We are here today to answer your questions on the 2009-2010 main estimates for the Department of Finance.
As you are aware, the department's responsibilities include preparing the federal budget, developing tax and tariff policy and legislation, managing federal borrowing on financial markets, administering major transfers of funds to provinces and territories, developing regulatory policy for the country's financial sector, and representing Canada in international financial institutions and fora.
As you would expect, during the current fiscal year, the Department of Finance will focus on continuing to manage economic and fiscal policy issues in response to the economic outlook.
The estimates that have been tabled in the House identify total budgetary requirements for the Department of Finance of $82.9 billion. It is important to note that $82.4 billion, or over 99% of this amount, relates to statutory votes for items that have already been approved by Parliament through enabling legislation. These include items like the payment of public debt charges, Canada health and social transfers, and equalization payments. These statutory votes are displayed in the estimates document for information purposes and will not be included in the appropriation bill. Within the statutory votes, there is a net increase of $2.9 billion over last year, with the major contributing factors being a $4.7 billion increase in transfer payments to the provinces and territories and a $1.8 billion decrease in public debt costs.
The non-statutory votes of the Department of Finance show a decrease over last year. This consists of a reduction of $43 million in grants and contributions, mainly due to reprofiled amounts from 2007-08 to 2008-09 of certain grants, updated estimates of debt relief in 2009-10, and the completion of contribution payments in 2008-09. The decrease is partly offset by contribution funding related to the transfer of the Toronto waterfront revitalization initiative and Harbourfront Centre from Environment Canada.
Additionally, there is an increase of $3.8 million in the operating vote. This is mainly due to the transfer to the department of responsibility for the Toronto waterfront revitalization initiative and Harbourfront Centre, increases for advertising campaigns, which are time limited, and security regulations. These increases were offset by reductions resulting from the strategic review reallocation, amongst others.
We will be pleased to answer any questions that the committee may have on these main estimates.