$32 million federal boost for N.L. from stabilization fund

The Government of Newfoundland and Labrador will be getting a boost from the federal coffers this year to help manage a steep drop in resource revenue.

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The Minister of Public Services and Procurement, Judy Foote, told CBC on Monday that the province will get an additional $32 million on Wednesday.

The money comes from the Fiscal Stabilization Program, designed to help provinces if they face year-over-year drops in tax revenues, due to economic downturns.

Newfoundland last drew from the program in 1992. The province is now facing a $1.9-billion deficit this current fiscal year.

'We're certainly pleased,' says Bennett

Finance Minister Cathy Bennett says that the money won't eliminate the province's financial woes, but will help.

"Thirty-two million dollars is certainly not going to solve our fiscal situation but certainly it's something we're pleased to have word on — that it's been confirmed," she said.

Bennett said the money will go into general revenues for the 2016/2017 fiscal year.

"From what I understand from reading the letter from Finance Minister Bill Morneau the payment is expedited and we're certainly pleased that that's happening," Bennett said.

Each province can get a maximum of $60 per person from the program if it is approved. 

Alberta will also get $250 million from the program this year. 

The extra money represents just a small portion of total annual federal government transfers to provinces and territories for general health and social spending.

Newfoundland and Labrador's next budget is expected within weeks.