Prince Edward Island’s government is going to post a $3.7-million deficit in this year’s budget rather than an anticipated surplus.
Finance Minister Darlene Compton announced late Friday that the 2019-20 deficit is due to the COVID-19 pandemic driving up costs and reducing revenues.
READ MORE: ‘Stay the blazes home,’ McNeil warns as Nova Scotia COVID-19 cases surpass 200
Compton said prior to the pandemic emerging over the past month, the province had anticipated a $2.5-million surplus.
Get weekly health news
The minister also confirmed the province is adding $15 million to its emergency contingency fund and will allow for deferral of property taxes and fee payments until the end of this year.
She told reporters during the briefing that the province expects it’s going to have to borrow more money than anticipated in 2020-21 fiscal year due to the pandemic, though she didn’t name a figure.
“You can basically confirm we will be adding to the province’s debt,” said Compton.
- Head-Smashed-In Buffalo Jump heritage site enjoys boost after shout out on ‘The Pitt’
- What is Nipah virus? What to know about the disease as India faces outbreak
- Pizza Pops contaminated with E. coli tied to 7 hospitalizations, data shows
- Pizza Pops E. coli recall grows as roughly a dozen products now hit
Comments