Ottawa, November 29, 2013
2013-154
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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for September 2013.
There was a budgetary deficit of $3.8 billion in September 2013, compared with a deficit of $2.2 billion reported in September 2012. The September 2013 results reflect two significant one-time transactions that occurred during the month: the recording of a $2.8-billion liability for disaster assistance for the 2013 flood in Alberta, and a $0.7-billion gain realized on the sale of 30 million shares of General Motors common stock. Absent the impact of these two one-time factors, the deficit for September 2013 would have been $1.7 billion.
Revenues increased by $2.1 billion, or 10.8 per cent, as increases in personal income tax, Goods and Services Tax (GST) and other revenues were partially offset by a decrease in corporate income tax revenues. Program expenses increased by $3.6 billion, or 19.0 per cent, largely reflecting the accrual of a liability for disaster assistance related to the 2013 Alberta flood. Public debt charges increased by $0.1 billion, or 3.7 per cent.
For the April to September 2013 period of the 2013–14 fiscal year, the budgetary deficit stood at $10.7 billion, compared with a deficit of $9.4 billion reported in the same period of 2012–13. Absent the impact of the one-time factors discussed above related to disaster assistance for the 2013 Alberta flood and the gain realized on the sale of General Motors common stock, the deficit for the April to September 2013 period would have been $8.6 billion.
Revenues were up $4.3 billion, or 3.5 per cent, reflecting increases in personal income tax, GST, Employment Insurance premium and other revenues. Program expenses were up $5.4 billion, or 4.6 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses. Public debt charges were up $0.2 billion, or 1.1 per cent.
The Government remains on track to balance the budget in 2015.
