The Department of Finance reports a $3.9-billion surplus in April and May 2015; the Government remains on track to balance the budget in 2015
Finance Minister Joe Oliver today released The Fiscal Monitor for April and May 2015.
For the first two months of the 2015-16 fiscal year (April and May), there was a budgetary surplus of $3.9 billion, compared with a deficit of $1.1 billion reported in the same period last year. By month, there was a surplus of $2.5 billion in April and a surplus of $1.4 billion in May.
For the two months combined, revenues increased by $5.5 billion, or 12.8 per cent, largely reflecting increases in income taxes, excise taxes and duties, and the gain realized on the sale of the Government’s remaining holdings of General Motors common shares in April 2015.
Program expenses were up $0.6 billion, or 1.5 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 decreased by $0.1 billion, or 2.3 per cent.
- Personal income tax revenues were up $1.9 billion, or 9.2 per cent, in the April to May 2015 period while corporate income tax revenues rose $0.5 billion, or 9.0 per cent.
- Major transfers to persons, consisting of elderly benefits, Employment Insurance benefits and children’s benefits, increased by $0.7 billion, or 5.7 per cent.
- Direct program expenses in the April to May 2015 period were down $0.6 billion, or 3.9 per cent, from the prior year.