Finance Minister Joe  Oliver today released The Fiscal Monitor for July 2014.

There was a budgetary deficit of $1.2 billion in July 2014,  compared to a deficit of $2.0 billion in July 2013. 

Revenues increased by $1.9  billion, or 9.5 per cent, due mainly to higher personal and corporate income  tax revenues. Program expenses increased by $1.1 billion, or 5.8 per cent,  largely reflecting increases in major transfers to other levels of government  and direct program expenses. Public debt charges increased by $14 million, or 0.6  per cent.  

Quick Facts

• For the April to July 2014 period of the 2014–15  fiscal year, the Government posted a budgetary deficit of $0.8 billion,  compared to a deficit of $4.5 billion reported in the same period of 2013–14.
• Revenues were up $4.4 billion, or 5.2 per cent,  reflecting increases in tax revenues and Employment Insurance premium revenues,  which were partially offset by a decrease in other revenues. 
• Program expenses were up $0.7 billion, or 0.9 per  cent, reflecting increases in major transfers to persons and other levels of  government, offset in part by a decrease in direct program expenses. 
• Public debt charges were down $35 million, or 0.3 per  cent.