New Brunswick’s finance minister says the province finished the 2024-25 fiscal year with a $104.4-million deficit, instead of the $40.9-million surplus they had budgeted for.
René Legacy released the numbers in a new fiscal update.
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Legacy said the province’s net debt has also risen from $11.8 billion to $12.3 billion.
The government says their key spending areas were in health, education, and social programs.
They brought in money primarily through taxes and federal transfers.
The government also received $156 million as part of a settlement with three major tobacco companies.
The companies were ordered to pay a $32.5-billion settlement to governments across the country following a lawsuit over smoking-related health care costs.
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