CHARLOTTETOWN — The government of Prince Edward Island is reporting a deficit of $14.8 million for the 2023-24 fiscal year ending March 31.

The figure is $82.8 million smaller than the $97.6-million deficit forecast in the spring 2023 budget.

The Finance Department says revenues were $47.2 million higher than expected and expenditures nearly $35.6 million lower than budgeted.

The province says its fiscal position was helped by $30.7 million in additional provincial income tax revenues and $24.8 million from other income sources and sales.

Expenditures dropped because of lower-than-anticipated spending by some government departments and Crown corporations.

The Island’s net debt at the end of the fiscal year was about $2.6 billion.

In fiscal 2022-23, the province reported a $14.4-million surplus.

This report by The Canadian Press was first published Oct. 11, 2024.

The Canadian Press