Quebec records a surplus of $2.8 billion in 2021-2022

Quebec records a surplus of $2.8 billion in 2021-2022

UPDATE DAY

The government ended the 2021-2022 fiscal year with a surplus of $2.8 billion, show the government's consolidated financial statements released on Wednesday. 

“These results show that the economic recovery has been vigorous in Quebec. The next few months will be more difficult for all the economies of the world, but Quebec is starting this cycle by relying on sound management of public finances,” said Finance Minister Éric Girard in a press release.

These surpluses are the result of a favorable economic climate, it is specified in the public accounts document. “Quebec's finances have benefited from the positive effects of the economic rebound, notably stimulated by the relaxation of health measures”, can we read.

During the 2021-2022 fiscal year, the government had revenues of $138.8 billion, representing an increase of $16.2 billion (13.2%) over the previous year.

During the same period, expenses also increased, but less than revenue ($9.1 billion).

Nevertheless, due to the payment of $3.6 billion to the Generations Fund, the budgetary balance is deficit of $772 million. However, the government achieved a balanced budget within the meaning of the law by using the stabilization reserve for an equivalent amount.