Ottawa, February 25, 2011
2011-017

Archived - Release of The Fiscal Monitor

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

Highlights

December 2010: budgetary deficit of $1.4 billion

There was a budgetary deficit of $1.4 billion in December 2010, compared to a deficit of $3.1 billion in December 2009.

Revenues increased by $1.6 billion, or 8.4 per cent, reflecting increases in personal and corporate income tax revenues and other revenues. Program expenses were down $0.5 billion, or 2.5 per cent. Public debt charges increased by $0.3 billion.

April to December 2010: budgetary deficit of $27.4 billion

For the first nine months of the 2010–11 fiscal year, the budgetary deficit stood at $27.4 billion, compared to a deficit of $39.4 billion reported in the same period of 2009–10. About $12 billion of the $27.4-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 $12.0 billion, or 7.7 per cent, primarily reflecting higher personal and corporate income tax revenues, Goods and Services Tax revenues and other revenues. Program expenses were down $1.0 billion, or 0.6 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 $1.0 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

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