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

City of Lacombe releases results of Citizen Satisfaction survey

79% of respondents grade Lacombe as have a high quality of life

Lacombe MP tables Bill to help address rural crime

Blaine Calkins’ Bill-C458 would add targeting rural citizens as an aggravating factor

ASFA announces fire engine donation in Lacombe

Aerial Apparatus being sent to Paraguay

Fighter Jets light up Bucs’ to take AFL first place

38-3 loss puts Central Alberta into second place in the AFL

WATCH: Blackfalds Days Parade takes over community

Floats from all over central Alberta wows crowd

Accused mother cries at Alberta trial over boy who died of meningitis

Parents charged with failing to provide necessaries of life for their son who died in 2012

Ponoka County receives update from energy lobby group

CAPP hopes to work with municipalities on property tax issues

Air Canada reviewing how crew left sleeping passenger on parked plane

In a Facebook post, the woman said she woke up ‘all alone’ on a ‘cold dark’ aircraft

Canadians crash out of Women’s World Cup in 0-1 loss to Sweden

Canada missed a chance to tie the game on a penalty shot

Late night fight in Wetaskiwin results in aggravated assault, assault with a weapon charges

Wetaskiwin RCMP investigate armed robbery and aggravated assault

Maskwacis featured in documentary series that unearths Indigenous cuisine

Red Chef Revival’s host visits community, elders and Nipisihkopahk School

PHOTOS: Event marks one year since soccer team rescued from Thai cave

Nine players and coach took part in marathon and bike event to help improve conditions at cave

PHOTOS: Scamp the Tramp wins World’s Ugliest Dog Contest

‘He’s Scamp the Champ, no longer Scamp the Tramp,’ his Californian owner said.

Most Read