Ottawa runs $6.3B surplus 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.