New Brunswick’s finance minister is warning about putting the province’s credit rating and public services at risk if the debt continues to grow.
Ernie Steeves has released the second quarter results for the current fiscal year which shows a deficit of more than 131 million dollars.
The net debt is projected to reach more than 14 billion dollars by fiscal year end – which is March 31st.
Second-quarter results for the 2018-19 fiscal year https://t.co/jJynvLbG9v pic.twitter.com/6KwihXNXl7
— Government of NB (@Gov_NB) December 6, 2018
Historic spring flooding had a big impact on total expenses while revenue was higher than budgeted thanks to corporate and personal income taxes.
Steeves says the government has to look at its fiscal position over the next several years especially growth in net debt.
Early this year, the Dominion Bond Rating Service downgraded the province’s outlook from a stable to negative trend while maintaining the rating of “A”.
