The Quebec government is reporting a budget surplus of $496 million at the end of the first four months of fiscal 2022-2023.
Quebec posted a deficit of $214 million in the corresponding period last year.
The government attributes the result as of July 31, 2022 largely to a 10.8 per cent increase in own-source revenues at the beginning of the year, driven in particular by growth in wages and salaries, household consumption and corporate profits.
According to the release of the "Monthly Financial Operations Report to 31 July 2022," published on Friday, spending was up, by 6.7 per cent, mainly on education and higher education.
The document argues that the stronger growth in expenditure at the beginning of the financial year "will be absorbed during the year to reach the planned annual target of 3.4 per cent."
The result comes from revenues of $46.2 billion, expenditures of $44.6 billion, and payments of $1.1 billion to the Generations Fund.
This report by The Canadian Press was first published in French on Oct. 21, 2022.
