The provincial government has adjusted the estimated provincial deficit down from original projections according to audited financial statements released for the fiscal year which ended March 31st, 2021.

The deficit is $1.5-billion, which represents a $346.3-million decrease from the original estimated deficit of $1.8-billion.

The decrease is largely due to an increase in federal revenue and higher than anticipated revenue from taxes.

Expenses of $8.8-billion were also lower than the original estimate of $9-billion.

The deficit is the amount of money government spent over and above the amount coming in over the course of a fiscal year.