Province recorded much larger surplus than expected in last fiscal year
Population growth, economy fuelled $500M surplus for 2023-24
The Higgs government recorded a larger than expected budget surplus last year, according to newly audited financial statements.
The surplus surged to $500.8 million, far higher than the original projection of $40.3 million.
"A strong economy and continued growth in New Brunswick's population proved to be significant drivers in the year-end numbers," Finance Minister Ernie Steeves said in a statement on Monday.
As recently as March, Steeves was projecting a $247.4 million surplus — but the final figure is more than double that.
It means another reduction to the province's accumulated debt, which now stands at $11.8 billion.
Each summer, Finance Department officials prepare consolidated financial statements for the province that take in government departments and other entities including N.B. Power, school districts, regional health authorities and non-profit nursing homes.
The statements are then audited by the auditor general, who signs off on the numbers.
The figures released Monday do not affect the $27.6 million deficit that's projected for the current 2024-25 fiscal year.
This year's statements were released days before the start of a provincial election campaign and they inject new data into a political debate over the Progressive Conservative government's cautious approach to government spending.