The federal government recorded a budget surplus of $3.62 billion for the first three months of fiscal year 2023-2024, compared to a surplus of $10.20 billion during the same period last year.

In the financial monitoring report, the Ministry of Finance stated that total revenues for this period reached $110.58 billion, up from $107.88 billion in the previous year, largely reflecting increases in personal income tax revenues, interest income, and income insurance premiums.

Program expenses excluding net actuarial losses amounted to $93.81 billion, compared to $87.03 billion in the same period last year.

In this context, the government stated that the increase in spending was due to increases in direct program expenses, revenues from the pollution pricing framework that were rolled back, and transfers to other government levels.

Total public debt costs amounted to $10.69 billion, up from $8.07 billion a year ago, driven by rising interest on Treasury bills and marketable bonds, which was partially offset by declines in Consumer Price Index adjustments on inflation-indexed bonds.

Net actuarial losses amounted to $2.46 billion, down from $2.58 billion.