Ottawa, February 24, 2012
The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for December 2011.
There was a budgetary deficit of $0.4 billion in December 2011, compared to a deficit of $1.4 billion in December 2010.
Revenues increased by $1.4 billion, or 6.8 per cent, reflecting increases in most revenue streams. Program expenses were up $0.5 billion, or 2.7 per cent, reflecting an increase in transfer payments. Public debt charges decreased by $0.1 billion.
For the first nine months of the 2011–12 fiscal year, the budgetary deficit stood at $17.7 billion, compared to a deficit of $27.4 billion in the same period of 2010–11.
Revenues were up $7.1 billion, or 4.2 per cent, primarily reflecting higher income tax revenues, which were partially offset by lower Goods and Services Tax (GST) revenues and other revenues. Program expenses were down $3.0 billion, or 1.8 per cent. Public debt charges were up $0.4 billion.
For further information, media may contact:
Mary Ann Dewey-Plante
Office of the Minister of Finance
Department of Finance
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