The "one-time financial windfall," as finance minister Cameron Friesen put it, will help the Manitoba government cut its forecast deficit to $202 million by March 2023 — less than half of its spring projection, $548 million. Speaking on Thursday after releasing the first-quarter financial report, Friesen stressed Manitoba must still be cautious with its finances, especially on the heels of a potential economic downturn. © Tyson Koschik/CBC Record high water levels are expected to help Manitoba Hydro amass revenues by March 2023 that are hundreds of millions of dollars higher than forecasted. Friesen said significant pendulum swings in Hydro's revenues are a cause for concern. Otherwise, Manitoba's financial books have also been improved by a one-time federal transfer increase of $72 million to address the surgical backlog, and continued growth in tax revenue.

Source: CBC News September 30, 2022 05:07 UTC