Province posts budget surplus heading into Election Day

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Province posts budget surplus heading into Election Day

Details: Published on Friday, September 29, 2023

Heather and Jodie

Photo by Banner staff. Pictured: Heather Stefanson (on right) was in Neepawa on Friday, Sept. 29 for an Indigenous Culture Day, which took place at the Flats.

Heather Stefanson pleased with $270 million surplus

By Banner Staff

Manitoba saw some, perhaps unexpected improvements to its’ finances heading into the home stretch of the election campaign. The province has closed out its 2022-23 fiscal year with a $270-million surplus, according to audited public accounts for the year that were released on Friday, Sept. 29.

Finance officials attributed the positive numbers to an increase to almost $2 billion in extra revenue, which included $836 million in higher-than-expected corporate and personal tax revenues. The province also had an extra $1.1 billion in expenses, however, through a mix of municipal grant spendingh and collective agreement settlements.

This result is unexpected, as finance officials had been forecasting $548-million deficit in the budget that had been brought forward in 2022.

This is only the second time since 2009 that the Manitoba government has been able to report a surplus.

Progressive Conservative leader Heather Stefanson was in Neepawa when the fiscal results were announced. In an quick conversation with the Neepawa Banner & Press, Stefanson noted, “It’s great news, I think it shows we are on the right track, doing the right things. I am concerned if we get someone in government who doesn’t have the experience to do what we have done it won’t be good.

The Canadian Taxpayers Federation (CTF), meanwhile released a media statement applauding the balancing of the budget in 2022.

“The government deserves credit for balancing the budget,” said Gage Haubrich, Prairie Director for the CTF. “Now its time to set up a plan to pay back the debt and make sure Manitoba stays in the black.”

Provincial government debt now sits at $30.3 billion, a decrease of $281 million compared to the budget.

“The government needs to keep this progress rolling,” said Haubrich. “Taxpayers can’t afford to have the government waste any more of their money on debt interest charges.”