Newfoundland and Labrador budget highlights
Posted Apr 6, 2017 01:49:06 PM.
Last Updated Apr 6, 2017 02:40:19 PM.
This article is more than 5 years old.
ST. JOHN’S, N.L. – Highlights from the Newfoundland and Labrador’s new $8.1-billion budget presented Thursday:
— Includes no new taxes or fees and slightly cuts spending by about $300,000.
— Projects an almost $800-million deficit, down from $1.1 billion last year.
— Includes offshore oil royalties of $962 million in 2016-17, almost double what was forecast, thanks to higher prices and productions. Almost $882 million projected in 2017-18.
— Cuts an unpopular gasoline tax by 8.5 cents per litre on June 1 and another four cents per litre on Dec. 1.
— Forecasts an average Brent crude oil price of US$56 per barrel this year.
— $316 million for Memorial University of Newfoundland to help maintain more affordable tuition.
— $120 for inclusive education, including more teachers assistants.
