September 2017
Fiscal Monitor for April – July 2017 Budget Outlook improving compare to Last Budget
The federal government posted a budgetary deficit of $193 million in July 2017, compared to deficit of $1.8 billion in July 2016. This improvement was largely attributable to strong growth in tax revenue, up 9.5% over the same period last year.
For the first four months of fiscal year 2017-18, the federal government recorded a deficit of $109 million, compared to a deficit of $2.8 billion for the same period in 2016-17.
Deficit for 2016-17 Much Lower than Forecast: Future Deficits Could Also Be Lower Final audited financial results for 2016-17 were released on September 19th by the Department of Finance in the Annual Financial Report. The deficit for 2016-17 was reporte
Final audited financial results for 2016-17 were released on September 19th by the Department of Finance in the Annual Financial Report. The deficit for 2016-17 was reported at $17.8 billion (about 0.8% of GDP) $11.6 billion lower than that forecast in the March 2016 Budget and $5.3 billion lower than the revised estimate contained in the March 2017 Budget. Over half of the better-than-expected outcome relative to the March 2016 Budget was attributable to the inclusion of a $6 billion Contingency Reserve, which was not required.
Fiscal Monitor for April – May 2017: A Small Surplus That Is Not Expected to Last
For the first two months of fiscal year 2017-18, the federal government posted a surplus of $68 million, compared to a surplus of $114 million from the same period in 2016-17. The slight deterioration in the surplus was largely attributable to a 28.3% year-over-year increase in the Canada Child Benefit, reflecting the 2016 Budget measures, which came into effect in July 2016.
