Finance Minister Bill Morneau arrives at the Standing Committee on International Trade on Parliament Hill in Ottawa, Tuesday October 16, 2018. THE CANADIAN PRESS/Adrian Wyld

Fed report to show $19-billion deficit in 2017-18

The deficit is slightly smaller than Finance Minister Bill Morneau’s prediction of $19.4 billion in last winter’s budget

The Liberal government’s annual financial report card to be released today will show Ottawa ran a shortfall of $19 billion in fiscal year 2017-18, which ended March 31.

The deficit is slightly smaller than Finance Minister Bill Morneau’s prediction of $19.4 billion in last winter’s budget.

But in May, the Finance Department’s fiscal monitor estimated the federal books would post a deficit of just $16.2 billion for last year.

Beyond 2017-18, Morneau’s February budget also forecasted an $18.1-billion shortfall for this fiscal year — a number that’s expected to gradually shrink to $12.3 billion in 2022-23, including annual $3-billion cushions to offset risks.

The change in the deficit means the federal debt-to-GDP ratio rises to 31.3 per cent from 30.4 per cent, despite Morneau’s repeated focused on reducing the measure, also known as the debt burden.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

New Vernon store Fills green need

Vernon’s Refill Store may be answer to plastics problem

Vernon RCMP not toying around when it comes to impaired drivers

Saturday, Dec. 7 is National Impaired Driving Enforcement Day

Crown delves into Sagmoen’s history with North Okanagan sex workers

Decision on validity of police search warrant will be made on Monday, Dec. 9

Vernon Glee club sells out Bohemian Rhapsody

Community Music School shows at Powerhouse Theatre this weekend

Southbound lane of Silver Star Road re-opens after rollover

Single vehicle rollover on mountain road, no injuries

VIDEO: Boys help rescue Cariboo bear cub

The cub, weighing just 24lbs, has been taken to wildlife sanctuary in Northwest B.C. for the winter

‘Things haven’t changed enough:’ Ecole Polytechnique anniversary prompts reflection

Fourteen women were fatally shot by a gunman at the Montreal school on Dec. 6, 1989

Bear raids freezer, gorges on Island family’s Christmas baking

Hungry bruin virtually ignored meat and fish, focused, instead, on the sweets

Okanagan Similkameen could have a sister city in the south of France

Regional District of Okanagan Similkameen considering agreement with wine region in southern France

Kelowna man attempts to steal bait bike from RCMP parking lot

38-year-old Brian Richard Harbison is facing several charges

Summerland businesses participate in Sip N’ Shop

Downtown event on Dec. 14 will feature local beverages

B.C. pharmaceutical company’s stocks double in value after successful lupus drug trial

More than 40 per cent of patients using voclosporin saw improvements in kidney function

UBCO daycare services slated for major improvements

More families will have access to high-quality child care services at UBCO

Noxious odour detected at Summerland Health Centre

Staff felt nauseous following incident on morning of Dec. 5

Most Read