A fiscal update being released for the second quarter from the Gallant government.
The province is projecting a deficit of $377.2 million for 2014-15, which is an improvement of $13.9 million compared to the budgeted deficit of over $391 million.
The improvement over budget includes a one-time payment of over $45 million related to the transition of the Financial and Consumer Services Commission to the new federal Cooperative Capital Markets Regulatory System.
While revenues were up $78.5 million overall, revenue streams including property tax, HST and corporate income tax were all lower than projected in the budget.
Finance Minister Roger Melanson says the results clearly show that we need a better approach.
