Ottawa, October 22, 2010

Archived - Release of The Fiscal Monitor

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


August 2010: budgetary deficit of $5.8 billion

There was a budgetary deficit of $5.8 billion in August 2010, compared to a deficit of $5.3 billion in August 2009. 

Revenues increased by $1.9 billion, or 12.5 per cent, reflecting growth in most revenue streams. Program expenses were up $2.5 billion, or 14.2 per cent, primarily reflecting increased transfers to other levels of government, higher transfers to First Nations and increased infrastructure funding. Public debt charges decreased by $0.2 billion.

April to August 2010: budgetary deficit of $13.5 billion

For the first five months of the 2010–11 fiscal year, the budgetary deficit stood at $13.5 billion, compared to a deficit of $23.7 billion reported in the same period of 2009–10. Over $7 billion of the $13.5-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 $5.8 billion, or 6.7 per cent, primarily reflecting higher Goods and Services Tax and personal and corporate income tax revenues. Program expenses were down $4.3 billion, or 4.3 per cent, largely reflecting one-time support provided to the automotive industry in 2009–10, partially offset by increased transfers to other levels of government in 2010–11. Public debt charges were down $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

Jack Aubry
Media Relations
Department of Finance

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