FREDERICTON – New Brunswick’s finance minister says the province finished the 2024-25 fiscal year with a $104.4-million deficit, instead of the $40.9-million surplus they had budgeted for.

René Legacy released the numbers in a new fiscal update.

Legacy said the province’s net debt has also risen from $11.8 billion to $12.3 billion.

The government says their key spending areas were in health, education, and social programs.

They brought in money primarily through taxes and federal transfers.

The government also received $156 million as part of a settlement with three major tobacco companies.

The companies were ordered to pay a $32.5-billion settlement to governments across the country following a lawsuit over smoking-related health care costs.

This report by The Canadian Press was fi

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