The provincial government and its Crown corporations incur debt to finance operations and capital projects. The provincial government also provides financing to other organizations including some local government agencies. Borrowing for operations is required when revenues fall short of expenditures; borrowing for capital projects finances the building of schools, hospitals, roads and other social and economic capital assets.
The Debt Management Branch provides centralized liability management services to the government and its Crown corporations and agencies. In addition to borrowing funds to meet client requirements, the branch manages all principal and interest payments over the life of a debt issue and enters into derivative product transactions to manage interest rate and foreign currency exposure. The branch manages approximately $40 billion of debt and has an annual borrowing requirement ranging from $4 billion to $6 billion, which it sources from the global capital markets.
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In 2007 the Debt Management Branch and Corporate & Project Finance Branch won the Premier's Innovation and Excellence Award for Organizational Excellence. The Award for Organizational Excellence recognizes an organization that is aligned around a clear vision; demonstrates trust and a team attitude; has staff who are involved, empowered and valued; and uses best-practices and innovative approaches to achieve superior results.
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