The New Brunswick government is now forecasting a deficit of $299 million dollars for 2020-21, instead of the $92 million surplus it projected when it released its budget this spring.
Finance Minister Ernie Steeves says COVID-19 has created a situation unlike anything experienced before. [ Sign up for our Health IQ newsletter for the latest coronavirus updates ] Revenue is projected to be $291.4 million lower than budgeted because of the effects of the pandemic.
Expenses are projected to be over budget by $100.2 million, of which $39.5 million is offset by federal revenue. The net debt is forecast to reach $14.1 billion, an increase of $266.7 million over the 2019-20 level.