While the Provincial Government is still projecting a $470 million deficit in 2018/19, officials say it's a vast improvement over last year's nearly $700 million summary deficit.
"We are taking a careful and disciplined approach to expenditure management that protects front-line services and returns the budget to balance in our second term," Finance Minister Scott Fielding explained during the Province's third quarter fiscal report Monday.
Total summary expenditures are projected at $17.164 billion, which is $259 million below the budgeted amount.
However, Fielding says debt servicing costs are projected to exceed $1 billion for the first time in Manitoba’s history this year. "That almost represents the fourth biggest department in government and is a concern."
The largest expenditure remains healthcare, totalling $6.5 billion or 42 cents of every dollar the province spends. Manitoba remains the highest investor in healthcare per capita in Canada, $500 more per resident.
However, Health Minister Cameron Friesen notes they've forecasted a $240 million underspend in the healthcare budget.
"Our plan is working, we're getting better value for our money," Friesen says, noting ER wait times are down, bucking a national trend.
"...we are sustaining the health-care system and we are doing a better job of developing budgets and reporting," Friesen adds.
Looking ahead, Fielding says storm clouds remain on the economic horizon including rising interest rates, trade uncertainty and the federal carbon tax.
"Nevertheless, the fundamentals of our economy remain strong with strong employment levels, commodity prices that are rebounding as well as Manitoba leading the nation in attracting private sector capital investment," Fielding says.
Provincial budget day takes place March 7.
Thu, Apr 18, 7:00 PM
Full-time, Salary, Agriculture, Sales
Featured
