Quebec reaffirms on track for balanced budget in 2015-16

Thu Nov 26, 2015 3:14pm EST
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By Kevin Dougherty

QUEBEC CITY (Reuters) - The Canadian province of Quebec reaffirmed in a budget update on Thursday that it is "on track" for a return to the balanced budget that Finance Minister Carlos Leitão forecast in his March budget.

Leitão, former Laurentian Bank of Canada chief economist, said spending controls have reduced the deficit for the previous 2014-2015 fiscal year by C$1.25 billion ($941 million), with the final shortfall at C$1.1 billion last year, down from his projection of a C$2.35-billion deficit.

(Reporting by Kevin Dougherty; Editing by Sandra Maler)