New Brunswickers will find out Wednesday how large the province’s surplus was during the last fiscal year.
The province’s finance minister is set to release the consolidated financial statements for 2022-23.
Finance Minister Ernie Steeves had originally budgeted for a small surplus of $35.2 million.
But by the time the third-quarter update rolled around in February, the budget projection had ballooned to $862.6 million.
At the time, Steeves said the results reflected “continued strength in the provincial economy.”
“Our economy has recovered much faster than expected and population growth has set new records. These factors have contributed significantly to the improved results for our tax revenues,” said Steeves.
“These circumstances are similarly reflected across the country with governments showing significant revenue improvements.”
According to the third-quarter update, revenue for the 2022-23 fiscal year was projected to be more than $1 billion higher than budget. Expenses are also projected to be higher than expected to the tune of $240.2 million.
Meanwhile, the opposition Liberals accused the government of continuing to underestimate the surplus.
Finance critic René Legacy said he expected to see a surplus of over $1 billion by the end of the fiscal year.
As for the current 2023-24 fiscal year, the budgeted surplus of $40.3 million is already projected to be nearly five times higher at $199.6 million.
