The Fiscal Monitor

The Department of Finance reports a budgetary deficit of $0.3 billion in August 2014; the Government remains on track to balance the budget in 2015

October 31, 2014 – Ottawa, Ontario – Department of Finance

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

There was a budgetary deficit of $0.3 billion in August 2014, compared with a deficit of $2.0 billion in August 2013.

Revenues decreased by $7 million, as increases in personal income tax and Goods and Services Tax revenues were offset by a decrease in corporate income tax revenues. Program expenses decreased by $1.6 billion, or 8.4 per cent, largely reflecting a decrease in direct program expenses. Public debt charges decreased by $0.1 billion, or 4.9 per cent.

Quick Facts

• For the April to August 2014 period of the 2014–15 fiscal year, the Government posted a budgetary deficit of $1.1 billion, compared with a deficit of $6.6 billion reported in the same period of 2013–14.
• Revenues were up $4.4 billion, or 4.2 per cent, reflecting increases in tax revenues and Employment Insurance premium revenues, which were partially offset by lower other revenues.
• Program expenses were down $1.0 billion, or 1.0 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 $0.1 billion, or 1.1 per cent.