Ministère des Finances
Ministère des Finances
Ministère des Finances
Ministère des Finances
Borrowings made by the General Fund during a fiscal year that will be used to meet the financial requirements of the next fiscal year.
The consolidated direct debt corresponds to the debt that has been contracted on financial markets. It consists of the debt contracted for the General Fund needs and the debt of consolidated entities.
The debt of the public sector corresponds to the total of all the debts of organizations in Québec’s public sector.
The debt representing accumulated deficits represents the difference between the government’s liabilities and its assets (financial and non-financial). It represents the “bad debt”, i.e. debt that does not correspond to any asset.
The gross debt corresponds to the total of the consolidated direct debt, the net liability for retirement plans and the net liability for other future benefits of employees. The balance of the Generations Fund is subtracted from this amount.
The liability for retirement plans represents the present value of the retirement benefits that the government will pay to public and parapublic sector employees, taking into account the conditions of their plans and their years of service.
The concept of net debt represents the debt that was used to fund non-financial assets (fixed assets) and the accumulated deficits. It is obtained by subtracting all the government’s financial assets from its liabilities.
The net liability for other future benefits of employees represents the present value of obligations regarding sick leave and the survivor’s pension plan, reduced by the balance of the Accumulated Sick Leave Fund and the Survivor’s Pension Plan Fund.
The net liability for retirement plans is calculated by subtracting the balance of the Retirement Plans Sinking Fund (RPSF) and other assets of the plans from the liability for the retirement plans.
The Retirement Plans Sinking Fund (RPSF) is an asset constituted by the government to pay the benefits of public and parapublic sector employees. This asset is subtracted from the liability for the retirement plans to get the net liability for the retirement plans.
