Pro IQRA News Updates.
FREDERICTON – The New Brunswick surplus is projected to be $135.5 million in fiscal 2022-23, up $100 million compared to forecasts in the spring budget.
Government revenue, meanwhile, is projected to rise by more than $220 million in contrast to what was budgeted in March.
Treasury Secretary Ernie Steeves made the projections in his first-quarter fiscal update, in which he credited rising revenues to a government collecting more tax dollars due to a stronger economy and population growth.
The increase in projections for fiscal year 2022-23 is also due to a one-time federal payment to help the province cut its operating savings.
Steeves said the economy was recovering “much faster” and the province’s population was growing at a rate not seen since the 1970s.
He said total costs were projected to be about $120 million higher than the spring estimate due to rising costs of post-secondary education, training and labor, and transportation.
This Canadian Press report was first published on August 30, 2022.
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