Ottawa closer to balanced budget after deficit shrank to $1.1 billion in July


OTTAWA – The federal government says its deficit shrank to $1.1 billion in July, an improvement from last year’s $1.7-billion shortfall that takes it closer to its goal of balancing the budget.

For the first four months of fiscal year, the deficit shrank to $3 billion compared with $5.9 billion for the same period last year.

As a result, Ottawa appears to be on track to meet its budget projection of a $21.1-billion deficit for the 2012-13 fiscal year, almost $4 billion lower than the previous year.

The government says revenues increased by $153 million, or 0.8 per cent, in July while program expenses declined by $72 million.

For the first third of the year, revenues were up $3 billion, or 3.7 per cent. Program expenses were also up but not as much — by $933 million, or 1.2 per cent.

The government says charges to service the national debt were down by $826 million in the first four months.

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Ottawa closer to balanced budget after deficit shrank to $1.1 billion in July

  1. The Harper Government hasn’t released public budget documents since 2010 (which is why they were found in Contempt of Parliament in 2011.) So who knows what the real numbers are? When Flaherty was finance minister in ON, he said a $5.6B deficit was a balanced budget.

    Long gone are the days when Canadians could depend on the budget numbers the government was releasing to the public.

    The Budget Officer Harper appointed is on the verge of suing the government for access. He has been very critical of the government’s methods: “They’re way past normal in terms of using normal practices. … That’s unprecedented… There’s no accountability framework at all.”

    Page won’t rule out legal action in fight with feds over details on $37-billion cuts

  2. We might want to suggest that the Canadian press begin using the word “claims” rather than “says” when it comes to any CPC release.

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