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.

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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.