FREDERICTON – The provincial government tabled today a $10.2 billion 2020-21 budget designed to strike a balance among lowering the debt, addressing priority areas and putting money back into the pockets of New Brunswickers.

“Our 2020-21 budget demonstrates that it is possible to live within our means when you embrace solid and responsible financial management,” said Finance and Treasury Board Minister Ernie Steeves. “By maintaining fiscal discipline, we can improve and deliver high-quality public services, reduce our debt, and return some hard-earned dollars to New Brunswickers where it rightly belongs.”

Responsible financial management

The budget is balanced, with a projected surplus of $92.4 million which would be a surplus for the fourth consecutive year. Revenues are projected to grow by 3.4 per cent, while spending is expected to grow by 3.5 per cent. Net debt will be reduced by $129.3 million.

The Department of Finance and Treasury Board projects that the New Brunswick economy will expand by 1.2 per cent in 2020-21.

The government is projecting a surplus of $97.8 million for 2019-20, an improvement of $74.6 million over budget. This is the first time a surplus was budgeted and successfully achieved since before the global financial crisis in 2008. Also, for the first time in 13 years, the net debt is projected to decrease by $148.4 million from the 2018-19 level.

Addressing priority areas

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