10/07/2015 13:06 EDT | Updated 10/07/2016 01:12 EDT

P.E.I.'s annual financial report shows $25.6 million deficit improvement

CHARLOTTETOWN — Prince Edward Island's annual deficit dropped by more than $25 million in the 2014-15 fiscal year.

In the province's financial report published today it records an annual deficit of $20.3 million, a $25.6 million improvement from the previous year.

The government says it is the third straight year the deficit has been reduced.

Finance Minister Allen Roach credits higher revenues and restrained program spending for the deficit reduction.

The report also shows the province's net debt increased by $30 million, but its gross domestic product increased as well, which the government says means the net debt is becoming more sustainable.


The Canadian Press