Oil sends N.L. surplus higher than expected

Newfoundland and Labrador's finance minister says the provincial government will have its fifth surplus in six years when the books are closed for the current year.

In the house of assembly Tuesday, Tom Marshall did not say exactly how much of a surplus the province has accumulated, but he did say revenue has continued to increase.

"It will be substantially more than the $12 million I said it would be at mid-year," said Marshall

A year ago the provincial budget had initially projected a $194-million deficit, he said.

The government's finances have been buoyed by higher than expected oil prices.

Marshall said the provincial economy has continued to grow through the past year. "We had more personal income tax than we expected, higher sales tax than we expected, higher corporate income tax than we expected," he told the legislature.