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
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.