 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. PREFACE 1 Alberta Finance 2003-04 Annual Report 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 L. Nelson Minister of Finance September 20, 2004 2 MINISTER’S ACCOUNTABILITY STATEMENT Alberta Finance 2003-04 Annual Report 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 L. Nelson Minister of Finance September 20, 2004 MESSAGE FROM THE MINISTER 3 Alberta Finance 2003-04 Annual Report MANAGEMENT’S RESPONSIBILITY FOR REPORTING The Ministry of The executives of the individual entities within the Ministry have Finance includes: the primary responsibility and accountability for the respective entities. Collectively, the executives ensure the Ministry complies • Department of with all relevant legislation, regulations and policies. Finance Ministry business plans, annual reports, performance results and the • Alberta Automobile supporting management information are integral to the government’s Insurance Board fiscal and business plans, annual report, quarterly reports and other financial and performance reporting. • Alberta Capital Finance Authority Responsibility for the integrity and objectivity of the consolidated financial statements and performance results for the Ministry rests • Alberta Insurance with the Minister of Finance. Under the direction of the Minister, I Council oversee the preparation of the Ministry’s Annual Report, including consolidated financial statements and performance results. The • Alberta Pensions consolidated financial statements and the performance results, of Administration necessity, include amounts that are based on estimates and Corporation judgments. The consolidated financial statements are prepared in accordance with the government’s stated accounting policies. • ATB Financial and its subsidiaries As Deputy Minister, in addition to program responsibilities, I establish and maintain the Ministry’s financial administration and • Credit Union reporting functions. The Ministry maintains systems of financial Deposit Guarantee management and internal control which give consideration to costs, Corporation benefits, and risks that are designed to: • Gainers Inc. • provide reasonable assurance that transactions are properly authorized, executed in accordance with prescribed • N.A. Properties legislation and regulations, and properly recorded so as to (1994) Ltd. maintain accountability of public money, • The Alberta • provide information to manage and report on performance, Government Telephones • safeguard the assets and properties of the Province under Commission 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. 4 MANAGEMENT’S RESPONSIBILITY FOR REPORTING Alberta Finance 2003-04 Annual Report 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 MANAGEMENT’S RESPONSIBILITY FOR REPORTING 5 Overview Alberta Finance 2003-2004 Annual Report Alberta Finance 2003-04 Annual Report OVERVIEW Alberta Finance’s Vision A province that is innovative and globally competitive with a fiscally sustainable and accountable government. Mission Develop and implement the government's fiscal framework and financial policies. Core Businesses and Goals Core Business: Fiscal Planning and Financial
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