FREDERICTON, N.B. – A fiscal update issued today for the first quarter of 2013-14 shows the provincial government’s finances tracking closely with budget projections.
“By managing smarter, we are seeing expenses $20 million under budget for the first quarter of 2013-14,” said Finance Minister Blaine Higgs. “This helps us to offset our revenue challenges and demonstrates the commitment of our public servants to changing the culture of government and continuously finding savings.”
For the first quarter of 2013-14, total expenses are projected to be $20.2 million lower than budget with all departments reporting that they are either under or within one per cent of budget.
This partly offsets reduced revenues which are tracking $41.4 million lower than budget mainly due to weaker than anticipated results for NB Power because of increased costs for fuel, pensions and purchased power.
As a result, for the first quarter of 2013-14, the deficit is projected to be $499.9 million for 2013-14. This represents an increase of just $21.2 million from the budgeted deficit of $478.7 million.