FREDERICTON (GNB) – The provincial government has introduced fixed reporting dates for quarterly fiscal updates in conjunction with the first-quarter update for 2015-16.
The first-quarter fiscal update for 2015-16 is projecting a deficit of $470.6 million, an improvement of $6.2 million compared to the budget deficit projection of $476.8 million.
“This is encouraging news for our province as we work to put our fiscal house in order,” said Finance Minister Roger Melanson. “We have a fiscal framework with balanced, achievable goals and we are making progress towards getting our finances under control, all the while fostering the climate for job creation and making life better and more affordable for New Brunswick families.”
The projected deficit of $470.6 million includes a $150 million contingency reserve to protect the province against unforeseen circumstances.
The improvement in projected deficit for the first quarter of 2015-16 is due to higher revenues of $4.2 million and lower expenses of $2.0 million.
With this fiscal update, the provincial government is also introducing fixed reporting dates for quarterly fiscal updates, a commitment in the document Moving New Brunswick Forward. This practice will ensure that the public can see how their money is being spent in a predictable and honest way.
“These fixed reporting dates for quarterly fiscal updates will provide more consistency, transparency and accountability to financial reporting,” said Melanson. “It is important that New Brunswickers know how their tax dollars are being spent. That is why we are committed to releasing financial reports in a consistent and timely fashion.”
Under the new fixed reporting dates, quarterly updates will be published:
- on or before Aug. 31 for the first quarter;
- on or before Nov. 15 for the second quarter; and
- on or before Feb. 15 for the third quarter.
The 2015-16 first-quarter report is available online.
26-08-15
