FREDERICTON (GNB) – The provincial government provided its second-quarter fiscal update today which shows that despite $113 million in expense reductions, the province is reporting a revenue shortfall of $172.9 million.
“We have made significant progress in reducing our expenses and I would like to recognize the important work our public service has done in this regard,” said Finance Minister Blaine Higgs. “If we were not managing smarter, this revenue shortfall would have had a much bigger impact on our province's finances.”
The revenue shortfall has caused the deficit for 2013-14 to increase $38.3 million from the first quarter to $538.2 million.
In light of the revenue challenge, Higgs will schedule a pre-budget consultation meeting with key stakeholders in both the north and south of the province to discuss possible solutions to the revenue problems.
“There is a pressing need to gather our stakeholders around the table and discuss what revenue and spending measures need to be adopted in order to address our deficit situation,” said Higgs, “No one is immune to the fiscal situation we are facing in this province and we are asking stakeholders to be prepared to discuss how we can get back to balanced budgets.”
The government will also seek input from New Brunswickers through the Taxpayers FIRST website, which has been set up to receive suggestions on how to reduce the deficit. This website has received almost 34,000 visits since its inception. It provides a summary of the ideas received in previous years and the corresponding action that has been taken.
05-12-13