On March 6, 2014, the Finance Minister of Manitoba, Jennifer Howard, presented the province’s 2014 budget. For the fiscal year 2014-2015, it is expected that the province’s expenditures will increase by 1.5 percent from the 2013/14 forecast, with revenues expected to rise by only 1.1 percent. As a result, Manitoba is forecasting a deficit of $357 million for this fiscal year.
The province’s deficit for fiscal 2013-2014 has been revised and is projected to hit $432 million, compared with the original 2013-2014 Budget deficit of $518 million, a difference of $ 86 million.
While revenue from individual and corporate income taxes is projected to increase by $172 million, Budget 2014 also projects a $271 million (6.8%) increase in other taxes from growth in retail sales tax, fuel taxes, tobacco tax and corporations taxes. However, fees and other revenue are projected to decline, along with a decrease in federal transfers. The current year’s budget continues with a multi-year financial strategy based on declining deficits, with the expectation to achieve a balanced budget in 2016/17.
Other matters of interest include:
Further details on the 2014 Manitoba budget are available on the province’s web site at:
http://www.gov.mb.ca/finance/budget14/index.html