Manitoba is closer to balancing the budget after year-end financials show a deficit of $163 million. That’s down $358 million from the $521 million that was predicted.

In 2017-18 the deficit was pegged at $695 million.

Minister of Finance Scott Fielding said that the lower deficit is due to several factors including government departments spending below budget as well as one-time revenue increases from tax revenue andincreased net income from Manitoba Hydro and Manitoba Public Insurance.

Fielding also said that since the province is ahead of schedule in reducing the deficit they would be transferring $407 million into the rainy day fund.

 “Taking these savings and putting them in the rainy day fund is responsible financial management that will help protect Manitobans from unforeseen emergency expenses down the road,” said Fielding.

The minister says the province is on track to balance the budget by 2022.

© News4.ca 2020