Ottawa Posts $5.3 Billion Surplus To Start Fiscal Year| MENAFN.COM

Friday, 19 August 2022 08:33 GMT

Ottawa Posts $5.3 Billion Surplus To Start Fiscal Year

(MENAFN- Ottawa Posts $5.3 Billion Surplus To Start Fiscal Year


The federal government in Ottawa has posted a surplus of $5.3 billion for the first two months of
the current 2022-23 fiscal year.
In its monthly Fiscal Monitor report, the federal Finance Department said Ottawa's surplus
stands in contrast with a deficit of $23.8 billion recorded in the first months of the previous 2021-
22 fiscal year.
Ottawa's fiscal year runs from April 1 to March 31.
The Finance Department said that the federal government's finances continue to recover from
the COVID-19 pandemic.
Program expenses in the first two months of the fiscal year were down $17.9 billion, or 23%,
due to fewer transfers to individuals and businesses.
Public debt charges rose by $1.7 billion, or 44%, because of inflation and higher interest rates.
Revenue in April and May of this year increased $12.1 billion, or 20%. Net actuarial losses
totaled $1.7 billion for the period, compared with almost $2.6 billion a year ago, said the Finance


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.