Ottawa, September 30, 2011
2011-088

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for July 2011.

Highlights

July 2011: budgetary deficit of $1.6 billion

There was a budgetary deficit of $1.6 billion in July 2011, compared to a deficit of $0.5 billion in July 2010.

Revenues decreased by $0.2 billion, or 1.1 per cent, reflecting decreases in most revenue streams, partially offset by an increase in personal income tax revenues. Program expenses were up $0.8 billion, or 4.3 per cent, reflecting increases in transfer payments and other program expenses. Public debt charges increased by $0.1 billion.

April to July 2011: budgetary deficit of $7.1 billion

For the first four months of the 2011–12 fiscal year, the budgetary deficit stood at $7.1 billion, compared to a deficit of $7.7 billion reported in the same period of 2010–11.

Revenues were up $2.4 billion, or 3.2 per cent, primarily reflecting higher income tax revenues, which were partially offset by lower Goods and Services Tax revenues. Program expenses were up $1.0 billion, or 1.4 per cent. Public debt charges were up $0.8 billion.

For further information, media may contact:

Mary Ann Dewey-Plante
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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