Ottawa, November 23, 2007
2007-090
Related document:
The Fiscal Monitor - September 2007
The Honourable Jim Flaherty, Minister of Finance, today released The
Fiscal Monitor for September 2007.
Highlights
September 2007: budgetary surplus of $0.7 billion
There was a budgetary surplus of $0.7 billion in September 2007, compared
to a $1.3-billion deficit recorded in September 2006. Budgetary revenues
were up $2.6 billion, or 15.0 per cent, due primarily to strong growth in
income tax and non-tax revenues. Program expenses increased by $0.8 billion,
or 5.2 per cent, reflecting increases in transfer payments. Public debt
charges decreased by $0.2 billion.
April to September 2007: budgetary surplus of $9.3 billion
For the first six months of the 2007–08 fiscal year, the budgetary
surplus is estimated at $9.3 billion, up $3.4 billion from the $5.9-billion
surplus reported in the same period of 2006–07. Budgetary revenues increased
by $8.5 billion, or 7.7 per cent, reflecting growth across all income
streams, particularly income tax and non-tax revenues. Program expenses were
up $5.2 billion, or 6.0 per cent, due to higher transfer payments and
operating expenses of departments and agencies. Public debt charges were
down $0.2 billion.
The monthly results through September do not reflect the $4.8 billion in
tax cuts announced in the October 30, 2007 Economic Statement that will take
effect in 2007–08. These will be reflected over the remainder of the fiscal
year. Specifically, measures retroactive to January 2007 (the reduction of
the lowest personal income tax rate from 15.5 per cent to 15 per cent and
the increase in the basic personal amount to $9,600) will be reflected
beginning with the October 2007 Fiscal Monitor.
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 PothierPress SecretaryOffice of the Minister of Finance613-996-7861
David GambleMedia RelationsDepartment of Finance613-996-8080
