New Brunswick won’t see a balanced budget in the next year: Melanson

FREDERICTON – New Brunswick’s finance minister says the government needs to focus on balancing the books before it can begin paying down the province’s net debt.

Roger Melanson spoke Thursday following the release of the 2014-15 audited financial statements Wednesday.

The statements showed last year’s deficit was $388.6 million — $2.5 million lower than expected.

Melanson says revenues were up by $304 million dollars, but there were also $301.5 million in unexpected expenses.

He says the biggest expense was $229 million for the conversion of the teachers’ pension plan to a shared-risk and targeted benefit plan.

New Brunswick’s net debt is now $12.4 billion, but Melanson says the budget needs to be balanced – something he says likely won’t happen over the next year.