Ottawa posts massive deficit
Ottawa says it posted a $6.7 billion deficit in March, the first monthly shortfall after three consecutive surpluses.
The end of the fiscal year setback was expected as last year March's deficit was even worse at $8.0 billion.
But for the year as a whole that ended March 31, the federal government remains on pace to beat its budget target of a $16.6 billion shortfall.
Before the usual final accounting adjustments, the accumulated deficit for the 2013-14 fiscal year currently sits at $12.1 billion, which puts the federal government more than $4 billion ahead of pace of its projections.
The Department of Finance says revenue increases of 5.2 per cent — $13.2 billion over last year — were the main reason for the improved balance position.
Program expenses also rose, but at a more moderate 2.8 per cent pace, or $6.8 billion more than last year.
Public debt charges were down about $176 million.
Comments on this story are pre-moderated and approval times may vary. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines. Keep it clean, keep it civil, keep it truthful, stay on topic and be responsible. Comments are open and welcome for three days after the story is published. We reserve the right to close comments before then. Comments that appear on the site are not the opinion of Castanet, but only of the comment writer.
Read more Canada News
- Traffic stop payoutVernon / N. Okanagan - 12:17 pm
- Ross Gorman passes awayWest Kelowna - 3:01 pm
- Candidates' forumMunicipal Elections 2014 - 2:55 pm
- Officer charged with murderBC - 11:52 am