Deficit grows to $1.004 billion

The second quarter report of the 2016-2017 fiscal year shows a $93 million jump in the forecast summary deficit. Finance Minister Cameron Friesen today said the deficit has grown to $1.004 billion.

“We must do better if we are to ensure that all Manitobans are able to continue accessing the programs and services they rely upon.” said Freisen 

A decrease in projected net income of government business like Manitoba Public Insurance (MPI) and Manitoba Hydro, combined with increased costs in social services, are key factors in the projected net loss for the 2016-17 fiscal year.

The minister said that he is expecting Manitoba’s Crown corporations to also commit to fiscal sustainability moving forward. 

Currently the government has established a number of reviews including fiscal performance, health sustainability and innovation as well as looking at management within the civil service and investments in infrastructure.

“We cannot ignore the realities of Manitoba’s challenging economic climate, but with targeted initiatives in place, we are confident that our province is moving toward balance in a responsible and sustainable way.”

Targeted initiatives will provide the framework that will determine the government’s pursuit of efficient use of resources and effective delivery of services, Friesen said. 

-News4 Staff-