A budget surplus of $135 million in New Brunswick

This was announced by Finance Minister Ernie Steeves, who presented the financial statements for the first quarter of 2022-2023.

When the provincial budget was tabled in March, the Higgs government forecast a budget surplus of $35 million.

Several critics felt that this surplus was undervalued.

The most recent data seem to prove them right: the forecast surplus now stands at $135 million, or nearly four times as much.

The increase in revenue is explained, among other things, by an increase in income taxes of $86 million, an increase in federal health subsidies of $41 million, and an increase in revenue from the harmonized sales tax of $41 million.

The Minister of Finance says that the government has not yet decided what it intends to do with the budget surplus.

Ernie Steeves believes that it is probably not necessary to invest more in health, where according to him, there is a problem of recruiting professionals, but not necessarily a lack of funding.

As for helping low-income families struggling with the effects of inflation, the minister talked about tax cuts, but no new direct help.

Minister Steeves maintains that despite these significant surpluses, the province’s public finances are still facing significant challenges in the medium and long term.

With information from Michel Corriveau

More details to come

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