Archived - Release of The Fiscal Monitor

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The Department of Finance reports a budgetary deficit of $1.2 billion in July 2014; the Government remains on track to balance the budget in 2015

September 26, 2014 – Ottawa, Ontario – Department of Finance

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

There was a budgetary deficit of $1.2 billion in July 2014, compared to a deficit of $2.0 billion in July 2013. 

Revenues increased by $1.9 billion, or 9.5 per cent, due mainly to higher personal and corporate income tax revenues. Program expenses increased by $1.1 billion, or 5.8 per cent, largely reflecting increases in major transfers to other levels of government and direct program expenses. Public debt charges increased by $14 million, or 0.6 per cent.  

Quick Facts

  • For the April to July 2014 period of the 2014–15 fiscal year, the Government posted a budgetary deficit of $0.8 billion, compared to a deficit of $4.5 billion reported in the same period of 2013–14.
  • Revenues were up $4.4 billion, or 5.2 per cent, reflecting increases in tax revenues and Employment Insurance premium revenues, which were partially offset by a decrease in other revenues. 
  • Program expenses were up $0.7 billion, or 0.9 per cent, reflecting increases in major transfers to persons and other levels of government, offset in part by a decrease in direct program expenses. 
  • Public debt charges were down $35 million, or 0.3 per cent.

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Media Contacts

Nicholas Bergamini
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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