Prince Edward Island’s government is going to post a $3.7-million deficit in this year’s budget rather than an anticipated surplus.
Finance Minister Darlene Compton announced late Friday that the 2019-20 deficit is due to the COVID-19 pandemic driving up costs and reducing revenues. [ Sign up for our Health IQ newsletter for the latest coronavirus updates ] Compton said prior to the pandemic emerging over the past month, the province had anticipated a $2.5-million surplus.
The minister also confirmed the province is adding $15 million to its emergency contingency fund and will allow for deferral of property taxes and fee payments until the end of this year.