Quebec's Minister of Finance, Carlos Leitao, has announced he will present the 2014-2015 provincial budget to the National Assembly on June 4.

"This budget transition will fulfill the commitments that we made to the people of Quebec with measures to redress public finances and revive the economy, " said Leitao in a statement.

Premier Philippe Couillard’s government is facing a budget deficit of $3.7 billion, and has already warned of substantial spending cuts.

The government says it aims to balance the budget by 2015-2016.

Previously, Couillard had asked his ministers to evaluate the financially viability of all government projects.

Leitao said that because there is a fiscal imbalance between different provinces, he expects to receive help from the federal government to reduce Quebec’s deficit.