FREDERICTON– The New Brunswick government has presented a budget of $11.3 billion that provides a small surplus and promises income tax cuts to help offset rising gas prices.

Meanwhile, Finance Minister Ernie Steves told the provincial legislature today that it is a budget for all residents of New Brunswick.

In the same context, Steves says the government has paid down nearly a billion dollars of net debt in recent years, and with a population about to exceed 800,000, the government is now building on that success.

While the government expects a surplus of $35 million, this is small compared to the $488 million surplus for the current fiscal year ending March 31.

It is worth mentioning that gas and diesel prices will increase on April 1 due to federal carbon pricing requirements, and in response, the New Brunswick government will provide about $40 million in personal income tax relief in 2022.

The provincial property tax rate will be reduced gradually over the next three years, including a 50 percent reduction for residential properties not occupied by the owner, such as residential buildings and other rented properties.

By this time next year, net debt is expected to rise to nearly $13 billion, which represents about $16,332 per person.

Edited by: Dima Abu Khair