Ottawa posts $1.1B surplus in December

The Finance Department says the federal government ran a budget surplus of $1.1 billion in December, compared with a deficit of $700 million recorded in December 2012.

In its monthly Fiscal Monitor, the department says revenues increased by $1.7 billion, or 7.9 per cent, in December, reflecting increases in most revenue streams.

Program expenses rose by $100 million, or 0.5 per cent, while public debt charges decreased by $200 million.

The department says the budget deficit was $12.7 billion for the April-December period, compared with $14.4 billion recorded in the same period of 2012.

Revenues were up $7.5 billion, or 4.1 per cent in the April-December period, while program expenses were up $6.2 billion, or 3.5 per cent.

Public debt charges were down $300 million.