FREDERICTON – The New Brunswick government has lowered its projection for its 2015-16 deficit.
Finance Minister Roger Melanson says revenues for the second quarter of this year were $37.1 million higher than expected.
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As a result, the projected deficit for has been lowered to $453 million, slightly lower than originally forecast in the spring budget.
The projection includes a $150 million contingency reserve and accounts for higher-than-expected expenses.
On the revenue side, personal income taxes brought in $34 million more than expected.
Melanson says the province has much work to do as it attempts to draft a plan to balance the books.
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