Ottawa, September 28, 2012
The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for July 2012.
There was a budgetary deficit of $1.1 billion in July 2012, compared to a deficit of $1.7 billion in July 2011.
Revenues increased by $0.2 billion, or 0.8 per cent, as increases in excise taxes and duties and in non-resident income tax revenues were largely offset by lower corporate income tax and other revenues. Program expenses decreased by $0.1 billion, or 0.4 per cent, reflecting lower transfer payments, offset in part by higher other program expenses. Public debt charges decreased by $0.4 billion, or 14.2 per cent, largely reflecting a lower Consumer Price Index adjustment on real return bonds.
For the first four months of the 2012–13 fiscal year, the budgetary deficit stood at $3.0 billion, compared to a deficit of $5.9 billion reported in the same period of 2011–12.
Revenues were up $3.0 billion, or 3.7 per cent, reflecting higher income tax revenues, excise taxes and duties, and Employment Insurance premium revenues. Program expenses were up $0.9 billion, or 1.2 per cent, largely reflecting higher transfer payments. Public debt charges were down $0.8 billion.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
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