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Friday, September 27, 2013

Higgs Releases Financial Update In Saint John

The Alward government providing a long overdue fiscal update with first quarter results projecting a deficit of nearly 500 million dollars.

Finance Minister Blaine Higgs joined by the Premier and MLA Glenn Savoie for the announcement at the Delta today as the Saint John caucus wraps up its summer retreat.

Higgs says if government had not confronted spending the revenue challenges they have been facing would be much worse.

In 2011 and 2012, Higgs says they saw year over year expenses decrease for the first time in 11 years adding in the last two years they have seen spending only grow by a half a per cent compared to the 10 year average of 4.2 per cent.

Premier Alward says historically departments have been way over budget with their early quarterly results and now they are seeing departments below budget and within 1 per cent representing a huge shift.

The Premier also revealing to the gathered media that the fall session of the Legislature will begin early on November 5th.