N.B. Posts Higher-Than-Expected Surplus In 2019-20

The New Brunswick government ended the 2019-20 fiscal year with a bigger surplus than expected.

Audited financial statements released by the province Wednesday show a surplus of $48.7 million.

The province had budgeted for a surplus of $23.1 million for the 2019-20 fiscal year.

“Our goal in 2018 was to balance the budget and reduce the debt load, and that is exactly what we did,” said Finance Minister Ernie Steeves in a news release.

“By responsibly managing the province’s finances, we ended the year with a $48.7 million budget surplus and for the first time in 13 years saw a decrease in the province’s net debt.”

According to the financial statements, the province reduced its net debt by $36.8 million to $13.92 billion.

Overall revenue was $46.3 million higher than expected, mainly due to increased personal income tax revenue.

Expenses were also $20.7 million over budget, in part due to extra costs associated with the pandemic.

“We recognize there are still challenges before us and we can expect to see further ups and downs in the months ahead. As we prepare for wave two of the pandemic, we must continue to be prudent fiscal managers to secure a brighter future for our province,” said Steeves.