Ottawa, May 31, 2013
Archived - Release of The Fiscal Monitor
The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for March 2013.
March 2013: budgetary deficit of $6.5 billion
There was a budgetary deficit of $6.5 billion in March 2013, compared to a deficit of $9.0 billion in March 2012.
Revenues decreased by $1.2 billion, or 4.8 per cent, reflecting a decrease in income tax revenues. Program expenses decreased by $3.4 billion, or 10.8 per cent, largely due to a decrease in major transfers to other levels of government, reflecting the one-time accrual of $2.2 billion in federal assistance to Quebec for sales tax harmonization in March 2012, and a decrease in direct program expenses. Public debt charges decreased by $0.3 billion, or 10.2 per cent.
April 2012 to March 2013: budgetary deficit of $18.3 billion
For the April 2012 to March 2013 period of the 2012–13 fiscal year, the budgetary deficit stood at $18.3 billion, compared to a deficit of $21.6 billion reported in the same period of 2011–12.
Revenues were up $3.9 billion, or 1.6 per cent, reflecting higher income tax revenues, excise taxes and duties, and Employment Insurance (EI) premium revenues. Program expenses were up $2.7 billion, or 1.1 per cent, reflecting increases in major transfers to persons and other levels of government, offset in part by a decrease in direct program expenses. Public debt charges were down $2.0 billion, or 6.5 per cent.
The April 2012 to March 2013 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 $25.9 billion projected for 2012–13 in the March 21, 2013 budget.
The Government will release the final audited outcome for 2012–13 in the Annual Financial Report of the Government of Canada in the fall.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance