New Brunswick deficit to grow by $173M due to lower revenues, government says
FREDERICTON – The government of New Brunswick is projecting its deficit to be $173 million larger than previously forecast primarily due to lower revenues.
The province’s Finance Department provided an update today saying its original budget forecast of a $183 million deficit this fiscal year is off.
The department says it now expects the deficit to grow to $356 million.
Finance Minister Blaine Higgs says the province is receiving $110 million less in anticipated tax revenues because of a weakened economy.
Higgs says expense projections have also grown by $51 million.
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