Federal deficit dropped to $3B in March
The Finance Department says the deficit for the month shrank as revenue increased by nearly $4.6 billion
OTTAWA—The federal government ran a deficit of $3 billion in March compared with a deficit of nearly $6.7 billion in the same month last year.
In its fiscal monitor, the Finance Department says the deficit for the month shrank as revenue increased by nearly $4.6 billion to $29.1 billion, while program spending increased by almost $1.3 billion to $30.2 billion.
Public debt charges fell by nearly $400 million to $1.9 billion.
For the full 2014-15 fiscal year, the government posted a preliminary surplus of $2.9 billion, compared with a deficit of $11.4 billion in 2013-14.
But the results do not include the costs related to the New Veterans Charter and the universal child care benefit that will be recorded once they receive royal assent.
Once the new initiatives are accounted for and other year-end adjustments are made, the department says the government is expected to post a small deficit for 2014-2015.