The Gallant government believes it has a fiscal framework with balanced and achievable goals and Finance Minister Roger Melanson says they are making progess towards getting their finances under control.
The projected deficit of more than $470 million includes a $150 million contingency reserve to protect the province against unforeseen circumstances.
The improvement in the projected deficit for the first quarter is because of higher revenues of $4.2 million and lower expenses of $2 million.
The next financial update will be in November.
