NB Power – the gift that keeps on giving.
The following is from the provincial government’s 18-K filing with the U.S. SEC. It is the section on budget to actual revenues. Note the reason for the $158.9 million under projection for investment income.
REVENUE
Budget 2010 to Actual 2010 Comparison
|
2010 Budget to Actual ($ millions) |
||||
|
Item |
Budget |
Actual |
Change |
% Change |
|
Provincial Sources |
|
|
|
|
|
Taxes |
3,162.0 |
3,243.9 |
81.9 |
2.6 |
|
Licenses and Permits |
123.3 |
129.0 |
5.7 |
4.6 |
|
Royalties |
73.1 |
39.6 |
(33.5) |
(45.8) |
|
Investment Income |
265.5 |
106.6 |
(158.9) |
(59.8) |
|
Other Provincial Revenue |
352.0 |
353.8 |
1.8 |
0.5 |
|
Sinking Fund Earnings |
234.1 |
216.4 |
(17.7) |
(7.6) |
|
Federal Sources |
|
|
|
|
|
Fiscal Equalization |
1,689.0 |
1,689.4 |
0.4 |
0.0 |
|
Unconditional Grants |
806.6 |
803.4 |
(3.2) |
(0.4) |
|
Conditional Grants |
391.7 |
407.8 |
16.1 |
4.1 |
Taxes
Taxes are up $81.9 million over budget, primarily due to:
-
Personal Income Tax is up $71.5 million due to an underpayment for the 2008 taxation year that also contributed to higher revenue for 2009 and 2010;
-
Corporate Income Tax is up $28.7 million primarily due to an underpayment for the 2008 taxation year and a change to the province’s payment schedule from the federal government;
-
Metallic Minerals Tax is up $13.5 million due to an increase in world zinc prices and audit of prior years;
-
The Tobacco Tax increased by $12.6 million mainly due to higher volumes and a previous year tax settlement;
-
Large Corporation Capital Tax is up $9.2 million due to revenue received for prior-year adjustments;
-
Provincial Real Property Tax is up $7.9 million due to growth in assessment base;
-
Harmonized Sales Tax is down $66.5 million mainly due to lower in-year payments due to the weakened national economy.
Royalties
Revenue for royalties is down $33.5 million from budget. Royalties from mines are down $28.2 million due to low commodity prices for potash and natural gas. Forest royalties are down $5.3 million due to low harvest levels.
Investment Income
Investment Income is down $158.9 million from budget mainly due to NBEFC. NBEFC’s net loss was $151.2 million larger than budgeted primarily due to a write-down of the Dalhousie Generating Station as a result of NB Power’s decision to shut down and decommission the generating station.