Ottawa, September 24, 2010
2010-084

Archived - Release of The Fiscal Monitor - July 2010

Archived information

Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.

Related document:


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

HIGHLIGHTS

July 2010: budgetary deficit of $0.5 billion

There was a budgetary deficit of $0.5 billion in July 2010, compared to a deficit of $5.8 billion in July 2009.

Revenues increased by $1.9 billion, or 10.5 per cent, largely reflecting higher personal and corporate income tax revenues. Program expenses were down $3.6 billion, or 16.6 per cent, primarily reflecting one-time support provided to the automotive industry in 2009–10, as well as lower operating expenses of departments and agencies, including National Defence. Public debt charges increased by $0.2 billion.

April to July 2010: budgetary deficit of $7.7 billion

For the first four months of the 2010–11 fiscal year, the budgetary deficit stood at $7.7 billion, compared to a budgetary deficit of $18.3 billion reported in the same period of 2009–10. About $5 billion of the $7.7-billion deficit was attributable to actions taken under Canada’s Economic Action Plan, including tax reductions, Employment Insurance related measures, and infrastructure funding. Revenues were up $3.9 billion, or 5.5 per cent, reflecting higher Goods and Services Tax and personal income tax revenues. Program expenses were down $6.8 billion, or 8.6 per cent, largely reflecting one-time support provided to the automotive industry in 2009–10. Public debt charges were up $0.1 billion on a year-over-year basis.

____________________________________
For further information, media may contact:

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

Jack Aubry
Media Relations
Department of Finance
613-996-8080

To receive e-mail notification of all news releases, please register at www.fin.gc.ca/scripts/register-eng.asp