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Part Five: 2007/08 Updated Financial Forecast
(Third Quarterly Report)

Table 5.1.

2007/08 Fiscal Year in Review

The surplus for 2007/08 is projected at $1.97 billion, $1.57 billion higher than the Budget 2007 budget.

Government revenue is forecast to be $2.0 billion higher than the projection in Budget 2007, reflecting higher than anticipated taxation revenue ($1.5 billion), federal transfers ($451 million) and commercial Crown corporation net income ($372 million), and other revenue increases totaling $451 million, partially offset by an $834 million reduction in natural resource revenue.

The net increase in revenue enabled government to allocate $1.05 billion to priority initiatives, primarily for climate action.

The 2007/08 forecast allowance has been reduced by $600 million to $150 million since the start of the year. The reduced forecast allowance reflects the forecast risk over the remaining three months of the fiscal year. Further details on the changes from Budget 2007 are provided in Table 5.7.

Chart 5.1.

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