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53 Tax Memo 1 (1972)

handle is hein.journals/taxmmo53 and id is 1 raw text is: TAX MEMO No. 53 © 1972, Cancidian Tax~ ) d~dation PROVINCIAL AND MUNICIPAL FI This m o brings up to thqi statistical i formation containe in-our biennial p , rinrzL-and Municipal Finances, issued last in 1971. Comparisons are presented of provincial estimates for the fiscal year 1971-72 and of municipal estimates for the fiscal year ending 31 December 1971. The data are then combined in tables pre- senting provincial-municipal estimated revenue and expenditure by province. The tables are compiled from Statistics Canada publications Provincial Govern- ment Finance and Local Government Finance which bring together the esti- mates of the individual governments, on a comparable basis after having made some adjustments. Full explanations of the concepts underlying these statistics are to be found in Provincial and Muni- cipal Finances, 1971. Provincial Budgets, 1972-73 This Tax Memo also provides high- lights of the ten provincial budget state- ments and summarizes their estimates of revenue and expenditure for the fiscal 10_ yI 172 NANCES, 1971k7 year 197,473. The figures in t is sum- mary'are not comparable bet en one province ancd anoti5r,' because The prov- inces all follow somewhat different accounting methods. For example, seven provinces maintain separate current and capital accounts but vary in their defi- nition of capital revenue and expendi- ture and the extent to which they take into account capital expenditure when arriving at their budgetary expenditure. The provinces also differ in their con- cepts of budgetary expenditure. Some charge the costs of activities such as hospital insurance to separate funds out- side the budget, while others include such expenditures in regular depart- mental outlays. Some provinces include the federal government portion of shared-cost pro- grams in their revenues and expendi- tures. Others show only the net cost to the province of these programs. Quebec has opted out of most shared-cost pro- grams in return for fiscal compensation, and its income tax revenues reflect this fact. The summary tables for each prov- Digitized from Best Copy Available CANADIAN TAX FOUNDATION L'ASSOCIATION CANADIENNE D'ETUDES FISCALES

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