October 26, 2007 2007-081
Related document:
The Fiscal Monitor - August
2007
The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for August 2007.
Highlights
August 2007: budgetary surplus of $0.9 billion
There was a budgetary surplus of $0.9 billion in August 2007, up $0.4 billion from the $0.5-billion surplus recorded in August 2006. Budgetary revenues were up $1.0 billion, or 5.9 per cent, reflecting strong gains in corporate income tax, goods and services tax and non-tax revenues. Program expenses increased by $0.7 billion, or 5.1 per cent, due to higher transfer payments and departmental operating expenses. Public debt charges were $0.1 billion lower.
April to August 2007: budgetary surplus of $8.7
billion
For the first five months of the 2007–08 fiscal year, the budgetary surplus is estimated at $8.7 billion, up $1.5 billion from the $7.2-billion surplus reported in the same period of 2006–07. Budgetary revenues increased by $5.9 billion, or 6.3 per cent, driven by both higher income tax revenues and non-tax revenues. Program expenses rose by $4.4 billion, or 6.2 per cent, reflecting increases in transfer payments and operating expenses of departments and agencies, including National Defence. Public debt charges were virtually unchanged.
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.
____________________________________ 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
