August 30, 2019 / 3:02 PM / 21 days ago

Canada posts smaller June budget surplus

OTTAWA, Aug 30 (Reuters) - Canada’s budget surplus in June slipped slightly to C$958 million ($720 million) from C$1.11 billion a year earlier as program expenses increased faster than revenues, the finance ministry said on Friday.

Revenues grew by 3.5% on higher income tax receipts while program costs expanded 3.9% on higher transfers to individuals and other levels of government.

For the first three months of the 2019/2020 fiscal year, Canada posted a budget deficit of C$456 million compared to a surplus of C$4.30 billion in the same period in 2018/2019.

Revenues in the period between April and June climbed by 4.0% on higher tax revenues while program expenses jumped by 10.3% on major transfers to people and other levels of government.

($1=$1.33 Canadian)

Reporting by David Ljunggren, Reuters Ottawa bureau, 613 235 6745; david.ljunggren@tr.com

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