Federal deficit balloons to 38billion on cost of Alberta flood relief

OTTAWA — The federal government says its deficit ballooned to an outsized $3.8 billion in September, but noted much of that was linked to disaster relief related to the Alberta floods last summer.The government’s monthly accounting of its books shows the deficit in September was $1.6 billion higher than the $2.2 billion recorded in the same month last year.Excluding two major unusual items — the cost of relief for the Alberta floods and a $700-million gain from the sale of General Motors shares in September — the month’s deficit would have been $1.7 billion.For the six-months from April through September, the federal deficit was $10.7 billion, compared with $9.4 billion a year earlier.For the first six months of the 2013-14 financial year, Ottawa says its revenues are up $4.3 billion, or 3.5% — while its program expenses are up $5.4 billion, or 4.6%.

Leave a Reply

Your email address will not be published. Required fields are marked *