The Canadian flag, in front of the Peace Tower on Parliament Hill in Ottawa on October 2, 2017. THE CANADIAN PRESS/Justin Tang

So far this year, federal program expenses up $10.9B compared to 2018-19

Finance department says government ran $5.2-billion deficit over first five months of current fiscal

A new report shows the federal government ran a deficit of $5.2 billion over the first five months of its current fiscal year following a $10.9-billion jump in program expenses compared with a year earlier.

The preliminary numbers from the Finance Department says the higher program spending represents a year-over-year increase of 9.1 per cent.

In comparison, the federal fiscal monitor says the government posted a $2.6-billion surplus during the same April-to-August period last year.

The higher spending was largely due to a $6.2-billion — or 12.3 per cent — increase in direct program expenses as well as, to a lesser degree, larger transfers to individuals and other levels of government.

Year-over-year, public debt charges increased by $700 million — or 7.2 per cent.

RELATED: Prime minister defends Liberal budget measures as sales effort gets underway

Government revenues were up $3.9 billion — or 2.9 per cent — from the same period last year, an increase mostly due to higher personal income tax revenues and includes $18 million for the federal portion of cannabis taxes.

The Liberal government forecasted a deficit in last spring’s budget of $19.8 billion for the 2019-20 fiscal year.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

WildSafeBC urges proper garbage storage to avoid more visits from bears

WildSafeBC is alerting the people of Kimberley that the city is currently… Continue reading

Kimberley and District Community Foundation receives $30,000 in emergency funding

Community groups affected by COVID-19 pandemic invited to apply

Evacuation order downgraded in Fairmont, alert remains in place

An evacuation order has been downgraded for properties along Fairmont Creek, but… Continue reading

City of Kimberley Boil Water Notice rescinded

Water Quality Advisory remains in effect

If Trudeau won’t stand up to Trump, how will regular people: Singh

Trudeau did not directly answer a question about Trump’s actions amid protests

22 new COVID-19 test-positives, one death following days of low case counts in B.C.

Health officials urged British Columbians to ‘stand together while staying apart’

John Horgan says COVID-19 restrictions won’t be eased regionally

B.C. Liberals urge ‘tailored’ response based on infections

Feds get failing grade for lack of action plan on anniversary of MMIWG report

‘Instead of a National Action Plan, we have been left with a Lack-of-Action Plan’

B.C. ranchers, lodge operators say Indigenous land title shuts them out

Tsilhqot’in jurisdiction affects grazing, access to private property

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

As two B.C. offices see outbreaks, Dr. Henry warns tests don’t replace other measures

Physical distancing, PPE and sanitizing remain key to reduce COVID-19 spread

Greater Victoria drive-thru window smashed after man receives burger without mustard

Greater Victoria Wendy’s staff call police after man allegedly rips Plexiglas barrier off window

Murder charge upgraded in George Floyd case, 3 other cops charged

Floyd’s family and protesters have repeatedly called for criminal charges against all four officers

Most Read