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Manitoba is reporting an almost $2 billion deficit, which is a significant increase from earlier projections.
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The Manitoba government released its public accounts for the 2023-24 fiscal year and the first quarter report for 2024-25, citing significant financial challenges from the previous administration.
“Our government has inherited a fiscal mess from the previous government, which is why we brought in an outside firm to do an audit,” said Finance Minister Adrien Sala, adding that efforts are underway to stabilize the province’s finances.
As of March 31, 2024, the province reported a deficit of $1.97 billion, an increase of $1.6 billion from the projected budget deficit of $363 million, but in line with its third-quarter projection.
A review by MNP noted “high budgetary risk” in decisions made from the release of the 2023-24 budget to October 3, 2023.
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The NDP said Manitoba’s economy showed moderate growth in 2023-24, with record population growth helping to increase the service-producing sectors, particularly in the arts, entertainment, recreation and air travel industries performing above expectations.
“We are continuing to launch financial reviews to ensure the province’s fiscal performance aligns with the needs of Manitobans,” Sala said. “Our government will continue to invest in the services Manitobans rely on and support to our communities, while being fiscally responsible.”
The forecast for 2024-25 predicts a net loss of $796 million, with total revenue at $23.3 billion and total expenses at $24.1 billion.
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