Ottawa, January 23, 2007
2007-005
Related document:
The Fiscal Monitor -
November 2006
The Honourable Jim Flaherty, Minister of Finance, today
released The Fiscal Monitor for November 2006.
Highlights
November 2006: budgetary surplus of $0.3 billion
There was a budgetary surplus of $0.3 billion in November
2006, slightly higher than the restated $0.1-billion surplus in November
2005. Budgetary revenues increased by $1.0 billion, or 6.0 per cent,
due to strong growth in personal income tax revenues and a large gain in
non-resident withholding taxes, partly offset by lower excise taxes and
duties. Program expenses increased by $1.1 billion, or 7.8 per cent,
reflecting increases in transfer payments and departmental operating
expenses. Public debt charges were down $0.3 billion.
April to November 2006: budgetary surplus of $6.1 billion
For the first eight months of the 200607 fiscal year, the
budgetary surplus is estimated at $6.1 billion, down $0.5 billion from the
$6.6-billion surplus posted in the same period of 200506. Budgetary
revenues rose $6.4 billion, or 4.6 per cent, reflecting solid growth in
income tax revenues, partly offset by declines in excise taxes and
employment insurance premium revenues. Program expenses were up $7.1
billion, or 6.4 per cent, due to both higher transfers and other program
expenses. Public debt charges were down $0.1 billion.
Please note:
Beginning with the April Fiscal Monitor, to
facilitate comparison with the 200607 monthly results, revenues and
expenses from 2005 have been restated on a gross reporting basis, consistent
with the presentation in Budget 2006. As well, revenues have been restated
to evenly distribute the cost of the retroactive increase in the basic
personal amount and the reduction of the 16-per-cent tax rate to 15 per cent
for the 2005 taxation year. The restatement of revenues also has an impact
on reported surpluses for the April-to-December 2005 period.
The Fiscal Monitor is a monthly document that provides
highlights of the federal government's fiscal performance, including
monthly revenues, expenses, the budgetary balance and the financial
source/requirement.
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For further information, media may contact:
Eric Richer
Press Secretary
Office of the Minister of Finance
613-996-7861
David Gamble
Media Relations
Department of Finance
613-996-8080
