Ottawa, August 30, 2013
2013-109

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for June 2013.

Highlights

June 2013: budgetary surplus of $0.2 billion

There was a budgetary surplus of $0.2 billion in June 2013, compared with a deficit of $1.0 billion reported in June 2012, reflecting, in part, the monthly timing of revenue receipts, which raised the deficit in May but contributed to the surplus in June.

Revenues increased by $2.1 billion, or 10.1 per cent, reflecting increases in all revenue streams. Program expenses increased by $1.2 billion, or 6.3 per cent, largely reflecting an increase in direct program expenses. Public debt charges decreased by $0.3 billion, or 10.3 per cent.

April to June 2013: budgetary deficit of $2.6 billion

For the April to June 2013 period of the 2013–14 fiscal year, the budgetary deficit stood at $2.6 billion, compared with a deficit of $2.8 billion reported in the same period of 2012–13.

Revenues were up $2.7 billion, or 4.3 per cent, reflecting higher income tax revenues, Employment Insurance premium revenues and other revenues. Program expenses were up $2.6 billion, or 4.5 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses. Public debt charges were down $0.2 billion, or 2.0 per cent.

Quarterly Update to the Fiscal Outlook

In accordance with the Government’s commitment made in the Federal Accountability Action Plan to update government fiscal forecasts for the current fiscal year on a quarterly basis, the June 2013 Fiscal Monitor provides an update of the fiscal outlook for 2013–14.

The financial results for the first three months of the fiscal year provide limited information with respect to the outlook for the year as a whole. That being said, the financial results for the April to June 2013 period and recent economic developments suggest that the fiscal projection presented in Economic Action Plan 2013 is on track. 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:

Kathleen Perchaluk
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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