Archived - Release of The Fiscal Monitor for December 2014

February 27, 2015 – Ottawa, Ontario – Department of Finance

Finance Minister Joe Oliver today released The Fiscal Monitor for December 2014.

There was a budgetary surplus of $2.4 billion in December 2014, compared with a surplus of $1.2 billion in December 2013. The transfer of General Motors common shares to Ontario raised the budgetary surplus by $0.9 billion.

Revenues increased by $1.0 billion, or 4.3 per cent, as increases in corporate income tax revenues and other revenues were partially offset by a decrease in personal income tax revenues. Program expenses decreased by $0.2 billion, or 1.2 per cent, largely reflecting a decrease in direct program expenses, offset in part by an increase in major transfers to other levels of government. Public debt charges increased by $32 million, or 1.5 per cent.

• For the April to December 2014 period of the 2014–15 fiscal year, the Government posted a budgetary deficit of $0.9 billion, compared with a deficit of $12.2 billion reported in the same period of 2013–14.
• During the same period, revenues were up $7.3 billion, or 3.8 per cent, reflecting increases in all revenue sources.
• Program expenses were down $3.5 billion, or 1.9 per cent, reflecting a decrease in direct program expenses, offset in part by increases in major transfers to persons and other levels of government.
• Public debt charges were down $0.4 billion, or 2.1 per cent, largely reflecting a lower average effective interest rate on bonds.

• The Fiscal Monitor
• Future Release Dates of The Fiscal Monitor
• Update of Economic and Fiscal Projections

Nicholas Bergamini
Press Secretary
Office of the Minister of Finance
613-369-5696

Stéphanie Rubec
Media Relations
Department of Finance
613-369-4000