Archived - Release of The Fiscal Monitor

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Government reports a $1.1-billion surplus in December, remains on track to balance the budget in 2015

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

Finance Minister Jim Flaherty today released The Fiscal Monitor for December 2013.

There was a budgetary surplus of $1.1 billion in December 2013, compared with a deficit of $0.7 billion in December 2012.

Revenues increased by $1.7 billion, or 7.9 per cent, reflecting increases in most revenue streams. Program expenses increased by $0.1 billion, or 0.5 per cent, while public debt charges decreased by $0.2 billion, or 9.6 per cent.

Quick Facts

  • For the April to December 2013 period of the 2013–14 fiscal year, the budgetary deficit stood at $12.7 billion, compared with a deficit of $14.4 billion reported in the same period of 2012–13.
  • Revenues were up $7.5 billion, or 4.1 per cent, reflecting increases in personal income tax, non-resident income tax, Goods and Services Tax, Employment Insurance premium and other revenues.
  • Program expenses were up $6.2 billion, or 3.5 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses, including the impact of the 2013 Alberta flood. Public debt charges were down $0.3 billion, or 1.5 per cent.

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Marie Prentice
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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