All of this will be applied to reducing the net public debt. Final audited financial results will be published in the Annual Financial Report of the Government of Canada , scheduled for release in mid-September 2001. Personal income tax revenues declined by 12.0 per cent, reflecting the impact of the tax relief measures announced in the October Economic Statement and Budget Update , as well as the timing of receipts between February and March. Corporate income tax revenues were up 11.4 per cent, reflecting higher corporate profits in 2000. Non-tax revenues were up strongly, reflecting higher net profits relating to activities in the Exchange Fund Account .
Negative numbers indicate a net requirement for funds.
Direct program spending increased 11.7 per cent, primarily reflecting the inclusion of the policy initiatives mentioned above. Dampening the impact of these factors was the effect of the tax relief measures announced in the February 2000 budget and October 2000 Economic Statement and Budget Update and higher transfers to the Canada Pension Plan and EI accounts, reflecting underpayments with respect to the 1999 taxation year. Customs import duties were up strongly, while sales and excise taxes were up marginally. The increase in equalization entitlements was attributable to the continued stronger economic growth in Ontario than in the equalization-receiving provinces. Direct program spending, consisting of total program spending less the major transfers to persons and other levels of government, increased by 4.6 per cent.