N.B.'s revved-up economy leads to projected surplus of $38M
CBC
A roaring revival of New Brunswick's economy and a boost in federal transfer payments have wiped away a projected deficit for the current fiscal year and now have the province looking at a surplus of $38 million.
The government now expects to rake in tens of millions more dollars than projected in income tax and sales tax from people returning to work and spending more money in the wake of the initial COVID-19 lockdowns last year.
Employment is up 3.9 per cent so far over last year and retail sales have jumped 22.2 per cent.
Ottawa's decision earlier this year to keep shovelling more money to the provinces to offset the impact of the pandemic also helped wipe out some of the red ink.
Progressive Conservative Finance Minister Ernie Steeves projected a $244.8 million deficit when he delivered his budget in March.
Among the changes to its projections based on first-quarter figures from April to June:
Those increases and others total $241.6 million, and combined with slightly lower spending levels erased the deficit and led to a surplus of $37.7 million.
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