N.B. fiscal update projects bigger deficit due to 'significant' travel nurse costs
New Brunswick Finance Minister René Legacy presents a fiscal update on Friday, Nov. 15, 2024 in Fredericton. THE CANADIAN PRESS/Hina Alam
FREDERICTON -
New Brunswick's new Liberal finance minister is projecting a deficit of $92.1 million for the current fiscal year, a reversal from the $40.9-million surplus budgeted last spring by the previous Progressive Conservative government.
René Legacy's second quarter update released today shows a worsening situation since the last update in August, which pegged the deficit at $27.6 million.
He says that as of the end of September, total revenue this year is projected to be $118.8 million higher than budgeted.
Legacy attributes the revenue growth to an increase in conditional grants from the federal government and gains in both personal and corporate income tax.
However total expenses are projected to be over budget by $251.8 million, with the most significant spending coming from the Health Department -- which is over budget by $193 million -- mainly because of contracts with private firms to provide temporary nurses, also known as travel nurses.
The net debt is projected to be $12.2 billion.
This report by The Canadian Press was first published Nov. 15, 2024.
For more New Brunswick news visit our dedicated provincial page.
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