Ottawa posts $10.2 billion surplus in first quarter of fiscal year

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OTTAWA — The federal authorities posted a surplus of $10.2 billion within the first quarter of the fiscal yr.

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Based on the Finance Division’s month-to-month fiscal monitor report, the excess posted for April to June in contrast with a deficit of $36.5 billion throughout the identical interval final yr.

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The report says the federal authorities’s 2022-2023 monetary outcomes proceed to enhance from the height of the pandemic and as spending on short-term COVID-19 measures winds down.

Income was up $18.7 billion, or almost 21 per cent, whereas program expenditures fell by $29 billion or 25 per cent largely because of decrease transfers to people and companies.

The report says public debt prices rose by $2.3 billion or almost 39 per cent primarily because of inflation and rising rates of interest.

Internet actuarial losses decreased by $1.3 billion or 33 per cent in comparison with the identical interval final yr.