FREDERICTON – The New Brunswick government ran up a $388.6 million deficit last year, $2.5 million less than projected.
The government released its 2014-15 audited financial statements Wednesday.
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Revenues were up $304 million due to increased tax revenues, one-time federal revenue and stronger than projected results for NB Power.
Expenses were $301.5 million higher than budgeted, due to higher costs in education and training, transportation, infrastructure, economic development and reforms to the New Brunswick Teachers Pension Plan.
The province’s net debt in 2014-15 grew by $610 million to $12.4 billion.
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