Ottawa, September 24, 2010
2010-084
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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for July 2010.
There was a budgetary deficit of $0.5 billion in July 2010, compared to a deficit of $5.8 billion in July 2009.
Revenues increased by $1.9 billion, or 10.5 per cent, largely reflecting higher personal and corporate income tax revenues. Program expenses were down $3.6 billion, or 16.6 per cent, primarily reflecting one-time support provided to the automotive industry in 2009–10, as well as lower operating expenses of departments and agencies, including National Defence. Public debt charges increased by $0.2 billion.
For the first four months of the 2010–11 fiscal year, the budgetary deficit stood at $7.7 billion, compared to a budgetary deficit of $18.3 billion reported in the same period of 2009–10. About $5 billion of the $7.7-billion deficit was attributable to actions taken under Canada’s Economic Action Plan, including tax reductions, Employment Insurance related measures, and infrastructure funding. Revenues were up $3.9 billion, or 5.5 per cent, reflecting higher Goods and Services Tax and personal income tax revenues. Program expenses were down $6.8 billion, or 8.6 per cent, largely reflecting one-time support provided to the automotive industry in 2009–10. Public debt charges were up $0.1 billion on a year-over-year basis.
For further information, media may contact:
Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
