The federal government’s budget deficit reached $69.8 billion for the April-February period of its 2021-22 fiscal year, with revenue rising while spending fell.
In its monthly financial review, the Department of Finance indicates that this deficit is comparable to that of $282.6 billion for the same period in 2020-2021.
Program expenses, excluding net actuarial losses, totaled $395.5 billion, down from $514.8 billion in the 11-month period last year. This decline is due to the drop in transfers to individuals, businesses and other administrations under the government’s economic intervention plan.
Public debt charges rose to $22.3 billion from $18.6 billion a year earlier.
Revenue for the period was $357.4 billion, compared to $264.9 billion in the first 11 months of the prior year, mainly due to higher tax and other income.
Net actuarial losses for the period totaled $9.5 billion, compared to $14.1 billion a year earlier.
To see in video