Archived - Release of The Fiscal Monitor
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The Department of Finance reports a $1.6-billion surplus in June 2014; the Government remains on track to balance the budget in 2015
August 29, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver today released The Fiscal Monitor for June 2014.
There was a budgetary surplus of $1.6 billion in June 2014, compared to a surplus of $0.2 billion in June 2013.
Revenues increased by $0.9 billion, or 3.8 per cent, due mainly to higher revenues from non-resident income tax, excise taxes and duties, and Employment Insurance (EI) premiums. Program expenses decreased by $0.7 billion, or 3.2 per cent, largely reflecting a decrease in direct program expenses. Public debt charges increased by $0.1 billion, or 5.1 per cent.
- For the April to June 2014 period of the 2014–15 fiscal year, the Government posted a budgetary surplus of $0.4 billion, compared to a deficit of $2.6 billion reported in the same period of 2013–14.
- Revenues were up $2.5 billion, or 3.8 per cent, largely reflecting increased revenues from income taxes, the Goods and Services Tax and EI premiums.
- Program expenses were down $0.4 billion, or 0.7 per cent, reflecting a decrease in direct program expenses, offset in part by increases in major transfers to persons and other levels of government. Public debt charges were down $49 million, or 0.6 per cent.
- The financial results through the April to June 2014 period and economic developments since Budget 2014 suggest that the fiscal projection for 2014–15 presented in the budget is on track.
Director of Communications
Office of the Minister of Finance
Department of Finance