Quebec government posts surplus for first quarter of fiscal 2017
Quebec Finance Minister Carlos Leitao explains his economic update at a news conference Tuesday, October 25, 2016 at the legislature in Quebec City. (Jacques Boissinot/The Canadian Press)
Published Friday, September 8, 2017 4:27PM EDT
The Couillard government has posted a surplus for the first quarter of 2017.
Total government revenues exceeded expenditures by more than $600 million. Of that $506 million is going into the Generations Fund which the government uses for debt repayment; the remaining $98 million goes into general coffers.
According to financial figures released Friday, the government's revenues increased 4.8 percent, or $923 million, over the first three months of fiscal 2017 when compared to the previous year.
At the same time spending increased by 1.7 percent, $318 million, with additional funds going to healthcare, social services, and the justice department.
Debt financing was also reduced compared to last year because Quebec's credit rating has improved.
Finance Minister Carlos Leitao is predicting a balanced budget for 2017-2018, with $2.5 billion going toward debt financing.