The Opposition and others have been questioning the status of the province’s coffers in light of recent announcements including the introduction of Future Fund legislation and the cutting of $500 cheques for all Newfoundlanders and Labradorians whose income totaled $100,000 or less in 2021.
In April, the projected deficit for this year was $351 million, with government expecting to borrow $2.7 billion. Earlier this month, Premier Andrew Furey indicated that the province’s fiscal situation had “temporarily improved” allowing the province to provide a one-time cost-of-living benefit to some 392,000 Newfoundlanders and Labradorians.
Finance Minister Siobhan Coady says the province budgeted for oil at $86 per barrel, but since the war in Ukraine, oil prices have been much higher than that. Coady says every $1 increase in a barrel of oil results in $13 million to the treasury.Meanwhile, Premier Andrew Furey will provide an update on how the province is doing during the St. John’s Board of Trade’s very first State of the Province Address.
The event takes place over the lunch hour today at the Emera Innovation Exchange. VOCM News will be there.
And middle class getting hit the hardest!
Don't have much faith in anything she says
What colour and brand name shoes will she be buying for this speech? This is very important for us all to know.
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