Thank you, Mr. Chair.
Good afternoon, Mr. Chair and committee members. Thank you for the opportunity to present the 2023-24 main estimates on behalf of the Department of Finance.
I would like to begin by acknowledging that I'm speaking to you from the traditional, unceded territory of the Anishinabe Algonquin peoples.
Joining me today are other departmental officials to assist in providing a more in-depth perspective on the rationale and policies supporting the numbers within these main estimates.
As you know, the Department of Finance supports the Deputy Prime Minister and Minister of Finance and the Minister of Tourism and Associate Minister of Finance by developing policies and providing advice to the government with the goal of creating a healthy and resilient economy for all Canadians.
The 2023-24 main estimates reflect departmental budgetary spending of $128.9 billion. This is composed of $128.5 million in voted budgetary expenditures and $128.8 billion in statutory budgetary expenditures. The 2023-24 main estimates reflect a net decrease of $9.4 million in voted budgetary expenditures from the 2022-23 main estimates, stemming primarily from sunsetting funding related to the COVID-19 economic support and recovery advertising initiative.
Statutory expenditures are not included in the appropriation bill, as they have already been approved by Parliament through enabling legislation. However, they are included in the estimates for information. The statutory budgetary expenditures in these main estimates reflect a net increase of $18.3 billion in statutory budgetary expenditures, which is mainly due to an increase in interest on unmatured debt and a legislated increase in major transfers to other levels of government.
This concludes my overview of these main estimates for the Department of Finance. My colleagues and I would now be pleased to answer any questions the committee members may have.