Canada’s federal government in Ottawa has posted a budget surplus of $3.62 billion for the first three months of its 2023-24 fiscal year, down 65% from a surplus of $10.20 billion in the same period a year earlier.
In its latest Fiscal Monitor report, the federal Finance Department said revenues for the April through June period totalled $110.58 billion, up 2.50% from $107.88 billion a year earlier.
However, program expenses totaled $93.81 billion, up 8% from $87.03 billion a year ago.
The government said that the higher spending reflects increases in direct program expenses, proceeds from its pollution pricing framework, and transfers to other levels of government.
Public debt charges totalled $10.69 billion, up 32% from $8.07 billion a year ago, driven by higher interest on treasury bills and marketable bonds.
The Finance Department said its net actuarial losses totaled $2.46 billion between April and June, down 5% from $2.58 billion in the year earlier period.
The federal government’s fiscal year runs from April 1 to March 31.
