Ottawa, April 30, 2010
2010-036

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for February 2010.

Highlights

February 2010: budgetary deficit of $0.9 billion

There was a budgetary deficit of $0.9 billion in February 2010, compared to a surplus of $0.8 billion in February 2009. The February 2010 deficit reflects the impact of the weaker economy on the Government's finances, as well as measures introduced under Canada's Economic Action Plan. Revenues were up $0.8 billion from February 2009, driven by increases in corporate income tax revenues and Goods and Services Tax revenues. Program expenses increased by $2.5 billion compared to February 2009, reflecting increased transfer payments and higher operating expenses of Crown corporations, departments and agencies. Public debt charges decreased by $29 million compared to February 2009.

April 2009 to February 2010: budgetary deficit of $40.5 billion

For the first 11 months of the 2009–10 fiscal year, the budgetary deficit was $40.5 billion, compared to a surplus of $1.3 billion reported in the same period of 2008–09. Close to $18 billion of the $40.5-billion deficit was attributable to actions taken under Canada's Economic Action Plan. Revenues were down $16.9 billion, or 7.9 per cent, reflecting declines across most revenue streams. Program expenses were up $26.4 billion, or 14.4 per cent, mainly reflecting higher Employment Insurance benefit payments, higher transfers to other levels of government and support for the automotive industry. Public debt charges were down $1.5 billion on a year-over-year basis, reflecting lower interest rates.

Year-end results will reflect financial results for March, as well as regular end-of-year adjustments that will be made once further information becomes available, including the accrual of tax revenues reflecting assessments of tax returns and valuation adjustments for assets and liabilities.

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For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861

David Barnabe
Media Relations
Department of Finance
613-996-8080

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