Release of the Fiscal Monitor – October 2006

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The following News Release or Speech has just been posted on the Finance Canada Site.

Release of The Fiscal Monitor

The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for October 2006.

October 2006: budgetary surplus of $0.4 billion
There was a budgetary surplus of $0.4 billion in October 2006, compared to a $1.6-billion surplus in October 2005. Revenues decreased by $0.2 billion, or 1.0 per cent, reflecting both the goods and services tax (GST) rate reduction and a number of one-time factors affecting income tax revenues. Program expenses increased by $1.0 billion, or 7.0 per cent, reflecting increases in transfer payments and departmental operating expenses. Transfer payments, which account for about two-thirds of total program expenses, increased by $0.6 billion, or 6.3 per cent. Public debt charges were down $19 million.

April to October 2006: budgetary surplus of $5.8 billion
For the first seven months of the 2006–07 fiscal year, the budgetary surplus is estimated at $5.8 billion, down $0.7 billion from the $6.5-billion surplus posted in the same period of 2005–06. Revenues were up $5.4 billion, or 4.4 per cent, reflecting solid growth in income tax revenues, partially offset by declines in excise taxes and employment insurance (EI) premium revenues. Program expenses were up $6.0 billion, or 6.2 per cent, due to both higher transfers and other program expenses. This includes transfers to other levels of government, which were up $1.5 billion, or 6.9 per cent. Public debt charges were up $0.1 billion.


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