The Canadian Taxpayers Federation released its annual Finance Minister Report Card that ranks provincial finance ministers on spending, debt and tax relief in the latest provincial budgets.

New Brunswick Finance Minister René Legacy received an overall grade of D-, tied for the second lowest in Canada. Legacy received an overall grade of D last year.

“Legacy again delivered no meaningful tax cuts this year for hard-working New Brunswickers while loading up on more irresponsible government borrowing,” said Devin Drover, CTF Atlantic Director and General Counsel. “Legacy can’t get top marks until he stops racking up debt and burning more than $673 million a year on debt interest payments.”

The following key grades influenced Legacy’s overall ranking:

Debt: C-

• The government of New Brunswick is planning to increase the debt by about $2.5 billion this year, compared to last year’s budget.
• The debt will reach $15.9 billion by the end of the year. That works out to about $18,168 per New Brunswicker, the lowest in the country.
• However, this budget is the second that adds to the debt after a long period of paying down debt under previous governments. This is despite a promise from the current government to not rack up debt.

Tax relief: D

• The budget features no new tax relief for New Brunswickers.

Spending increase: F

• The government is spending about 8.5 per cent more this year compared to last year’s budget. That’s the highest in the country.

“Legacy’s budget significantly increased spending as he continues to take New Brunswick in the wrong direction,” Drover said. “Legacy must reverse course and focus on cutting wasteful spending and stop racking up big government debt next year.”

Overall ranking of provincial finance ministers:

You can find the full report card and all individual grades HERE.