The figure is a slight improvement from the $160-million deficit forecast when Newfoundland and Labrador tabled its budget in March
The figure is a slight improvement from the $160-million deficit forecast when the province tabled its budget in March.
Finance Minister Siobhan Coady said in a budget update today the province is aiming to balance its books by the next fiscal year, which begins in April 2024. Coady says revenues are up by about $204-million, mostly due to Australian oil company Woodside Energy forfeiting deposits on exploration bids in the province’s offshore.
However, she says the government will have to borrow up to $700-million more than anticipated in March, bringing its total net debt to $17.1-billion.
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