The New Brunswick government projects that fiscal year 2021-22 will end with a surplus of $ 89.1 million instead of the deficit of $ 244.8 million that had been estimated in the last budget.
Finance Minister Ernie Steeves released the province’s second-quarter fiscal update today, crediting the positive outlook to both tax revenue and federal transfers that were higher than anticipated.
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Finance Minister Credits Federal Transfers for Keeping New Brunswick in Black Numbers
The province’s net debt is projected to be $ 13.4 billion at the end of the fiscal year, a reduction of $ 63.2 million year-over-year.
Steeves says the government estimates revenue will be $ 487.2 million higher than budgeted, for a total of $ 10.9 billion.
Expenses are also projected to be higher compared to what was estimated in the budget, increasing by $ 153.3 million, for a total of approximately $ 10.8 billion.
Steeves says the higher expenses are due to rising government costs and rising health-related costs.
“While this is encouraging, we must bear in mind that some of the cost savings that led to the surplus, such as delayed surgeries, are costs that we will have to face in the future,” Steeves said in a press release.
“At the same time, there is still a high degree of uncertainty ahead. For these reasons, we must continue to manage our finances responsibly. “
This Canadian Press report was first published on November 16, 2021.
© 2021 The Canadian Press
Reference-globalnews.ca