after all that ragging on Martin...... Flaherty "guesses" $3 billion for the year and it's $6 billion and counting in the first half.....now where the hell is the cities funding
Federal budget surplus higher than projected
Updated Fri. Aug. 24 2007 3:37 PM ET
OTTAWA -- The federal government is once again awash in cash thanks to a much stronger than expected economy.
The budget surplus for fiscal 2007-08 will be much higher than projected, says the Finance Department. In March, Finance Minister Jim Flaherty estimated the surplus would reach $3 billion.
However, the surplus had already doubled that in the three-month period ending in June.
"For the first three months of the 2007-08 fiscal year, the budgetary surplus is estimated at $6.4 billion," the department said in a statement.
That's up $0.5 billion from the $5.9 billion surplus reported in the same period last year.
And it comes despite a 7.6 per cent jump in spending in the first quarter on defence, increased transfers to the provinces and territories, and government operating expenses.
The Finance Department has also dramatically revised upward its predictions for economic growth this year.
"Private sector forecasters have revised up their outlook for nominal gross domestic product (GDP) growth in 2007 to 5.2 per cent from 3.9 per cent at the time of Budget 2007," the department said.
"The year-to-date financial results also suggest that revenues will be higher than had been anticipated in March."
In June, there was a budgetary surplus of $2.8 billion, up $0.6 billion from the same month in 2006.
Budgetary revenues were up $1.5 billion, or 7.6 per cent. Program expenses were also up, by $0.9 billion, or 6.4 per cent.
The government cites transfers to other levels of government and increased departmental operating expenses for the increased spending.
Interest costs on the federal debt were lower by $47 million.
The Swiss have a better idea - let the Feds come cap in hand
I like the idea of a federal or regional gov having to come cap in hand to the city states - not vice versa.
Taxes also are collected in the cantons then dispersed to the federation. :fest:
THE SWISS CANTONAL SYSTEM
– A Model Democracy –
by Frances Kendall
In this, the first of the "ISIL Solutions" series, we examine the "Swiss model" of government – a highly-decentralized system which Swiss economist Robert Nef more accurately describes as an "ongoing experiment" than a "model."
The concepts of devolution of power, local autonomy, and participatory democracy have produced the world's most peaceful and prosperous country. Of course, Switzerland, with its compulsory military service, state controlled monetary system, railroad and telephone services, and taxation, is not a pure libertarian society – but for those interested in reining in out-of-control governments in other parts of the world, there are large parts of the Swiss cantonal system that are worthy of emulation.
The word "democracy" is derived from the Greek words for people (demos) and power (kratos). Inherent in the concept is the idea that ordinary people should keep control of the decisions that effect their lives. In an ideal democracy, the power of those who govern is limited by safeguards that ensure that citizens can prevent their elected leaders from abusing their powers.
– Switzerland –
Switzerland is considered by many to be the most democratic country in the world. It is also one of the world's most successful nations in economic terms. The Swiss people have the highest per-capita incomes in the world, and Switzerland is consistently rated among the top ten nations in terms of quality of life.
The key to Swiss success is not to be found in natural resources (which are in extremely short supply); nor does it lie in the temperament of its 6.4 million people, who are essentially no different from the Germans, Italians and French in the remainder of Europe. It lies rather in Switzerland's political institutions, which ensure that ordinary citizens are involved in political decision-making, and that no one interest group is able to benefit unduly at the expense of another.
In their last budget before being defeated in January 2006, the Liberals cut the lowest personal income tax rate to 15 per cent from 16 per cent. The first Conservative budget, while cutting taxes in a number of other ways, raised that lowest rate back to 15.5 per cent.