DEFICIT FOR 2016-17 COULD BE $3 BILLION LOWER THAN FORECAST IN NOVEMBER UPDATE

 

The November 2016 Update forecasts a deficit of $25.1 billion for 2016-17.  Based on the financial results to date, public debt charges could be as much as $1 billion lower than forecast in the Update, while direct program expenses could be at least $2 billion lower.  Budgetary revenues appear to be on track, with differences in components offsetting each other.  On balance, the final outcome for 2016-17 could be at least $3 billion lower than forecast in the November Update.

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THE FINANCE MINISTER SHOULD INCLUDE A PRUDENCE RESERVE IN HIS BUDGET

 

 

The Parliamentary Budget Office (PBO) recently released its assessment of the federal government’s Fall Economic Statement and offered a number of issues for consideration by parliamentarians.  One of these related to the inclusion of prudence in the government’s economic forecast.

 

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WHY CREATE AN INDEPENDENT INFRASTRUCTURE BANK?

 

 

The Finance Minister’s Advisory Council on Economic Growth recently released its first report, concluding that its objective is to come up with ideas “that will more than double Canada’s growth trajectory”.

 

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THE FINANCE MINISTER JUST TABLED HIS 2017 BUDGET

 

 

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Fiscal Monitor for April – August 2016

 

The federal government reported a deficit of $2.7 billion in July 2016, up $0.4 billion from that reported in July 2015, as increases in program expenses more than offset increases in revenues and a decline in public debt charges. As a result, for the first five months of the 2016-17 fiscal year, the federal government posted a deficit of $5.4 billion, compared to a surplus of $2.8 billion in the same period in 2015-16.

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TOUGH BUDGET DECISIONS LIE AHEAD

Public consultations for the 2017 federal Budget, scheduled for before the end of March, are well underway.  The House of Commons Standing Committee on Finance began its hearings in September, with its report expected before the House winter break.  Finance Minister Bill Morneau has also launched his own consultations, primarily through town hall meetings and on-line submissions.

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