Ottawa runs $6.3B surplus from April to July

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Ottawa has a surplus of $6.3B from April to July

Ottawa says program spending is down about 20% year-on-year.

The federal government posted a budget surplus of 6. $3 billion for the first four months of its 2022-2023 fiscal year.

The Ministry of Finance indicated on Friday that the result had instead been a deficit of 47.3 billion for the same four months a year earlier.

In its Monthly Financial Review, the government clarified that revenues for the year totaled up to pr érent 143.1 billion, compared to 118.5 billion a year ago.

Program spending, excluding net actuarial losses, increased to nearly $122.2 billion for the year to date, down 20.1% from $152.9 billion in the same period a year earlier.

The Department of Finance attributed the decline primarily to a decline in transfer payments to individuals and businesses.

The cost of public debt reached $11.2 billion for the period, up $3.4 billion, or 43.3%, from $7.8 billion in the first four months of the previous year.

Net actuarial losses totaled $3.4 billion for the period, down 33% from $5.1 billion a year earlier.

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