07/29/2016 12:01 EDT | Updated 07/29/2016 12:59 EDT

Ottawa Runs Surplus Of $114M Over First 2 Months Of Fiscal Year

OTTAWA — The federal government ran a budgetary surplus of $114 million over the first two months of the 2016-17 fiscal year.

The Finance Department's latest fiscal monitor says Ottawa's surplus of $706 million in April was followed by a deficit of $592 million in May.

bill morneau

Finance Minister Bill Morneau speaks to the Economic Club of Canada on Thursday, June 23, 2016. (Photo: Eduardo Lima/CP)

The document says for the two months combined, revenues fell by about $1 billion, or 2.1 per cent, largely due to smaller returns from Crown corporations, sales revenues and net foreign exchange revenues.

The government says over the same two-month period, program expenses increased by about $3.5 billion, or 8.8 per cent, mostly because of payments such as benefits for children, seniors and those on employment insurance, as well as direct program spending.

The report also says public debt charges were down about $700 million, or 13.5 per cent, over those two months, mainly due to adjustments connected to the lower inflation rate.


Federal Budget 2016 Highlights