New Brunswick’s financial update projects a surplus of $35.3 million, $5 million less than expected – New Brunswick

New Brunswick now projects a surplus of $35.3 million for the current fiscal year, down $5 million from what it forecast in March.

In a statement released Tuesday, the province attributes the change to total spending expected to exceed the budget by $161.2 million, combined with additional revenue of $156.2 million due to economic growth.

New Brunswick had forecast a surplus of $40.3 million for the 2023-24 fiscal year, and the province projects its net debt to be $12.6 billion.

Finance Minister Ernie Steeves said the province is not seeing the same signs of revenue growth as over the past year, but New Brunswick continues to be in a healthy financial position.

Through the end of the second quarter on Sept. 30, the province reported personal income tax revenues increased by $51 million due to higher incomes and population growth.

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Several departments are expected to spend more than planned, led by the Department of Health, which is expected to go $162 million over budget due to higher operating and staffing costs.

This report by The Canadian Press was first published November 14, 2023.

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