N.B. Projects Higher Surplus For 2019-20

New Brunswick’s finance minister says the province remains on track for a surplus and reduction in the net debt.

But Ernie Steeves says despite the positive results, the province is still not in a financial position to spend more.

“We are facing serious financial and social challenges, and New Brunswick needs an affordable and responsive government,” said Steeves in a news release.

“We have to get our fiscal house in order if we want to be able to afford essential services in the long-term.”

Second-quarter results for the 2019-20 fiscal year show a projected surplus of $88.1 million compared to the budgeted surplus of $23.1 million. https://t.co/pJWz8q7nE4 pic.twitter.com/EyRdZDoIAo

— Government of NB (@Gov_NB) November 15, 2019

Second-quarter results released Friday show a projected surplus of $88.1 million for 2019-20, up from a budgeted surplus of $23.1 million.

Revenue is projected to be $101.6 million higher than budgeted largely due to an increase in Personal Income Tax revenue and in special operating agencies revenue related to new federal funding.

Total expenses are projected to be higher than budgeted by $36.6 million largely due to additional expenses in special operating agencies related to new federal funding.

“Maintaining a sustainable balance in our finances is not a one-year task,” said Steeves.

“It requires continued diligence and responsible decision making. We have a plan and we have set priorities. We are committed to doing what is necessary to ensure New Brunswickers, and the next generation, have a secure future.”

The net debt is also projected to decrease by $232.7 million from budget.