Ottawa, January 25, 2008
2008-006

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for November 2007.

Highlights

November 2007: budgetary surplus of $0.1 billion

There was a budgetary surplus of $0.1 billion in November 2007, compared to a surplus of $0.5 billion in November 2006. Budgetary revenues were up $0.7 billion, reflecting gains across the largest revenue streams, offset by a decline in non-resident withholding taxes resulting from a one-time gain recorded in November 2006. Program expenses increased by $1.0 billion, or 6.5 per cent, primarily reflecting higher transfer payments. Public debt charges increased by $0.1 billion.

April to November 2007: budgetary surplus of $6.7 billion

For the first eight months of the 2007-08 fiscal year, the budgetary surplus is estimated at $6.7 billion, down $0.2 billion from the $6.9-billion surplus reported in the same period of 2006-07. Budgetary revenues increased by $7.5 billion, or 5.1 per cent, reflecting growth in nearly all revenue streams, particularly corporate income tax and other revenues. The results to date include the cost of personal income tax relief measures introduced in the October 30, 2007, Economic Statement pertaining to the January to November 2007 period, totalling $2.7 billion. These measures consist of the reduction in the lowest personal income tax rate from 15.5 per cent to 15 per cent and the increase in the basic personal amount to $9,600, both effective January 1, 2007. Program expenses were up $7.9 billion, or 6.7 per cent, due to higher transfer payments and operating expenses of departments and agencies. Public debt charges were down $0.2 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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