The federal government is on track to exceed the $10.2 billion surplus it had forecast in the February budget despite the revenue drain of personal and business tax cuts it put in place last fall.

The government’s fiscal monitor shows that Ottawa took in $2.9 billion more than it spent in February, bringing the 11-month tally for the past fiscal year to $12.9 billion.

The figure does not include $2.5 billion in spending announced by the government that will be accounted for next month, including the $1 billion development trust fund to help communities hit hard by the manufacturing and forestry slump.

Still, that would leave the up-to-date surplus at $10.4 billion, slightly above the $10.2 billion forecast in Finance Minister Jim Flaherty’s February budget, with one more month of tax collection and spending for which to account.

The February surplus was well below last February’s $4.7 surplus largely because of Flaherty’s fall mini-budget that put in place business tax cuts and a one percentage point reduction in the GST.

Most measures went into effect at the beginning of the year.