March 3, 2020
Manitoba Government Releases Third Quarter Financial Update
– – –Province Slightly Ahead of Schedule to Balance Budget: Fielding
The Manitoba government released its third quarter report for the 2019-20 fiscal year, which indicates the province is on the right track to financial recovery in uncertain economic times, Finance Minister Scott Fielding announced today.
“Manitoba is showing continued progress toward balancing the budget and steadily reducing the deficit,” said Fielding. “The third quarter report provides a clear picture of the fiscal year and is indicating revenues are higher than anticipated due to our resilient economy.”
At this point, the deficit is projected to be $325 million, about $35 million ahead of the government’s target. The province remains ahead of schedule to eliminate the deficit.
Revenue is up $248 million compared to budget projections, mainly related to an increase in income taxes. Expenses are also up $118 million compared to budget projections, as the forecast includes over $150 million for new green initiatives, partially offset by a reduction in debt-servicing costs.
Fielding noted the report proves the province is delivering on the infrastructure promises made as part of Budget 2019, which committed at least $1 billion in strategic infrastructure spending on priorities such as roads and bridges, flood protection, hospitals, schools, universities and colleges. The third quarter report forecasts $1,227 million on infrastructure spending.
The minister noted the province continues to ensure value for money on procurement and has centralized many capital delivery functions to create efficiencies.
Manitobans can view the third quarter financial report online at www.gov.mb.ca/finance/publications/financialreports.html.
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