Sentences with phrase «forecast by the finance department»

This would mean a deficit of about $ 38.5 billion for 2010 - 11, nearly $ 7 billion lower than forecast by the Finance Department of $ 45.4 billion in the October update.

Not exact matches

Part of the reason, we believe, is due to lack of consistency and reconciliation between the Estimates, prepared by the Treasury Board and the forecast of direct program expenses, prepared by the Department of Finance.

This failure can be attributed to the assumption made each year by the Finance Department that interest rates would decline over the forecast period.

It appears that either the Department of Finance is unable to forecast direct program expenses, or the Minister of Finance has adopted the previous government's approach of ensuring that his deficit targets are met or bettered by «hiding» extra prudence in his budget forecasts — an approach he criticized the previous government for.

This large difference leads to two conclusions: first, fiscal forecasting by the Department of Finance has lost all credibility, and second, the Government is on track to meet its balanced budget commitment for 2015 - 16 if not sooner.

We have recommended, in the past, that you use the Department of Finance's forecast, in part because the Department has greater expertise, and in part because the Department's forecasts have been shown to be more accurate by independent reviewers.

Until more details are provided by the Department of Finance and / or contained in the upcoming Public Accounts, it is difficult to assess what factors accounted for lower - than - forecast direct program expenses.

The Conservatives were quick to use this as proof that they were on track to post a surplus in 2015 - 16, despite a warning by the Department of Finance that early fiscal results are not reliable in forecasting results for the year as a whole.

During the 1990s and early 2000s, when projections of the budgetary balance were off by wide margins, the credibility of the Department of Finance's forecasting abilities came under attack from both inside and outside the government.

Although E&Y recommended that the Department of Finance should establish a mechanism to increase the distance between the economic and fiscal forecasts presented in the budget and the political process, by either having the House of Commons Standing Committee on Finance engage a panel of independent reviewers to critique the government's economic and fiscal forecasts or alternatively establish an independent agency to provide the economic and fiscal forecast.

Given the ending of most of the Economic Action Plan stimulus spending in 2011 - 12, one would have expected a significant decline in «other transfer expenses» between 2010 - 11 and 2011 - 12, much more than the $ 1.1 billion forecast by the Department of Finance.

Instead, the government at that time decided to use the average of private sector economic forecasts rather than those produced by the Department of Finance even though E&Y had concluded that the Department's economic forecasts were consistently better than those in the private sector.

A «Contingency Reserve» was first included in the budget forecasts in 1994 by Finance Minister Paul Martin, following a review of the Department of Finance's economic and fiscal forecasts by Ernst and Young.

It is the latest of a series of over-optimistic forecasts from the department, which was set up by Osborne to provide independent assessment of national finances.

Demonstrated effective communication and teamwork skills by engaging in constant communication within the finance department and researched through banks of data to develop product forecasting for the company