Blaine Higgs revises projected deficit to $471M

The New Brunswick government's projected deficit is now estimated to be $471 million for 2011-2012, according to Finance Minister Blaine Higgs.

The finance minister released the province's third quarter results on Wednesday.

The deficit figure is now $471.1 million down from $545.7 million after the second quarter.

However, the projected deficit is still higher than the $448.8 million that Higgs estimated in his budget last March.

The third quarter fiscal update lists the spending of each government department and compares it to the March budget.

The Department of Agriculture, Aquaculture and Fisheries is on pace to spend $46.4 million, which is a 15 per cent increase.

As well, the Energy Efficiency and Conservation Agency is projected to spend $18.8 million, which is a 10.8 per cent increase.

There have been some departments that have ratched back their spending.

Two economic development agencies are both reporting double-digit spending reductions.

Business New Brunswick is now expected to spend $21.8 million, which represents a 22.9 per cent cut.

And the Regional Development Corp. is anticipating it will spend $66.3 million, which is a 10.6 per cent cut.

Provincial revenues are also coming in slightly lower than expected.

The third quarter results show personal income tax is expected to bring in $1.2 billion, which is down $53 million. And corporate income tax revenue is down $18 million to $225.6 million.

However, Harmonized Sales Tax revenue is up $40.8 million, according to the report.