A deficit of $476.8-million is being forecasted by the Gallant government as it tables its first budget in the provincial Legislature.
This includes a $150-million contingency fund for 2015-2016. Finance Minister Roger Melanson says despite previous efforts to restore balances to our finances we still find ourselves in an unsustainable fiscal situation.
The budget shows the number of teaching positions in New Brunswick being reduced by 249 positions or about 3 percent. The budget states that an average of 200 teachers retire annually so much of that reducation will be achieved through attrition.
There will be fuel tax increases on gasoline by 1.9 cents per litre and diesel by 2.3 cents per litre which is estimated to provide an extra $28.2-million annually.
Courthouses will be closed in St. Stephen, Sussex and Grand Manan while the Grand Falls court will be closed and then merged with the facility in Edmunston.
Income taxes for the richest one percent of New Brunswickers will be going up with a new tax bracket being created at 21-percent for those making between $150,000 to $250,000 and another bracket at 25.75-percent for those making more than $250,000.