July 2012

Fiscal Monitor April-May 2012

For the first two months of fiscal year 2012-13, the federal government posted a deficit of $0.8 billion, down $1.1 billion from the same period in 2011-12.  Although this is encouraging news, at least five to six months of financial data are required before one can assess the current results to the March 2012 Budget forecast of  $21.1 billion for the fiscal year as a whole. In addition, final results for 2011-12, which will be released in the early fall, are required to fully understand the current year’s fiscal results.  For example, if, as expected, the final audited

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