FREDERICTON (GNB) – The provincial government today released its fiscal update for the second quarter of 2014-15.
The province is projecting a deficit of $377.2 million for 2014-15, an improvement of $13.9 million compared to the budgeted deficit of $391.1 million.
The improvement over budget includes a one-time payment of $45.8 million related to the transition of the Financial and Consumer Services Commission to the new federal Cooperative Capital Markets Regulatory System.
While revenues were up $78.5 million overall, key revenue streams, including property tax, HST and corporate income tax were all lower than projected in the budget.
Expenses were over budget in a number of departments, resulting in a projection of total expenses $64.5 million higher than budgeted.
“Today’s results clearly show that we need a better approach,” said Finance Minister Roger Melanson. “New Brunswickers want to see that their government is committed to creating jobs and expanding the economy. Our government is committed to a balanced approach of reducing the cost of government, increasing revenues, and encouraging private sector investment.”
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14-11-14