Archived - Release of The Fiscal Monitor

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The Department of Finance reports a budgetary surplus of $0.4 billion in September 2014; the Government remains on track to balance the budget in 2015

November 28, 2014 – Ottawa, Ontario – Department of Finance

Finance Minister Joe Oliver today released The Fiscal Monitor for September 2014.

There was a budgetary surplus of $0.4 billion in September 2014, compared with a deficit of $3.8 billion in September 2013. 

Revenues increased by $1.1 billion, or 5.4 per cent, primarily reflecting increased personal and corporate income tax revenues. Program expenses decreased by $2.9 billion, or 12.8 per cent, due largely to a decrease in direct program expenses, reflecting the recording in September 2013 of a liability for disaster assistance related to the 2013 flood in Alberta. Public debt charges decreased by $0.1 billion, or 5.4 per cent.  

Quick Facts

  • For the April to September 2014 period of the 2014–15 fiscal year, the Government posted a budgetary deficit of $0.7 billion, compared with a deficit of $10.3 billion reported in the same period of 2013–14.
  • These results are in line with this month’s Update of Economic and Fiscal Projections, and show that the Government’s low-tax plan to support jobs and growth and its track record of sound fiscal management put it on track to return to balanced budgets in 2015.
  • Revenues were up $5.5 billion, or 4.4 per cent, reflecting increased personal and corporate income tax revenues.   
  • Program expenses were down $3.8 billion, or 3.2 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 $0.3 billion, or 1.8 per cent.

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Media Contacts

Nicholas Bergamini
Press Secretary
Office of the Minister of Finance
613-369-5696

Stéphanie Rubec
Media Relations
Department of Finance
613-369-4000

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