OTTAWA – Ottawa says the federal deficit for fiscal 2011-2012 has come in $1.3-billion higher than estimated.
The government’s final accounting on its finances shows the shortfall for the fiscal year ended March 30 was $26.2-billion, up from the $24.9-billion deficit it estimated.
That is still an improvement over the previous year’s $33.4-billion deficit and Ottawa continues to expect that this year’s shortfall will drop to $21.1-billion.
Four months into the current fiscal year, Ottawa’s deficit stands at $3-billion, well on pace to meet that target.
Finance Minister Jim Flaherty cast the report in a positive light, saying it reflects the country’s sound economic and fiscal fundamentals.
Finance Minister Jim Flaherty. THE CANADIAN PRESS/Pawel Dwulit
Federal deficit for past year $1.3-billion higher than estimated in budget
The Canadian Press
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