The Manitoba government announced a $5 million surplus for 2019-20 which is much better than the $360 million deficit that had been originally predicted. Unfortunately, the 2019-20 fiscal year ended on March 31, 2020, just two weeks after the first case of COVID-19 was identified in the province.
Projections for the 2020-21 fiscal year indicate a deficit of $2.9 billion is likely
“The global pandemic will continue to pose significant fiscal challenges, but Manitobans can trust our proven track record to safely and responsibly restore our finances once again. As we carefully grow our way out of this pandemic, we will continue to make investments to keep Manitobans safe,” said Premier Brian Pallister.
Finance Minister Scott Fielding said he expects it will take several years to address the fiscal impacts. Expenses are projected to be over budget by nearly $1.2 billion, reflecting the additional costs of the Manitoba Protection Plan and #RestartMB programs and revenue is projected to over $1.5 billion lower than budget as a result of the economic shutdown related to COVID-19.
You can read the full report here | PROVINCE OF MANITOBA ANNUAL REPORT AND PUBLIC ACCOUNTS
© News4.ca 2020
