Ottawa, April 26, 2007
2007-037
Related document:
The Fiscal Monitor February 2007
The Honourable Jim Flaherty, Minister of Finance, today
released The Fiscal Monitor for February 2007.
Highlights
February 2007: budgetary surplus of $4.6 billion
There was a budgetary surplus of $4.6 billion in February
2007, up $0.6 billion from the $3.9-billion surplus in February 2006.
Budgetary revenues rose $1.8 billion, or 8.6 per cent, due primarily to
strong growth in corporate income tax revenues, partially offset by a
decline in goods and services tax revenues resulting from the July 1, 2006,
rate reduction. Program expenses increased by $1.2 billion, or 8.3 per cent,
reflecting an increase in transfer payments and departmental operating
expenses. Public debt charges were virtually unchanged.
April 2006 to February 2007: budgetary surplus of $9.2 billion,
including the cost of Budget 2007 proposals
The budgetary surplus is estimated at $14.1 billion for the
first 11 months of the 200607 fiscal year, up from the $13.0-billion
surplus posted in the same period of 200506. Budgetary revenues rose
$10.4 billion, or 5.2 per cent, reflecting strong growth in income
tax revenues. Program expenses were up $9.0 billion, or 5.7 per cent, due to
both higher transfers and other program expenses. Public debt charges were
up $0.3 billion.
The results to date are broadly consistent with the Budget
2007 projection of a final surplus of $9.2 billion for 200607.
The monthly results through February do not reflect $4.9 billion in
measures announced in Budget 2007 and which will take effect in 200607,
including the new child tax credit, the Canada ecoTrust for Clean Air
and Climate Change, and the Patient Wait Times Guarantee Trust. The cost
of these measures will be reflected in March and the end-of-year
supplementary period. Deducting the cost of these measures from the
$14.1-billion year-to-date surplus would yield a surplus of $9.2 billion.
The final outcome for 200607 will be determined by results in March
and the end-of-year supplementary 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:
Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861
David Gamble
Media Relations
Department of Finance
613-996-8080
