Ottawa, July 29, 2011
2011-062
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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for April-May 2011.
For the first two months of the 2011–12 fiscal year (April and May), there was a budgetary deficit of $3.3 billion, compared to a deficit of $4.4 billion reported in the same period last year. By month, there was a deficit of $0.4 billion in April and a deficit of $2.9 billion in May.
For the two months combined, revenues increased by $1.1 billion, or 2.9 per cent.
This gain reflects higher personal income tax revenues, corporate income tax revenues and Employment Insurance (EI) premiums, partially offset by lower Goods and Services Tax (GST) revenues and other revenues.
Program expenses were down $0.7 billion, or 2.0 per cent, mainly reflecting lower transfer payments. Public debt charges increased by $0.7 billion reflecting Consumer Price Index adjustments on real return bonds and a higher stock of interest-bearing debt.
For further information, media may contact:
Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
