November 1978 Canadian federal budget
| Presented | 16 November 1978 |
|---|---|
| Parliament | 30th |
| Party | Liberal |
| Finance minister | Jean Chrétien |
| Total revenue | 43.310 billion [1] |
| Total expenditures | 55.277 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
[edit]August 1978 spending cuts
[edit]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
[edit]Execution
[edit]| 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
[edit]Notes
[edit]References
[edit]- ^ a b c "Canada's deficits and surpluses, 1963-2014". CBC News. CBC/Radio-Canada. Retrieved 25 April 2015.
- ^ "The Leader-Post". news.google.com. 17 November 1978. Retrieved 2020-06-17.
- ^ Trueman, Mary (17 August 1978). "$1.5 billion in cuts Ottawa's first step under PM's pledge". The Globe and Mail. p. 1.
- ^ 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
[edit]- Budget Speech (PDF). Ottawa. 16 November 1978. Retrieved 4 November 2024.
{{cite book}}: CS1 maint: location missing publisher (link) - Budget Papers: Notices of Ways and Means Motions and supplementary information on the Budget (PDF). Ottawa. 16 November 1978. Retrieved 4 November 2024.
{{cite book}}: CS1 maint: location missing publisher (link) - Budget in brief (PDF). Ottawa. 16 November 1978. Retrieved 4 November 2024.
{{cite book}}: CS1 maint: location missing publisher (link)