N.B. fiscal update projects $35.3-million surplus, $5 million less than budgeted

New Brunswick is now projecting a $35.3-million surplus for the current fiscal year, a drop of $5 million from what it budgeted in March.

In a news release Tuesday, the province attributes the change to total expenses that are projected to be $161.2 million over budget, combined with an extra $156.2 million in revenue due to economic growth.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Sign up for breaking National newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

New Brunswick had budgeted for a $40.3-million surplus for the 2023-24 fiscal year, and the province projects that its net debt is $12.6 billion.

Finance Minister Ernie Steeves says the province is not seeing the same signs of revenue growth that it did over the past year, but New Brunswick continues to be in a healthy financial position.

Through the end of the second quarter on Sept. 30, the province says personal income tax revenue was up $51 million due to higher income and population growth.

Multiple departments are projected to spend more than forecast, led by the Department of Health, which is expected to be $162 million over budget due to higher operating and personnel costs.

This report by The Canadian Press was first published Nov. 14, 2023.