New Brunswick says its surplus is $100 million more than projected in March | Pro IQRA News

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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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