New Brunswick had $508M deficit last year

The government of New Brunswick says it incurred a$508 million deficit for the last fiscal year, about $97 millionhigher than it projected.

Finance Minister Blaine Higgs released audited financialstatements showing that the province fell deeper into the red in
2012-13.

Higgs says the government has restrained expenditures that haveled to departmental spending coming under budget for the second yearin a row.

But he says revenues continue to fall short of what thegovernment was expecting.]

Provincial revenues fell by $270 million, and that was partlydriven by higher pension costs for NB Power and a tax revenueshortfall.

Last month, Higgs said New Brunswick's deficit for 2013-14 wasforecast to hit almost $500 million.