The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for February 2008.
February 2008: budgetary surplus of $2.9 billion
There was a budgetary surplus of $2.9 billion in February 2008, compared to a surplus of $4.7 billion in February 2007. Budgetary revenues were down $0.1 billion, or 0.5 per cent, due to lower corporate income tax, goods and services tax and Employment Insurance premium revenues. Program expenses increased by $1.7 billion, or 11.0 per cent, reflecting higher transfer payments and operating expenses of departments and agencies. Public debt charges decreased by $0.1 billion.
April 2007 to February 2008: budgetary surplus of $10.4 billion after cost of measures
For the first 11 months of the 2007–08 fiscal year, the budgetary surplus is estimated at $12.9 billion, down $2.4 billion from the $15.3-billion surplus reported in the same period of 2006–07. Budgetary revenues increased by $9.6 billion, or 4.5 per cent, driven by gains in income tax and other revenues. Program expenses were up $12.5 billion, or 7.6 per cent, due to higher transfer payments and operating expenses of departments and agencies. Public debt charges were down $0.5 billion, reflecting reductions in market debt.
The monthly results through February do not reflect $2.5 billion in 2007–08 measures announced earlier this year, including the Community Development Trust, the Public Transit Capital Trust 2008 and the Police Officers Recruitment Fund. 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 $12.9-billion year-to-date surplus would yield a surplus of $10.4 billion.
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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