News Releases

News Release - Manitoba

May 18, 2016

Finance Minister Presents Fiscal Update

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Projected Core Deficit for 2015-16 Significantly Higher Than Last Fiscal Update: Friesen

Manitoba’s projected core deficit for 2015-16 is now $1.012 billion, 52 per cent higher than what was presented in the March 2016 fiscal update by the previous administration, Finance Minister Cameron Friesen announced today. 

The March 8 fiscal update forecast a year-end core deficit for 2015-16 of $666 million. 

“In the lead up to the 2016 election, Manitobans were presented with an incomplete picture of the province’s financial situation,” said Friesen.  “We now know the projected year-end deficit for 2015-16 exceeds $1 billion, an increase of $346 million over what was presented a mere two months ago.” 

Manitoba’s new government will table its first budget on May 31 – a transparent and complete fiscal plan that will put the province back on the course toward a strong economy able to protect and improve the front-line services that Manitobans rely upon, the minister said. 

“Over the last decade, core budget expenditures were exceeded every single year,” added Friesen.  “The consequences of this pattern of over-spending budgets are alarming.  It will take time to undo the damage we have inherited and to correct the course but we are confident in our team’s ability to deliver for Manitobans.” 

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Backgrounder
Background Information - https://www.gov.mb.ca/asset_library/en/newslinks/2016/05/RLS-BG-Fiscal_Update-FI.doc