Greg Dewar says a new transit fund, worth up to $1 billion a year, might only bring about $30 million annually to Manitoba.
He says the need for infrastructure, and for job-creation that results from infrastructure spending, is much higher.
Dewar also says federal transfer payment levels for health care, which were first announced last fall, are not keeping up with growing demands on the system.
Dewar also says the province will feel the pinch of Ottawa's moves to raise the tax-free savings account maximum and ease rules for registered retirement income funds.
He says because the province cost-shares those tax changes, Manitoba will lose about $8 million a year in revenue.
The Manitoba government is to deliver its own budget one week from Thursday, and the province has hinted it might postpone its promise to end a string of deficits by 2017.