WINNIPEG, MAN. — The Government of Manitoba’s 2022-23 mid-year fiscal and economic report forecasts a $193 million deficit, improving $355 million from the projected deficit in the 2022 budget, states a news release.
The 2022 budget deficit was anticipated to be $548 million. Revenue is forecast at $20.5 billion, a $1.1 billion increase from budget projections.
One of the main drivers for the improved revenue is higher net income for government business enterprises, particularly a $625 million improvement at Manitoba Hydro due to high water levels, states the release.
Spending is $774 million higher than originally forecast in the budget with the province writing that health care investments, supports for Ukrainian temporary students and implementation of economic recovery and affordability measures were significant drivers.
The report can be read at https://gov.mb.ca/asset_library/en/proactive/20222023/45536-ce-2022-23-mid-year-report-web.pdf .
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