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Quebec says it has to put off balanced budget until 2015-16

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Quebec Finance Minister Nicolas Marceau holds a copy of his update at a news conference to explain his government economic update Thursday, November 28, 2013 at the legislature in Quebec City. THE CANADIAN PRESS/Jacques Boissinot

QUEBEC – Quebec’s balanced budget will be delayed until 2015-16 primarily because of lower-than-expected revenues.

Finance Minister Nicolas Marceau says the province should post a deficit of $2.5 billion this fiscal year instead of a projected balanced budget.

Marceau told a news conference in Quebec City the deficit should come in at $1.75 billion in 2014-15.

The finance minister says he did not want to raise taxes or introduce massive spending cuts this year.

The increase in the province’s revenues this year is expected to be only one-half of the projected hike.

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