OTTAWA — A preliminary estimate by the Finance Department says the federal government posted a deficit of $11.8 billion for its 2018-19 fiscal year.
The shortfall compared with a deficit of $16.7 billion for 2017-18.
The Liberal’s spring budget had forecast a deficit of $14.9 billion for the 2018-19 fiscal year which ended on March 31.
The shortfall came as the monthly fiscal monitor report said revenue rose $24.7 billion, or 8.1 per cent, due to increases in tax revenues and other revenues.
Program expenses gained $18.5 billion, or 6.2 per cent, as major transfers to persons, major transfers to other levels of government and direct program expenses moved higher.
Public debt charges increased $1.4 billion, or 6.3 per cent, due to a higher average effective interest rate on the stock of interest-bearing debt.