Question Period Note: Main Estimates 2023-2024

Main Estimates 2023-2024

• Through its budget, Canada Economic Development for Quebec Regions supports Quebec businesses and communities by making strategic investments in the form of grants and contributions.

• Canada Economic Development for Quebec Regions is a key federal player in the Quebec entrepreneurial network through the projects it funds or through its role as a networker and integrator.

• Canada Economic Development for Quebec Regions is implementing its regular programs and various ad hoc initiatives tailored to Quebec’s regional realities with a budget of 484.7 million dollars in 2023–2024.

433.7 million dollars, or 89.5% of the budget, will directly support Quebec businesses and communities in 2023–2024.

Reinvestments totalling 49.2 million dollars from repayable client contributions represent the majority of Budget 2023–2024 increases. Pursuant to Treasury Board Secretariat approval, these repayments are reinvested in the Agency’s grants and contributions budgets two years after they are collected.

Canada Economic Development is guiding Quebec’s SMEs and regions toward a more innovative, stronger, cleaner, and more inclusive economy.

• The 2023–2024 Main Estimates include a detailed list of the resources CED needs during the coming fiscal year to deliver the programs for which it is responsible. This document identifies the spending authorities (votes) and the amounts to be included in subsequent appropriation bills that the government will ask Parliament to approve.
• The 2023–2024 Main Estimates total $487.7 million ($433.7 million in grants and contributions, $45.3 million in operating expenses and $5.7 million in statutory appropriations).

2021-2022
Operating expenses: $41.1M
Grants and contributions: $320.4M
Contributions to employee benefit plans: $5.0M
Total: $366.5M

2022-2023
Operating expenses: $45.6M
Grants and contributions: $534.9M
Contributions to employee benefit plans: $5.7M
Total: $586.2M

2023-2024
Operating expenses: $45.3M
Grants and contributions: 433.7M
Contributions to employee benefit plans: $.,7M
Total: $484,7M

Difference between 23-24 and 22-23
Operating expenses: ($0.3)M
Grants and contributions: (#101.2)M
Contributions to employee benefit plans: $0.0M
Total: ($101.5)M
*Totals may not match due to rounding.

The 2023–2024 Main Estimates represent a decrease of $101.5 million (-17.31%) compared with the 2022–2023 Main Estimates, notably because of funding for ad hoc initiatives. The difference can be attributed primarily to a combination of the following items:

INCREASES
Reinvestment of repayable client contributions: $49.2M
Regional Aerospace Recovery Initiative: $8.0M
International Sustainability Standards Board: $2.7M
Total: $59.9M

DECREASES
Major Festivals and Events Support Initiative: ($48.9)M
Tourism Relief Fund: ($48.4)M
Canada Community Revitalization Fund: ($22.5)M
Innovation and Skills Plan: ($15.3)M
Jobs and Growth Fund: ($12.5)M
Regional infrastructure development initiative in Quebec: ($8.6)M
Women Entrepreneurship Initiative: ($4.1)M
Various items: ($1.2)M
Total: ($161.5)M

VARIANCE
Total variance: ($101.6)M
*An incremental difference in the sum of data may result from rounding.

These Main Estimates present financial requirements for the 2023–2024 fiscal year. The Main Estimates 2023-2024 were prepared in accordance with Treasury Board Secretariat (TBS) directives.