New Brunswick's budget surplus balloons $739 million more than spring estimate

FREDERICTON — New Brunswick’s surplus is projected at $774.4 million for the 2022-23 fiscal year, an increase of $739.2 million over what was forecast in the budget tabled in March.

The latest forecast is $638.9 million more than what was projected in the province's previous fiscal update in August.

Finance Minister Ernie Steeves says the continued growth of the surplus is due to revenue that is $918 million higher than the budget estimate.

Steeves says the improvement reflects stronger than expected economic, population and income growth, which have contributed to higher revenue from corporate and personal income tax and the harmonized sales tax.

Meanwhile, total expenses are estimated to be $179 million higher than the spring estimate due to spending in areas such as health, post-secondary education, social development and infrastructure.

The net debt is projected at $11.7 billion, a reduction of $661.7 million year-over-year.

This report by The Canadian Press was first published Nov. 10, 2022.

The Canadian Press