Canada Releases Fiscal Monitor For February 2010
The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for February 2010.
February 2010: budgetary deficit of $0.9 billion.
There was a budgetary deficit of $0.9 billion in February 2010, compared to a surplus of $0.8 billion in February 2009.
The February 2010 deficit reflects the impact of the weaker economy on the Government’s finances, as well as measures introduced under Canada’s Economic Action Plan.
Revenues were up $0.8 billion from February 2009, driven by increases in corporate income tax revenues and Goods and Services Tax revenues. Program expenses increased by $2.5 billion compared to February 2009, reflecting increased transfer payments and higher operating expenses of Crown corporations, departments and agencies.
Public debt charges decreased by $29 million compared to February 2009.
April 2009 to February 2010: budgetary deficit of $40.5 billion
For the first 11 months of the 2009–10 fiscal year, the budgetary deficit was $40.5 billion, compared to a surplus of $1.3 billion reported in the same period of 2008–09.
Close to $18 billion of the $40.5-billion deficit was attributable to actions taken under Canada’s Economic Action Plan. Revenues were down $16.9 billion, or 7.9 per cent, reflecting declines across most revenue streams.
Program expenses were up $26.4 billion, or 14.4 per cent, mainly reflecting higher Employment Insurance benefit payments, higher transfers to other levels of government and support for the automotive industry.
Public debt charges were down $1.5 billion on a year-over-year basis, reflecting lower interest rates.
Year-end results will reflect financial results for March, as well as regular end-of-year adjustments that will be made once further information becomes available, including the accrual of tax revenues reflecting assessments of tax returns and valuation adjustments for assets and liabilities.
Topics: 2010, assets, automotive industry, business, Canada, Canadians, Crown corporations, economic action plan, Economic Club of Canada, economic development, economic growth, economic recovery, Economy, employment, employment insurance benefits, export, February 2010, financial services, Fiscal Monitor, free trade, FTA, Good and Services Tax Revenues, Governance, government, Government of Canada, income tax, information, investment, jobs, liabilities, moniter, monitor, news, Parliament, payments, province, public debt, seafood, society, tax returns, tax revenues, trade, U.S., United States, Vat, wood products
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