{"id":1000,"date":"2021-03-17T17:19:12","date_gmt":"2021-03-17T17:19:12","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2021\/03\/17\/new-brunswicks-budget-tees-up-the-rebuilding-stage\/"},"modified":"2021-03-17T17:19:12","modified_gmt":"2021-03-17T17:19:12","slug":"new-brunswicks-budget-tees-up-the-rebuilding-stage","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/provincial-and-fiscal-outlooks\/provincial-budgets-and-economic-statements\/new-brunswicks-budget-tees-up-the-rebuilding-stage\/","title":{"rendered":"New Brunswick&#8217;s budget tees up the rebuilding stage"},"content":{"rendered":"<h4>Highlights:<\/h4>\n<ul>\n<li>New Brunswick announces a higher deficit of $245 million for fiscal year 2021-22<\/li>\n<li>Expenses reflect continued pressures presented by COVID-19, mounting 3.4%Revenues will not catch up to expenses, growing a modest 1.2%<\/li>\n<li>Net-debt-to-GDP will end the fiscal year at 36.4%, falling over the fiscal horizon<\/li>\n<\/ul>\n<hr>\n<p><div id=\"highcharts-rlwMYmjvY\"><script src=\"https:\/\/app.everviz.com\/inject\/rlwMYmjvY\/\" defer=\"defer\"><\/script><\/div>\n<\/p>\n<hr>\n<h4>Overview<\/h4>\n<p>New Brunswick Minister of Finance, Ernie Steeves, said Budget 2021 was not a budget that he wanted to deliver, but a budget that the province needs. By this, he meant spending more to deal with the pandemic, and running a higher deficit. He projected the provincial deficit to surge to $245 million in FY 21-22 from $13 million in FY 20-21. This increase will likely buck the trend across the country as we expect the majority of other provinces to show smaller deficits next year. The main reason behind New Brunswick&#8217;s increased budgetary shortfall is the fact that expenditures will rise almost three times more (up $354 million) than revenues (up $122 million). Costs allocated to social development (up $68 million), health (up $47 million), post-secondary education (up $43 million), and general government (up $42 million) are mostly driven up by COVID-related expenses. Revenues are expected to grow more slowly, as federal transfers are projected to fall (by $151 million) after rising ($206 million) in 2019-2020. Nevertheless, the magnitude of the province&#8217;s deficit pales in comparison to deficits in the years following the global financial crisis. The longer-term outlook sees further red ink in FY 22-23 (deficit of $235 million) and FY 23-24 (deficit of $163 million) as the province supports the economic recovery.<\/p>\n<hr>\n<p><img decoding=\"async\" width=\"807\" height=\"446\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/nb-economic-growth-assumptions.jpg\" class=\"wp-image-29246\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/nb-economic-growth-assumptions.jpg 807w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/nb-economic-growth-assumptions-150x83-1.jpg 150w\" sizes=\"auto, (max-width: 807px) 100vw, 807px\" \/><\/img><\/p>\n<hr>\n<h4>\n<div>Spending growth will reflect \u201congoing COVID-19 pressures&#8221;<\/div>\n<\/h4>\n<p>Budget 2021 projects expenses will increase 3.4%, or $354 million in FY 21-22. As Minister Steeves emphasized, New Brunswick will continue to maintain a level of support that is consistent with the ongoing COVID-19 pressures, with expenditures focused in key areas such as health care and social services. This support will cost the province an extra $64.7 million. There&#8217;s also an additional $7 million for mental health, $11.1 million to recruit physicians and $10.3 million to build new nursing homes. The province has penciled in a 6.8% increase in its allocation to education and job training, alongside mounting costs associated with seniors and long-term care, and higher income security allotments.<\/p>\n<h4>Revenue growth moderating as federal emergency funds are drawn down<\/h4>\n<p>Revenues are expected to increase by 1.2%, or $122 million, in FY 21\/22\u2014falling well short of mounting expenses. The province&#8217;s coffers will receive a boost from higher tax revenues, agency revenues and return on investments. Nevertheless, total provincial revenue growth will be restrained by a significant decline in federal transfers (down $151 million), as emergency funds run their course (including the Safe Restart Agreement, the Safe Return to Class Fund, and the essential worker wage top-up program). In the medium term, New Brunswick is budgeting for a contraction in equalization payments. <\/p>\n<h4>An \u201cappropriate and responsible&#8221; capital plan <\/h4>\n<p>New Brunswick&#8217;s capital plan has allotted $673.4 million, a capital plan which Minister Steeves deems \u201cappropriate and responsible.&#8221; This is an increase of $72 million, largely allocated to transportation and infrastructure. Over $128 million has been earmarked for health care infrastructure. New Brunswick faces a rapidly ageing population and is planning ahead. Health capital construction costs are up 70% from FY 20\/21.<\/p>\n<h4>Debt-to-GDP estimates revised from Budget 2020 <\/h4>\n<p>The government projects its net debt to grow by $241 million to $14.1 billion in FY 21\/22. It will fall slightly from 37.3% to 36.4% as a share of GDP, however, because of a strong forecast rebound in GDP. The medium-term outlook has the debt-to-GDP ratio easing further to 35.4% by FY 23\/24, still <\/p>\n<hr>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/3062ef7d-5af2-47db-9c35-f540d0ab7396.png\" alt=\"\" width=\"1203\" height=\"493\" class=\"alignleft size-full wp-image-29262\" \/><\/p>\n<hr>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc;\">\n<div class=\"rds-gcw\">\n<div style=\"display:inline-block; vertical-align: top;\" class=\"img w-mob-100\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" class=\"alignleft size-full wp-image-23215\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"display:inline-block; vertical-align: top;\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/new-brunswicks-budget-tees-up-the-rebuilding-stage-pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_077\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"PEI 2021\">Download<\/a>\n<\/div>\n<\/div>\n<\/div>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Brunswick announces a higher deficit of $245 million for the fiscal year 2021-22.  The expenses reflect continued pressures presented by COVID-19.<\/p>\n","protected":false},"author":272,"featured_media":997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,91,45],"tags":[11,52],"class_list":["post-1000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-provincial-and-fiscal-outlooks","category-provincial-budgets-and-economic-statements","tag-economy","tag-new-brunswick"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New Brunswick&#039;s budget tees up the rebuilding stage - RBC Economics<\/title>\n<meta name=\"description\" content=\"New Brunswick announces a higher deficit of $245 million for the fiscal year 2021-22. 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