Release of the Fiscal Monitor – January 2007

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The following Fiscal Monitor has just been posted on the Finance Canada Site.

Highlights

January 2007: budgetary surplus of $2.3 billion
There was a budgetary surplus of $2.3 billion in January 2007, up $0.7 billion from the $1.5-billion surplus in January 2006. Budgetary revenues rose $0.8 billion, or 3.9 per cent, due to strong growth in corporate income tax and non-resident withholding tax revenues, dampened by declines in other revenue streams. Program expenses decreased by $0.1 billion, or 0.3 per cent, reflecting a decrease in departmental operating expenses. Public debt charges were up $0.2 billion.

April 2006 to January 2007: budgetary surplus of $9.5 billion
The budgetary surplus is estimated at $9.5 billion for the first 10 months of the 2006–07 fiscal year, up from the $9.0-billion surplus posted in the same period of 2005–06. Budgetary revenues rose $8.6 billion, or 4.8 per cent, reflecting strong growth in income tax revenues, partially offset by declines in excise taxes and employment insurance (EI) premium revenues. Program expenses were up $7.8 billion, or 5.5 per cent, due to both higher transfers and other program expenses. Public debt charges were up $0.3 billion.

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