Skip to main content

The Peace Tower in Ottawa.FRED CHARTRAND/The Canadian Press

The federal government ran a small surplus of $16-million in June, which kept federal finances just barely in the black over the first quarter of the fiscal year.

Finance Canada's monthly tracking report of Ottawa's bottom line showed an $83-million surplus over the April to June period, compared to a $995-million deficit during the same period a year earlier.

The department cautioned, however, that three months of data provide limited information for assessing how the year as a whole is shaping up. It said current trends are consistent with projections in the March budget, which estimated a $28.5-billion deficit for the 2017-18 fiscal year.

The government will revise its forecasts later this year when it releases a fall economic statement. The 2017 budget did not outline a timeline for eliminating the federal deficit.

A report released last week by Parliamentary Budget Officer Jean-Denis Fréchette estimated that this year's deficit is on track to come in at $24.8-billion.

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe