New Brunswick Finance News Releases

Legislation was introduced today that would increase a tax on financial institutions, the Financial Corporation Capital Tax, from three per cent to four per cent.

The provincial government tabled its 2012-13 budget today with plans to further reduce the deficit by more than half.

A document entitled 2011 Report to Cabinet: A Strategic Review of Alcool NB Liquor was released today by Daniel Allain, president and chief executive officer of NB Liquor.

The provincial government released its third quarter report today which shows the province’s deficit picture has improved from last quarter. The province is projecting a deficit of $471.1 million, which is $74.6 million less than the projection last quarter.

As part of the budgetary process for the 2012-13 fiscal year, user fees will be increased to raise nearly $ 6 million in additional revenue, Finance Minister Blaine Higgs announced today.

Finance Minister Blaine Higgs will hold a series of pre-budget consultations with the public and stakeholders starting Monday, Jan. 16.

Application forms for the 2012 Home Energy Assistance Program will be available on Dec. 22. The provincial government has committed to extend the program over the next five years.

The Department of Finance has launched a website that will allow taxpayers to communicate more directly and regularly with the provincial government.

The provincial government is setting aside $24 million for the start of new projects in 2012-13, down from $42 million in new spending in 2011-12.

Seniors could defer future property tax increases so they could stay in their homes longer under amendments to the Real Property Tax Act introduced by the provincial government.

The provincial government, as part of efforts to improve its finances, is ramping up collection of overdue accounts.

The provincial government released its second quarter report which projects the province's deficit for 2011-12 to be $545.7 million. This is an increase of $31.4 million from last quarter's projection and $96.9 million from budget.

The provincial government has signed a four-year agreement with the Administrative Assistants, Clerical and Regulatory group. This group consists of about 2,690 funded positions including administrative assistants, sheriffs' officers, commercial vehicle enforcement officers, off-road vehicle enforcement officers, library assistants and customer service representatives.

The provincial government has launched a review to ensure that public sector pension plans are affordable, sustainable and have secure benefits.