Provincial Treasurer Patricia J. Mella today released information on the performance of the Provincial Budget based on the First Quarter Review for fiscal year 1997/98.
Based on this review, the Province's overall deficit for 1997/98 is projected to be $17.2 million which is $100,000 dollars higher than the budget approved by the Legislature at its Spring Session.
Mrs. Mella noted that while the deficit remained essentially unchanged, there has been an increase in expenditure of approximately $2.7 million but this increase has been offset by an increase in revenues of $2.6 million.
These forecast changes are attributed for the most part to the increased costs in the health sector and an increase in equalization revenues.
While there has been other less significant changes in other programs and revenues, their net result has no impact on the bottom line.
Mrs. Mella said that while the variance from budget is not major, she is requesting all departments and agencies to continue to monitor their budgets to insure that the overall deficit will not increase.