The elected prime minister, François Legault, did not believe when he said last Friday that it was “public finances in order”. In just a few hours later, the ministry of Finance of Québec established that the budgetary balance for the first four months of the fiscal year is nearly three times higher than for the same period last year.
It is in front of Philippe Couillard, who will officially be its predecessor from the next week, as François Legault acknowledged that the house is in order on the plan of public finances. The two men met to discuss the transfer of power.
From 1 April to 31 July last year, the budget surplus of the State amounted to more than $ 1.4 billion, according to the report of the financial operations of the ministry of Finance of Québec dated 5 October. Yet, during the same period of 2017, this same balance was $ 524 million $.
The surplus is in significant increase, even if the “program spending” increased by 6 % since the beginning of this fiscal year, April 1, and this, still, compared to the months of April, may, June and July 2017.
The “revenues” of the government, themselves, were up 7.7 %.
For the single month of July 2018, the budget balance amounted to 869 million $, while he had been 426 million $ in July 2017.
The government of François Legault enjoys a position as one of Philippe Couillard has not known his arrival to power, in April 2014.
Of course, even if it is of good omen, no one can say at this point, and, beyond all doubt, that the improvement can be measured during the first four months of the financial year 2018-2019 will continue its momentum when the other eight.
Surplus of $4.6 billion
With surplus lower to this time last year that this year, the government of Quebec has looped the fiscal year 2017-2018 (ended 31 march) with a budgetary surplus of $ 4.6 billion.
After the payment of $ 2.3 billion into the generations Fund, the budget surplus is very formally established at $ 2.3 billion. This reminder on the data to 2017-2018 figure in the pre-election Report on the state of public finance was published on 20 August.
The government of François Legault should introduce some measures in the budget in the fall.