P.E.I. deficit $6.8M lower than budgeted
Boost in corporate income taxes helps lowers deficit to $13.1M
P.E.I.'s financial situation for the last fiscal year looks a little better than expected, with a deficit of $13.1 million — nearly $7 million lower than originally budgeted.
Corporate income taxes brought in $21 million more than what was projected, according to the 2015-16 Public Accounts — or "blue books" — which were tabled Thursday in the legislature
On the expense side, health care came in $13 million over budget.
The Public Accounts are an annual financial summary and accountability report of government, and are audited by the auditor general.
"The Public Accounts clearly point to a much stronger financial position for the province," said Finance Minister Allen Roach. "This is the result of strong economic performance and sound financial management as we continue to work towards a balanced budget in the next fiscal year."
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