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N.L.'s projected deficit soars to $2.1B, as finance minister delivers grim update

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  • N.L.'s projected deficit soars to $2.1B, as finance minister delivers grim update

    Source: https://www.cbc.ca/news/canada/newfo...y-24-1.5661494

    N.L.'s projected deficit soars to $2.1B, as finance minister delivers grim update
    Budget 2020 to come in September, says Tom Osborne
    CBC News Posted: Jul 24, 2020 10:10 AM NT | Last Updated: 1 hour ago


    Newfoundland and Labrador's deficit is expected to hit $2.1 billion for the current fiscal year, an increase of $1.35 billion, as new numbers paint a grim fiscal portrait of the province.

    Finance Minister Tom Osborne presented the fiscal update on the shape of the province's coffers for 2020-2021 Friday morning.

    "It is unusual to provide a fiscal update in advance of a fiscal budget, but unusual seems to be the new normal these days," he said.

    The ballooning deficit is the result of skyrocketing expenses combined with plunging revenues since the start of this fiscal year in April, two weeks after the COVID-19 pandemic shutdown gripped the province...
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