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How Would You Make Changes to the Budget?

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
 
Given the government is focused on balancing the budget, do you think we have the right balance between health, education and other priorities?

 

Below shows how government distributed funds for the 2022-2023 fiscal year.

Use the sliders below to indicate how you would balance spending. To make adjustments, start by decreasing spending in one area (such as Transportation and Infrastructure) by moving the slider to the left; this will free up funds in the budget. You can then allocate the available funds to other areas (such as Income Assistance or Post-Secondary Education) by moving a slider to the right. Please note that you cannot exceed the total budget available for allocation ($8,050,357,100).

Please note that increases or decreases in the current funding allocations will have either a positive or negative impact on services and/or programs.

A Note on Debt Servicing
Debt servicing costs are a fixed expense of $672,724,300 (7.7% of the total budget) in Fiscal Year 2022-2023. Please note you cannot change this amount.