What’s next after a $1.1B deficit? Newfoundland and Labrador to update finances

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ST. JOHN’S, N.L. — Newfoundland and Labrador’s finance minister will offer an update today as the province continues to face an overspending crisis.

Tom Osborne will discuss the economic outlook as the governing Liberals grapple with what they call “mismanagement” by the former Tory government.

Progressive Conservative governments were in power for 12 years before the Liberals took over two years ago after oil prices crashed.

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The province relied heavily on offshore oil earnings and has struggled to bring spending in line with reduced revenues.

Net debt is growing, and its deficit last year of $1.1 billion was higher as a percentage of gross domestic product than any other province.

Reports from the auditor general warn plans to slowly cut spending and return to surplus in six years still rely on volatile earnings from offshore oil.

The Canadian Press

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