Quebec is reviewing its target of a budget surplus on the rise

Québec revoit sa cible de surplus budgétaire à la hausse

In a press release, the minister of Finance, Eric Girard, stresses that the money will be set aside to cope with unforeseen problems, including.

20 December 2019 20h35

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Quebec is reviewing its target of a budget surplus on the rise

The canadian Press

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Continuing to enjoy a favourable economic context, the government Legault reviews slightly increase the surplus for the current fiscal year, which is now expected to reach $1.7 billion.

This is an increase of $ 261 million as compared to the target which was contained in the economic update of November 7, he explains it in the monthly report of financial transactions as at September 30, unveiled Friday.

In a press release, the minister of Finance, Eric Girard, stresses that the money will be set aside to cope with unforeseen problems, including.

“This surplus is not recurring will be used to make in the face of a potential economic slowdown, the fight against climate change and to reduce the debt”, he says, noting that the year 2020-2021 will end with the achievement of a balanced budget.

At the halfway point in the current financial year, the coffers of the quebec government had a surplus of about $ 3.8 billion — a sum that takes into account a payment to the generations Fund of approximately $1.25 billion.

This represents a decrease of $ 19 million compared to the surplus at the end of the first half of the previous fiscal year.

Since the beginning of the fiscal year, own-source revenues — which do not take into account the contribution of Crown corporations such as Hydro-Québec, Loto-Québec and the Société des alcools du Québec, accounted for 45.4 billion $, up 2.1 % compared to the first six months of the financial year 2018-2019.

Tax revenues have posted an increase of 2.8% or 973 million $, to $ 36 billion, in particular thanks to an increase in the amounts generated by the tax on personal income, business taxes and consumption taxes.

For their part, the consolidated expenditures amounted to $ 52.3 billion $ at the end of the first half, up 3.9 % compared to a year ago.

With respect to the month of September, the surplus, after payment to the generations Fund, was $ 1.12 billion $, a sum that is substantially similar to the same period last year.

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