Ottawa Post posts $10.2 billion surplus in first quarter
Federal government in Ottawa announces $10.2 billion surplus for first quarter
of its 2022-2023 fiscal year.
According to the Federal Department of Finance’s Fiscal Monitor report, the posted surplus
between April and June compares to a deficit of $36.5 billion recorded during the same period of
Revenue collected by Ottawa increased by $18.7 billion, or 20%, from a year ago, while programs
spending fell $29 billion, or 25%, due to lower transfer payments to businesses
and individual Canadians.
The latest Fiscal Monitor revealed that the federal government’s financial results for 2022-23 are
recover from the global pandemic with spending on national COVID-19 measures
According to the report, public debt charges rose by $2.3 billion, or 39%, in the first quarter of
the government’s fiscal year due to high inflation and the rising interest rates used to counter it.
Net actuarial losses for Ottawa decreased by $1.7 billion, or 33%, compared to the same period of the year