Ottawa, November 26, 2010
2010-114

Archived - Release of The Fiscal Monitor

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

Highlights

September 2010: budgetary deficit of $3.9 billion

There was a budgetary deficit of $3.9 billion in September 2010, compared to a deficit of $5.0 billion in September 2009.

Revenues increased by $2.0 billion, or 13.1 per cent, reflecting growth in most revenue streams. Program expenses were up $0.6 billion, or 3.1 per cent, reflecting both higher transfer payments and higher other program expenses. Public debt charges increased by $0.4 billion.

April to September 2010: budgetary deficit of $17.4 billion

For the first six months of the 2010–11 fiscal year, the budgetary deficit stood at $17.4 billion, compared to a deficit of $28.6 billion reported in the same period of 2009–10. Roughly $9 billion of the $17.4-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 $7.8 billion, or 7.6 per cent, primarily reflecting higher Goods and Services Tax and personal and corporate income tax revenues. Program expenses were down $3.7 billion, or 3.2 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 up $0.3 billion on a year-over-year basis.

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For further information, media may contact:

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

Jack Aubry
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Department of Finance
613-996-8080

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