OTTAWA — The federal government ran a deficit of $1.0 billion for the first quarter of its fiscal year, down from a surplus of $5.0 billion in the same period last year though “broadly consistent” with projections in the 2016-17 budget, the Finance Department said Friday.”The financial results for the first three months of the fiscal year provide limited information with respect to the outlook for the year as a whole,” the department said in its fiscal monitor report.”This is because the timing of revenues and expenses can vary from year to year and because the results do not yet reflect several significant government initiatives, such as the introduction of the Canada child benefit.”In the spring budget, the Liberal government projected a $29.4-billion deficit for the 2016-17 fiscal year, which included billions in spending. Those expenditures included the Canada child benefit, which began going out to families in July.
Source: Ottawa runs $1B deficit in first quarter, down from $5B surplus last year | The Chronicle Herald
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