The New Brunswick government is now forecasting a deficit of $299 million dollars for 2020-21, instead of the $92 million surplus it projected when it released its budget this spring.
Finance Minister Ernie Steeves says COVID-19 has created a situation unlike anything experienced before.
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Revenue is projected to be $291.4 million lower than budgeted because of the effects of the pandemic.
Expenses are projected to be over budget by $100.2 million, of which $39.5 million is offset by federal revenue.
The net debt is forecast to reach $14.1 billion, an increase of $266.7 million over the 2019-20 level.
Steeves says the economic impacts of the pandemic are only beginning to be understood.
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