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.

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

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.

Source: Read Full Article