11/13/2015 13:22 EST | Updated 11/13/2016 00:12 EST

Prediction for New Brunswick deficit lowered amid rising revenue from taxes

FREDERICTON — The New Brunswick government has lowered its projection for its 2015-16 deficit.

Finance Minister  Roger Melanson says revenues for the second quarter of this year were $37.1 million higher than expected.

As a result, the projected deficit for has been lowered to $453 million, slightly lower than originally forecast in the spring budget.

The projection includes a $150 million contingency reserve and accounts for higher-than-expected expenses.

On the revenue side, personal income taxes brought in $34 million more than expected.

Melanson says the province has much work to do as it attempts to draft a plan to balance the books.

The Canadian Press