The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for August 2013.
There was a budgetary deficit of $2.3 billion in August 2013, compared with a deficit of $3.0 billion reported in August 2012.
Revenues increased by $0.1 billion, or 0.6 per cent, as increases in income tax revenues, Employment Insurance (EI) premium revenues and other revenues were offset by decreases in Goods and Services Tax revenues and other excise taxes and duties. Program expenses decreased by $0.8 billion, or 3.8 per cent, as increases in major transfers to persons and other levels of government were more than offset by a decrease in direct program expenses. Public debt charges increased by $0.1 billion, or 6.4 per cent.
For the April to August 2013 period of the 2013–14 fiscal year, the budgetary deficit stood at $6.8 billion, compared with a deficit of $7.2 billion reported in the same period of 2012–13.
Revenues were up $2.3 billion, or 2.2 per cent, reflecting increases in personal income tax revenues, EI premium revenues and other revenues. Program expenses were up $1.8 billion, or 1.9 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses. Public debt charges were up $0.1 billion, or 0.6 per cent.
The Government remains on track to balance the budget in 2015. Updated economic and fiscal projections will be provided in the Update of Economic and Fiscal Projections later this fall.
