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.
- New B.C. program using robotic and AI technology to help disrupt illicit drug trade
- Alberta woman marks 50 years with sister’s donated kidney: ‘I’ve been very lucky’
- Plant-based milk facility ‘haven for listeria’ before deadly outbreak: docs
- Hospitalizations for respiratory illnesses are rising across Canada: report
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.
Comments
Want to discuss? Please read our Commenting Policy first.