Archived - Release of The Fiscal Monitor
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The Department of Finance reports a $1.1-billion deficit in April and May 2014; the Government remains on track to balance the budget in 2015
July 25, 2014 – Ottawa, Ontario– Department of Finance
Finance Minister Joe Oliver today released The Fiscal Monitor for April and May 2014.
There was a budgetary deficit of $1.1 billion in the April to May 2014 period, compared with a $2.7-billion deficit for the same period in the previous year.
Revenues increased by $1.6 billion, or 3.8 per cent, largely reflecting increases in income taxes and excise taxes and duties. Program expenses were up $0.2 billion, or 0.6 per cent, as increases in major transfers to persons and other levels of government were largely offset by a decrease in direct program expenses.
Public debt charges decreased by $0.2 billion, or 3.1 per cent, reflecting a lower stock of market debt as a result of assets maturing under the Insured Mortgage Purchase Program in 2013-2014, as well as a lower average effective interest rate on bonds.
- Corporate income tax revenues were up $0.6 billion, or 12.1 per cent, in the April to May 2014 period while personal income tax revenues rose $0.8 billion, or 3.9 per cent.
- Major transfers to persons, consisting of elderly benefits, Employment Insurance benefits and children’s benefits, increased by $0.3 billion, or 2.7 per cent.
- Direct program expenses in the April to May 2014 period were down $0.5 billion, or 2.9 per cent, from the same period in the prior year.
Director of Communications
Office of the Minister of Finance
Department of Finance