The provincial government is celebrating a significant reduction in the deficit for 2015-2016.
Finance Minister Cathy Rogers announced this year’s deficit is going to be $260.5 million, down $66.3 million from what was budgeted ($326.8 million.)
Revenues were $78 million higher than anticipated, as a result in part of consolidation of nursing home services, and higher personal income tax.
Expenses were $12 million more than expected, in part because of increased costs under the disaster financial assistance program.
Rogers says while the net debt grew, they are on the right track to returning to fiscal balance.
The financial statements are posted below.
