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Department of Finance reports a $1.6-billion surplus in June 2014

Department of Finance reports a $1.6-billion surplus in June 2014

Finance Minister Joe Oliver released The Fiscal Monitor for June 2014 last week.

There was a budgetary surplus of $1.6 billion in June 2014, compared to a surplus of $0.2 billion in June 2013.

Revenues increased by $0.9 billion, or 3.8 per cent, due mainly to higher revenues from non-resident income tax, excise taxes and duties, and Employment Insurance (EI) premiums.  Program expenses decreased by $0.7 billion, or 3.2 per cent, largely reflecting a decrease in direct program expenses.  Public debt charges increased by $0.1 billion, or 5.1 per cent.

  • For the April to June 2014 period of the 2014–15 fiscal year, the Government posted a budgetary surplus of $0.4 billion, compared to a deficit of $2.6 billion reported in the same period of 2013–14.
  • Revenues were up $2.5 billion, or 3.8 per cent, largely reflecting increased revenues from income taxes, the Goods and Services Tax and EI premiums.
  • Program expenses were down $0.4 billion, or 0.7 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 $49 million, or 0.6 per cent.
  • The financial results through the April to June 2014 period and economic developments since Budget 2014 suggest that the fiscal projection for 2014–15 presented in the budget is on track.

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