Ottawa, May 25, 2012
The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for March 2012.
There was a budgetary deficit of $9.0 billion in March 2012, compared to a deficit of $6.2 billion reported in March 2011.
Revenues increased by $1.6 billion, or 6.8 per cent, reflecting increases in personal income tax revenues and other revenues. Program expenses were up $4.3 billion, or 16.3 per cent, primarily reflecting increases in major transfers to other levels of government and other program expenses. Public debt charges increased by $0.1 billion.
For the April 2011 to March 2012 period, the budgetary deficit stood at $23.5 billion, compared to a deficit of $34.4 billion reported in the same period of 2010–11.
Revenues were up $11.4 billion, or 4.9 per cent, primarily reflecting higher income tax revenues, which were partially offset by lower Goods and Services Tax revenues. Program expenses were up $0.4 billion, or 0.2 per cent. Public debt charges were up $0.1 billion.
The April 2011 to March 2012 monthly results are not the final results for the year as a whole. The final results will also reflect end-of-year adjustments that will be made once further information becomes available, including the accrual of tax revenues reflecting assessments of tax returns and valuation adjustments for assets and liabilities. Overall, the results to date are in line with the deficit of $24.9 billion projected for 2011–12 in the March 29, 2012 budget.
The Government will release the final audited outcome for 2011–12 in the Annual Financial Report of the Government of Canada in the fall.
For further information, media may contact:
Mary Ann Dewey-Plante
Office of the Minister of Finance
Department of Finance
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