Quebec to Delay Balanced-Budget Goal by 2 Years, La Presse Says

Nov. 25 (Bloomberg) -- Quebec’s government will miss its goal of balancing the budget in the fiscal year that began in April and will wait until 2015-16 before returning to balance, La Presse newspaper reported, without saying where it obtained the information.

Quebec’s deficit for 2013-14 will probably be C$2.5 billion ($2.4 billion), followed by a C$1.75 billion shortfall in 2014-15, La Presse said.

Finance Minister Nicolas Marceau will confirm he is abandoning the balanced-budget goal this week or early next week when he provides a fiscal update, the newspaper said. Tax revenue has been growing more slowly than expected, the newspaper said.

To contact the reporter on this story: Frederic Tomesco in Montreal at tomesco@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net