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Ottawa, November 15, 2006
2006-067

Release of The Fiscal Monitor

Related document:

• The Fiscal Monitor - September 2006

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

Highlights

There was a budgetary deficit of $1.4 billion in September 2006, compared to a $0.2-billion surplus in September 2005. Revenues increased by $0.3 billion, or 2.0 per cent, driven by strong growth in income tax revenues, partially offset by a drop in goods and services tax (GST) revenues, reflecting the cut to the GST rate on July 1, 2006. Program expenses increased by $1.8 billion, or 13.2 per cent, reflecting increases in transfer payments and departmental operating expenses. Public debt charges were up $72 million.

For the first six months of the 2006–07 fiscal year, the budgetary surplus is estimated at $5.3 billion, up $0.4 billion from the $4.9-billion surplus posted in the same period of 2005–06. Revenues were up $5.6 billion, or 5.3 per cent, driven by strong growth in income tax revenues, slightly offset by declines in excise taxes and employment insurance premium revenues. Program expenses were up $5.0 billion, or 6.1 per cent, due to both higher transfers and other program expenses. Public debt charges were up $0.2 billion.

In keeping with the 2006 budget commitment to provide quarterly updates of the fiscal forecast for the current year, an updated forecast will be published in The Economic and Fiscal Update.

The Fiscal Monitor is a monthly document that provides highlights of the federal government’s fiscal performance, including monthly revenues, expenses, the budgetary balance and the financial source/requirement.

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