PDA

View Full Version : Harper government ran $5-billion surplus over first quarter: Finance Canada



soulchaser
08-28-2015, 09:12 AM
Harper government ran $5-billion surplus over first quarter: Finance Canada

The federal government ran a $5-billion surplus over the first quarter of the current fiscal year, according to a new report from Finance Canada that comes in the middle of a heated political debate over budget deficits.

As it has during previous election campaigns, the Department of Finance Canada continues to publish its monthly Fiscal Monitor reports, which provide a running tally of federal revenues and expenses throughout the year.

Friday’s report for June, 2015, shows that Ottawa ran a $1.1-billion surplus that month, compared with a $1.6-billion surplus in June, 2014.

For the first three months of the fiscal year that began April 1, Ottawa ran a surplus of $5-billion, up from a surplus of $424-million during the same three months in the previous fiscal year.

Part of this first-quarter surplus is due to the fact that the government booked the sale of its General Motors shares at the start of the fiscal year.

The monthly tracking reports can be highly volatile based on the timing of various government expenses and sources of revenue.

Finance Canada cautioned in Friday’s report that the first-quarter numbers “provide limited information” with respect to the outlook for the year as a whole.

“That being said, the financial results through the April to June 2015 period are consistent with the fiscal projection for 2015-16 presented in the budget,” the department stated.

Conservative Leader Stephen Harper has previously pointed to the Fiscal Monitor report for the first two months of the year as evidence that the government will post a surplus in the current, 2015-16 fiscal year.

“The reality is that the figures out of the Department of Finance show that so far this year we are substantially in surplus, and in fact, well ahead of our budget,” said Mr. Harper during the Aug. 6 leaders debate, hosted by Maclean’s. At that point, he was referencing the combined figures for April and May, which showed a surplus of $3.9-billion.

Finance Minister Joe Oliver’s April 21 budget forecast a surplus of $1.4-billion in 2015-16. However, the budget was based on the assumption that the economy would grow by 2 per cent in 2015; the Bank of Canada has since reported that it expects growth of about 1.1 per cent.

Liberal Leader Justin Trudeau announced Thursday that a Liberal government would not balance the budget until 2019 in order to fund $60-billion in new spending on infrastructure to boost economic growth. The Liberals said this could lead to deficits of no more than $10-billion in each of the next two years.

NDP Leader Thomas Mulcair promised this week that an NDP government would balance the books starting in 2016-17.

http://www.theglobeandmail.com/news/politics/federal-government-ran-5-billion-surplus-over-first-quarter-finance-canada/article26141782/

awndray
08-28-2015, 09:23 AM
Impossible. The Liberals said in July that we're running a $1B deficit. Ha!

soulchaser
08-28-2015, 09:30 AM
Impossible. The Liberals said in July that we're running a $1B deficit. Ha!

And even funnier, justin was pointing to a report by the deputy budget officer about a possible $1 billion deficit for 2015-2016 as proof Harper has no idea what he's doing on the economy, that he's a terrible fiscal manager.

Then he comes out and says he's going to run a deficit of *AT LEAST* $30 billion over 3 years.

RangeBob
08-28-2015, 09:56 AM
There's got to be some irony that Canada's federal fiscal year begins on April Fools Day.

RangeBob
08-28-2015, 09:58 AM
I was about to post

Was that quarter before the recent oil down turn and subsequent Alberta slow down
but April-June 2015 seems to me to be about the same timeframe.

Swampdonkey
08-28-2015, 08:34 PM
I appreciate motives for voting NDP (wanting handouts, no assets or cash flow to tax), but how do people still support the Liberals?

Prairie Dog
08-28-2015, 08:47 PM
I appreciate motives for voting NDP (wanting handouts, no assets or cash flow to tax), but how do people still support the Liberals?

Hair and make up.

Foxer
08-28-2015, 10:46 PM
I appreciate motives for voting NDP (wanting handouts, no assets or cash flow to tax), but how do people still support the Liberals?

The unshakeable belief that their ideas and ideals (whatever those may be) are the ONLY sensible choice to live your life by and those who don't come to that OBVIOUS realization on their own must be made to do so by force of law.

That's basically what the libs stand for.

Petamocto
08-29-2015, 05:10 AM
CBC is so sketchy they didn't even put "surplus" in the headline, they called it something obscure like "Govt took in more than it spent", likely so people would pass by it.

bettercallsaul
08-29-2015, 08:22 AM
"This austerity is killing us!"

Just watch, this is the new line of attack.

bettercallsaul
08-29-2015, 08:23 AM
CBC is so sketchy they didn't even put "surplus" in the headline, they called it something obscure like "Govt took in more than it spent", likely so people would pass by it.

I saw that they ended up editing that headline to say "surplus". I bet they did that grudgingly.

Strewth
08-29-2015, 09:13 AM
In the interest of fairness I will say that a large part of the surplus came from a one-time sale of GM stock(2.5 billion, ish), but yah, as the other posters have said, this balanced budget seems to have been, ah, lost in a media fog of how the country has been running a deficit for the last bunch of years...and then this thought maybe makes me a CPC fanboi, but I trust the Conservative's numbers more than the Liberals. We hear about how the Libs ran a better budget in days gone by, but the 48 billion dollar theft from EI, and the downloading of healthcare to the provinces seems to not get a lot of airtime...