Ottawa, December 21, 2006

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for October 2006.


October 2006: budgetary surplus of $0.4 billion

There was a budgetary surplus of $0.4 billion in October 2006, compared to a $1.6-billion surplus in October 2005. Revenues decreased by $0.2 billion, or 1.0 per cent, reflecting both the goods and services tax rate reduction and a number of one-time factors affecting income tax revenues. Program expenses increased by $1.0 billion, or 7.0 per cent, reflecting increases in transfer payments and departmental operating expenses. Transfer payments, which account for about two-thirds of total program expenses, increased by $0.6 billion, or 6.3 per cent. Public debt charges were down $19 million.

April to October 2006: budgetary surplus of $5.8 billion

For the first seven months of the 2006-07 fiscal year, the budgetary surplus is estimated at $5.8 billion, down $0.7 billion from the $6.5-billion surplus posted in the same period of 2005-06. Revenues were up $5.4 billion, or 4.4 per cent, reflecting solid growth in income tax revenues, partially offset by declines in excise taxes and employment insurance premium revenues. Program expenses were up $6.0 billion, or 6.2 per cent, due to both higher transfers and other program expenses. This includes transfers to other levels of government, which were up $1.5 billion, or 6.9 per cent. Public debt charges were up $0.1 billion.

The Fiscal Monitor is a monthly document that provides highlights of the federal government's fiscal performance, including monthly revenues, expenses, the budgetary balance and the financial source/requirement.

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