The provincial government is reporting a 192 million dollar deficit, according to the latest audited financial statements ending in March. That’s a far cry from the original 19 million dollar surplus the province had planned for. However, when the budget was tabled in March, officials forecast the 2008-2009 deficit to be 265 million dollars. The province says the debt is lower than predicted because of tight spending and the fact pension expenses were less than expected thanks to a slight upswing in the markets.
Finance Minister Greg Byrne says there are some tough decisions to be made as the province recovers from the global economic slowdown. Pre-budget consultations begin early in October for the 2010-11 budget. The province’s total net debt is 7.4 billion dollars.
