17 Oct

Newfoundland and Labrador government tables another redink budget

first_imgST. JOHN’S, N.L. – Highlights of the Newfoundland and Labrador budget presented Tuesday:— An almost $8.4 billion plan with a forecast $683-million deficit that slightly increases spending, as net debt escalates to $15.5 billion, up from $14.6 billion last year.—— The profitable oil and gas subsidiary of Crown corporation Nalcor Energy, responsible for the over-cost Muskrat Falls hydroelectric project, will be hived off as a stand-alone Crown corporation to accelerate offshore development.—— Deficits projected in each of the next three fiscal years, returning to surplus in 2022-23.—— A 15-per cent tax on auto insurance imposed in 2016 will be cut five per cent over four years, starting with a two per cent reduction Jan. 1.—— $20 million and another $14 million in 2019 for an independent inquiry into how Muskrat Falls costs rose more than $6 billion to $12.7 billion, including financing, since it was sanctioned five years ago.—— Avoids public job and service cuts in an effort to stabilize the economy as major industrial projects wind down.—— Deficit for 2017-18 is $812 million, down from mid-year projections of $852 million.—— $366 million to Memorial University of Newfoundland, down $9 million from last year, including $4 million to help the university maintain a freeze on comparatively low tuition fees.—— $1 million for flood risk mapping and forecasting in Mud Lake and Happy Valley-Goose Bay, downstream from the Muskrat Falls project, plus $200,000 a year to monitor ice thickness and weather.—— $11 million over three years for a new Labrador Wellness Centre in Happy Valley-Goose Bay.——$1 million to start work on an inquiry into the treatment of Innu children in the foster care system.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *