That's an increase of $31.4 million from last quarter's projection.
Finance Minister Blaine Higgs says this province has not been insulated from the global market conditions including the impact of Europe's debt crisis and the lowering of the U.S. credit rating.
He says revenues are projected to be $37 million lower than budgeted due to a weakened economy and projected decreases in personal income tax revenue, lower revenues from the NB Liquor and from the Lotteries and Gaming Commission.
Higgs says by the end of the year, New Brunswick will be over $10 billion in debt. He calls it unacceptable and unsustainable and it serves to underline the importance of the government renewal exercise which will look at how to deliver services to the public on a more efficient basis. For more information, click here
