February 20, 2014
Province Releases Third Quarter Financial Report
– – –Provincial Budget Date Set for March 6: Minister Howard
The Manitoba government continues to make progress toward a balanced budget with a deficit projection of $86 million less than budgeted last year, Finance Minister Jennifer Howard announced today with the release of the province’s third quarter financial report. She also confirmed the budget will be delivered on March 6 when the legislature comes back into session.
“We are working to return to balance and we know the best way to do that is to keep steadily growing our economy by building our province and creating good jobs,” said Minister Howard. “We also have to keep finding ways to reduce spending. We will continue to modernize and find the most efficient ways to deliver the best services possible for Manitoba’s families.”
Budget 2013 projected a $518-million summary deficit for this year as part of Manitoba’s plan to protect front-line services, create jobs and grow the economy while working toward a balanced budget. The minister said the deficit projection is now $432 million, an improvement of $86 million in what was forecast and a reduction of $148 million from last year’s deficit of $580 million.
“Although we are currently on track, we now face the additional and unexpected challenge of $100 million less than was expected in transfer payments each year,” said Minister Howard. “The population undercount by Statistics Canada is going to mean $100 million from services in health care and education that our government still needs to provide to the people of this province.”
Minister Howard also advised the provincial government has approved a special warrant. The largest portion of the supplementary funding is for emergency expenditures with $144 million required for forest-fire suppression, disaster financial assistance and flood settlements. The net impact of the special warrant is $131 million, with $96 million in savings offsetting the $228 million required to address the emerging in-year spending pressures.
“Despite the pressures in emergency expenditures, our government remains on track and even doing a little better than expected in reducing our deficit,” the minister said. “We will continue with our balanced approach that has allowed us to make this progress while protecting services that Manitoba families count on.”
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