New Brunswick first quarter report shows slight decline in deficit forecast

New Brunswick Finance Minister Blaine Higgs talks during a pre-budget news conference in Fredericton on Tuesday, March 22, 2011. (David Smith/ THE CANADIAN PRESS)

FREDERICTON -- New Brunswick's finance minister says the province's finances are showing improvement at the end of the first quarter of 2014-15.

Blaine Higgs says there is now a projected deficit of $387.3 million -- a $3.9 million improvement over the budgeted deficit.

Premier David Alward says it's too early to determine the financial impact that post-tropical storm Arthur will have on New Brunswick.

He says the province has begun the process of applying to the federal government for disaster assistance.

At the peak of the storm more than 140,000 New Brunswickers were without power because of downed trees and power lines.

The deficit for 2013-14 has been revised to $498.7 million -- an improvement of $65.3 million over the third quarter projection, but still $20 million more than the budgeted deficit.