Highlights from the Newfoundland and Labrador budget
Posted September 30, 2020 10:43 am.
Last Updated September 30, 2020 11:18 am.
ST. JOHN’S, N.L. — Newfoundland and Labrador’s Finance Minister tabled the 2020-2021 provincial budget Wednesday. Here are some highlights:
– A $1.84-billion deficit – but it’s a $309-million improvement from what had been forecast in July.
– Total net debt expected to hit $16.4 billion, which works out to just over $31,000 per person in the province.
– An anticipated $430-million drop in oil revenues from the last fiscal year.
– $3 million to launch a $25-a-day daycare program to begin in 2021.
– $363.2 million for Memorial University in St. John’s, including $54.1 million for the faculty of medicine and $68.4 million to maintain current tuition levels for students from the province.
– $5.5 million toward a new correctional facility in St. John’s and to expand the Labrador Corrections Facility in Happy Valley-Goose Bay.
This report by The Canadian Press was first published Sept. 30, 2020.
The Canadian Press
