New Brunswick had $508M deficit last year

The government of New Brunswick says it incurred a $508 million deficit for the last fiscal year, about $97 million higher than it projected.

Deficit $97M more than projected

The government of New Brunswick says it incurred a $508 million deficit for the last fiscal year, about $97 million higher than it projected.

Finance Minister Blaine Higgs released audited financial statements showing that the province fell deeper into the red in
2012-13.

Higgs says the government has restrained expenditures that have led to departmental spending coming under budget for the second year in a row. 

But he says revenues continue to fall short of what the government was expecting.]

Provincial revenues fell by $270 million, and that was partly driven by higher pension costs for NB Power and a tax revenue shortfall.

Last month, Higgs said New Brunswick's deficit for 2013-14 was forecast to hit almost $500 million.

Comments

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.