The  Department of Finance reports a $1.1-billion deficit in April and May 2014; the  Government remains on track to balance the budget in 2015

Ottawa, Ontario– Department of Finance

Finance Minister Joe  Oliver today released The Fiscal Monitor for April and May 2014.

There was a budgetary  deficit of $1.1 billion in the April to May 2014 period, compared with a $2.7-billion  deficit for the same period in the previous year.

Revenues increased by  $1.6 billion, or 3.8 per cent, largely reflecting increases in income taxes and  excise taxes and duties.  Program expenses were up $0.2 billion, or 0.6 per cent, as increases in major  transfers to persons and other levels of government were largely offset by a  decrease in direct program expenses.

Public debt charges  decreased by $0.2 billion, or 3.1 per cent, reflecting a lower stock of market  debt as a result of assets maturing under the Insured Mortgage Purchase Program  in 2013-2014, as well as a lower average effective interest rate on bonds.

Quick Facts

• Corporate income tax revenues were up $0.6  billion, or 12.1 per cent, in the April to May 2014 period while personal  income tax revenues rose $0.8 billion, or 3.9 per cent.
• Major  transfers to persons, consisting of elderly benefits, Employment Insurance  benefits and children’s benefits, increased by $0.3 billion, or 2.7 per cent.
• Direct program expenses in the April to May 2014  period were down $0.5 billion, or 2.9 per cent, from the same period in the  prior year.

src:news.gc.ca