No surprise, as audited statements confirm N.L. deficit hike
Audited financial statements for 2014-2015 released Thursday confirm that the Newfoundland and Labrador deficit was nearly double what was projected for that fiscal year.
The public accounts showed a shortfall of $986.3 million, an increase of $448.4 million from the original forecast.
The province took in lower than expected revenues for the year.
"Our province is facing a difficult fiscal situation that continues to change with the price of oil and other economic pressures," said Finance Minister Cathy Bennett in a news release.
"The magnitude of this problem will be addressed through short, medium and long-term measures to correct the course," she said.
"We are committed to strong fiscal management and this is our top priority as a government."
The government has said the deficit for the fiscal year ending March 31, 2016 will be $1.96 billion, and could spike to $2.4 billion next year.
It has organized a series of public consultation sessions and asked departments and agencies to come up with budget savings of up to 30 percent.