Federal government posts third straight double-digit deficit with $14B shortfall
Sep 17, 2019 | 9:06 AM
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OTTAWA — The federal government’s latest annual financial report shows it ran a $14-billion deficit in 2018-19 for its third consecutive double-digit shortfall.
The deficit for the fiscal year that ended March 31 was $900 million smaller than the government projected in last spring’s federal budget.
The report says revenues in 2018-19 expanded by $21 billion — or 6.7 per cent — compared to the previous year.
The revenue gain was partially offset by an increase of $14.6 billion — or 4.7 per cent — in program expenses and an expansion of $1.4-billion — or 6.3 per cent — in public debt charges.
