The Newfoundland and Labrador government says it will table its budget for the upcoming fiscal year on April 29.
“I know that people were anxious as to when the date would be, and at least now I’d like to officially announce that,” Finance Minister Craig Pardy told reporters Tuesday. “And we do look forward to delivering on much of what was in our election platform that we’ve been questioned on as to where is it and when can we expect to see it.”
He said the measures they will be introducing in the budget are well planned, adding the province has a number of “levers” it can use to help people save money.
“Depending on the price of oil, it’ll be contingent on us to make sure that we do monitor the situation [regarding] affordability levels,” said Pardy.
He declined to say the oil price projection the province had settled on, saying it will be shared next week when the budget is unveiled.
Pardy said there are some measures aimed at tackling the province’s deficit but he said there is a lot of work ahead.
He said the province is looking at ways to increase its revenue but he added there are problems when it comes to expenditures.
“I would hope we would be doing that,” he said.
He did not say what the deficit had ballooned to, saying it would come out on April 29.
One problem that impacted the announcement of the budget date, which was expected weeks ago, was the “fluidity in the oil market,” said Pardy, pointing to the effect of the war in the Middle East.
N.L. is an oil producing province and it plays a significant role in its revenue, he said, so the province wanted to see if the prices would “settle.”
He said the ceasefire between the U.S. and Iran was cause for optimism that could see oil prices return to normal, which would be of benefit to N.L.
“But you know when you did get optimistic, you find that all of a sudden there was some other shift within a 24-hour period that would diminish it,” said Pardy.
In December, Pardy said the province’s deficit had skyrocketed to $948 million — up from the last projection of $626 million given in August by the previous Liberal government.
“There is no sugar-coating, this number is deeply troubling. These structural challenges will take time to fix,” Pardy told reporters at the time.
However, he paired the warning with some optimistic signs, like higher oil and mineral production, weaker tariff rates and increased consumer spending.
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