Source: The Canadian Press

The Prince Edward Island government says its deficit in 2009-10 was nearly $11 million lower than projected.

Finance Minister Wes Sheridan gave an update on the province’s finances Friday in the legislature.

The government says the estimated deficit for the last fiscal year was budgeted at more than $85 million, but ended up at just under $74.4 million.

Sheridan says spending was up in key areas, such as health and education, but savings were found elsewhere.

He says the province is on its way to a balanced budget by 2013-14.