Ottawa, August 31, 2012
2012-102

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for June 2012.

Highlights

June 2012: budgetary deficit of $1.1 billion

There was a budgetary deficit of $1.1 billion in June 2012, compared to a deficit of $2.3 billion in June 2011.

Revenues increased by $0.8 billion, or 4.2 per cent, largely reflecting increases in personal and corporate income tax revenues. Program expenses decreased by $0.2 billion, or 1.3 per cent, reflecting lower other program expenses, offset in part by higher transfer payments. Public debt charges decreased by $41 million, or 1.6 per cent.

April to June 2012: budgetary deficit of $2.0 billion

For the first three months of the 2012–13 fiscal year, the budgetary deficit stood at $2.0 billion, compared to a deficit of $4.2 billion reported for the same period of 2011–12.

Revenues were up $2.8 billion, or 4.7 per cent, reflecting higher income tax revenues, excise taxes and duties, and Employment Insurance premium revenues. Program expenses were up $1.0 billion, or 1.8 per cent, reflecting higher transfer payments. Public debt charges were down $0.4 billion.

The financial results through the first three months of the fiscal year are broadly consistent with those projected for 2012–13 in Budget 2012. However, recent economic developments suggest that there are downside risks to the fiscal outlook. An update of the economic and fiscal outlook for this year and beyond will be provided in the fall in the Update of Economic and Fiscal Projections.

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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