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November 1978 Canadian federal budget

From Wikipedia - Reading time: 5 min
November 1978 (November 1978) Budget of the Canadian Federal Government
Presented16 November 1978
Parliament30th
PartyLiberal
Finance ministerJean Chrétien
Total revenue43.310 billion [1]
Total expenditures55.277 billion [1]
Deficit$11.967 billion[1]
1979›

The Canadian federal budget for fiscal year 1979–80 was presented by Minister of Finance Jean Chrétien in the House of Commons of Canada on 16 November 1978.[2]

Context

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August 1978 spending cuts

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The budget follows the announcement by Prime Minister Pierre Trudeau of a $2-billion spending cuts package on 1 August 1978. Details for $1.5-billion of the cuts were released on 16 August 1978 and affected more than 100 federal programs and many organisms including the Department of National Defence ($150-million), the CBC ($71-million), the Canadian International Development Agency ($133-million) and many other federal institutions. Construction of a heavy water plant in La Prade (Quebec) was immediately suspended to generate $150-million in savings.[3]

Aftermath

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Execution

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Budgetary items in billions of dollars
Element 1977-1978 1978-1979
Actual[4] April Budget Nov. Budget Actual[4]
Tax revenues 28.96 31.62 30.73 30.65
Non-tax revenues 3.91 4.39 4.47 4.56
Program expenditures (37.35) (46.90) (47.30) (39.86)
Public debt charge (5.55) (7.06)
Extraordinary items[a] – – – (4.48)
Deficit (10.04) (10.90) (12.10) (16.19)
Non-budgetary transactions 1.77 (0.60) – 5.25
Financial requirements (8.27) (11.50) (12.10) (10.94)

Notes and References

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Notes

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  1. ^ A provision was made in the 1978-1979 public accounts for the valuation of certain assets and liabilities, notably loans to other government entities and revolving funds.[4]

References

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  1. ^ a b c "Canada's deficits and surpluses, 1963-2014". CBC News. CBC/Radio-Canada. Retrieved 25 April 2015.
  2. ^ "The Leader-Post". news.google.com. 17 November 1978. Retrieved 2020-06-17.
  3. ^ Trueman, Mary (17 August 1978). "$1.5 billion in cuts Ottawa's first step under PM's pledge". The Globe and Mail. p. 1.
  4. ^ a b c Receiver General of Canada (17 September 1979). Public accounts of Canada. Vol. I : Summary Report and Financial Statements. Ottawa: Supply and Services Canada. ISBN 0-660-10436-9. Retrieved 4 November 2024.

Budget documents

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Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/November_1978_Canadian_federal_budget
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