Newfoundland and Labrador update shows $479-million surplus, thanks in part to oil and manufacturing sectors
Newfoundland and Labrador updated the 2013-14 provincial budget Monday and the province now has a $479-million operating surplus.
Economic Development and Tourism Minister John Régis presented the surplus, along with a $100-million surplus for the 2014-15 fiscal year, at a news conference in St. John’s, announcing the operating and 2014-15 fiscal year surpluses.
“This is a time to celebrate in Newfoundland and Labrador. After 13 months of severe economic and fiscal challenges, we are on the verge of a positive recovery that will see the province return to better times,” Régis said.
He said the surplus is “the result of our commitment to building the economy from the ground up,” an approach that he said has “led to the creation of over 600 new jobs and the creation of two new large scale manufacturing facilities – one of them in St. John’s.”
“I would like to thank all the hard working volunteers at the government and non-profit organizations who have provided vital assistance during this transition period and across the province.”
Régis said the surplus “is the result of a deliberate and collaborative effort between government, the public sector and business and industry.”
He said there is “no reason for us to be standing still,” and promised that “we will continue implementing the recovery measures we have promised and will implement the necessary initiatives and policies that will ensure every citizen has the opportunity to participate in our economic recovery in a meaningful way.”
“This is a time to celebrate in Newfoundland and Labrador,” he said. “We will work to ensure that every single person living, working or playing in this province has the means to create for themselves and their families a better future.”
He also announced the upcoming release of the 2013-14 annual report by the Government Information and Accountability Committee on Government Ethics.
He said the committee will be releasing its annual report and that the report will “highlight the significant work the