Auditor general concerned over debt

FREDERICTON, N.B. - New Brunswick's auditor general is raising concerns
about the province's growing net debt and a lack of explanation from
the government on how it will rein in spending.
    The net debt is expected to hit $9.6 billion by the end of March
2011, but Michael Ferguson says he expects it will reach $11 billion
in subsequent years.
    Ferguson says while the government is promising significant
restraint on revenues in the coming years, it has provided little
explanation on how that will be done.
    Ferguson released volumes two and three of his annual report
today.
    He says in general, the province's financial situation has
improved over the last 10 years, but for the last two years the
indicators of sustainability have been unfavourable.
    The province usually releases its detailed financial statements
around the end of September, but Ferguson is asking the government
to release the 2009-10 figures well in advance of the Sept. 27
election.