March 20, 2017 3:31 pm

Manitoba’s deficit forecasted to be less than $1 billion: Fiscal update

The province's fiscal update forecasted Manitoba's deficit has dropped to below $1 billion.

Global News / File

WINNIPEG — The Manitoba government is looking at a lower-than-expected deficit.

A fiscal update from the province says it is now projecting $872 million in red ink for the fiscal year that ends March 31.

RELATED: Manitoba government set to release 2017 budget in April

Story continues below

That’s $39 million lower than originally expected in last year’s budget, and $128 million lower than forecast in the last fiscal update in December.

Finance Minister Cameron Friesen says the province is taking in a little more money than expected from income taxes and fees.

RELATED: Manitoba can run deficits without pay cuts: bill

But he says the province’s overall debt and the possibility of rising interest rates are big concerns.

The Progressive Conservative government was elected last year on a promise to eliminate deficits within eight years, and to cut one point off the provincial sales tax by 2020.

© 2017 The Canadian Press

Report an error


Want to discuss? Please read our Commenting Policy first.

Global News