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The Peace Tower of Parliament Hill is seen with the Supreme Court of Canada on May 22, 2014 in Ottawa. (Dave Chan for The Globe and Mail)
The Peace Tower of Parliament Hill is seen with the Supreme Court of Canada on May 22, 2014 in Ottawa. (Dave Chan for The Globe and Mail)

Ottawa runs $1.6-billion surplus in June Add to ...

The federal government ran a surplus of $1.6-billion in June compared with a surplus or $200-million in the same month last year.

The Finance Department said the increase came as revenue climbed $900-million or 3.8 per cent due to higher revenues from non-resident income tax, excise taxes and duties and employment insurance premiums.

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Program spending was down $700-million or 3.2 per cent due to lower direct program expenses. Public debt charges increased by $100-million or 5.1 per cent.

For the April-to-June period the government had a surplus of $400-million compared with a deficit of $2.6-billion in the same period a year ago.

Revenues for the fiscal year to date were up $2.5-billion or 3.8 per cent, while program spending was down $400-million or 0.7 per cent.

Public debt charges for the period were down $49-million, or 0.6 per cent.

The fiscal monitor said the results for the first three months of the fiscal year provided limited information with respect to the outlook for the year as a whole, but suggested the results were on track with the spring budget.

An update of the economic and fiscal outlook for the year is expected in the fall.

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