Ottawa, September 27, 2013
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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for July 2013.
There was a budgetary deficit of $2.0 billion in July 2013, compared with a deficit of $1.4 billion reported in July 2012.
Revenues decreased by $0.5 billion, or 2.6 per cent, reflecting a decrease in income tax revenues, partially offset by increases in excise taxes and duties, Employment Insurance premium revenues and other revenues. The decrease in income tax revenues reflects a decline in corporate income tax revenues due to timing issues that lowered July revenues but are expected to raise August revenues. Program expenses increased by $24 million, or 0.1 per cent, as increases in major transfers to persons and direct program expenses were largely offset by a decrease in major transfers to other levels of government. Public debt charges increased by $0.1 billion, or 3.8 per cent.
For the April to July 2013 period of the 2013–14 fiscal year, the budgetary deficit stood at $4.5 billion, compared with a deficit of $4.2 billion reported in the same period of 2012–13.
Revenues were up $2.1 billion, or 2.6 per cent, reflecting increases in nearly all revenue streams. Program expenses were up $2.6 billion, or 3.4 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses. Public debt charges were down $0.1 billion, or 0.7 per cent.
The fiscal outlook for 2013–14 remains on track with the projection set out in Budget 2013.
Marie Prentice
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
