The federal government posted a surplus of $10.2 billion in the first quarter of the fiscal year.
According to the Finance Department’s monthly fiscal monitor report, the surplus posted for April to June compared with a deficit of $36.5 billion during the same period last year.
The report says the federal government’s 2022-2023 financial results continue to improve from the peak of the pandemic and as spending on temporary Covid-19 measures winds down.
Revenue was up $18.7 billion, or nearly 21%, while program expenditures fell by $29 billion or 25% largely due to lower transfers to individuals and businesses.
The report says public debt charges rose by $2.3 billion or nearly 39% primarily due to inflation and rising interest rates.
Net actuarial losses decreased by $1.7 billion or 33% compared to the same period last year.