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Highlights of financial results for November 2006

November 2006: budgetary surplus of $0.3 billion
There was a budgetary surplus of $0.3 billion in November 2006, slightly higher than the restated $0.1-billion surplus in November 2005. Budgetary revenues increased by $1.0 billion, or 6.0 per cent, due to strong growth in personal income tax revenues and a large gain in non-resident withholding taxes, partly offset by lower excise taxes and duties. Program expenses increased by $1.1 billion, or 7.8 per cent, reflecting increases in transfer payments and departmental operating expenses. Public debt charges were down $0.3 billion.

April to November 2006: budgetary surplus of $6.1 billion
For the first eight months of the 2006–07 fiscal year, the budgetary surplus is estimated at $6.1 billion, down $0.5 billion from the $6.6-billion surplus posted in the same period of 2005–06. Budgetary revenues rose $6.4 billion, or 4.6 per cent, reflecting solid growth in income tax revenues, partly offset by declines in excise taxes and employment insurance (EI) premium revenues. Program expenses were up $7.1 billion, or 6.4 per cent, due to both higher transfers and other program expenses. Public debt charges were down $0.1 billion.

The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for October 2006.

Highlights
October 2006: budgetary surplus of $0.4 billion
There was a budgetary surplus of $0.4 billion in October 2006, compared to a $1.6-billion surplus in October 2005. Revenues decreased by $0.2 billion, or 1.0 per cent, reflecting both the goods and services tax (GST) rate reduction and a number of one-time factors affecting income tax revenues. Program expenses increased by $1.0 billion, or 7.0 per cent, reflecting increases in transfer payments and departmental operating expenses. Transfer payments, which account for about two-thirds of total program expenses, increased by $0.6 billion, or 6.3 per cent. Public debt charges were down $19 million.

The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for September 2006.

Highlights