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Budget 2023

Every year, the Government of Newfoundland and Labrador presents a budget which outlines its revenues and expenditures.

If government spends more than it makes in any given year, it is in a deficit position. The deficit from one year gets added to the deficit of the next year, which means deficits accumulated over time add to the province’s overall debt. Government must borrow money to help pay down this debt.

In 2021-22, the Government of Newfoundland and Labrador had a deficit of $400 million.

As of Budget 2022, government’s projected deficit for 2022-23 was $351 million, with projected revenue of $9.1 billion and expenses of $9.4 billion.

Net debt was anticipated to reach $17.1 billion in 2022-23; with a projected borrowing requirement of $2.7 billion.

A multi-year forecast puts government on track to a balanced budget in 2026-27:

2022-23         $351 million deficit
2023-24         $309 million deficit
2024-25         $270 million deficit
2025-26         $74 million deficit
2026-27         $82 million surplus
 

We must find better ways to deliver programs and services if we are to achieve all that we hope for a strong, smart, self-sufficient, and sustainable Newfoundland and Labrador. There are many important things government can do to improve quality of life in the province.

Please only answer Question Two below if you selected "High Priority" for four or more of the quality of life measures in the table above. If you selected "High Priority" for three or less measures in the above table, skip to the next question.

2. Of course, government cannot address all priorities at one time. To help government focus its efforts, of the quality of life measures you determined to be a high priority in the previous question, please choose your top three. If you did not label at least four measures as high priority, you can proceed to the next question.