Financial Overview and Spending Breakdown in Newfoundland and Labrador
Detailed analysis of the provincial budget for the year 2017, including revenue, expenses, debt allocation, and sector-wise distribution of funds. Focus on expenditure in education, health care, government sectors, and more, with comparisons to other provinces. Strategies for achieving surplus budget by 2022-23 emphasized.
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Pre-budget Consultations February 2017
Budget 2017 Province faces serious fiscal challenges No tax increases focus on creating efficiencies and improving service delivery Continued commitment to achieve surplus budget by 2022-23 Look inside government for savings Better outcomes of programs and services October 3, 2024 2
Financial Overview 2016-17 2016-17 Variance Budget Fall Update Revenue 6,367.9 6,567.7 199.8 Net Income of Government Business Enterprises 408.4 425.5 17.1 Total Revenue Gross Expenses: Program Expenses Debt Servicing Expenses Total Expenses Risk Adjustment Adjusted Deficit 6,776.3 6,993.2 216.9 7,499.0 982.3 8,481.3 (125.0) (1,830.0) 7,387.9 1,113.9 8,501.8 (75.0) (1,583.6) (111.1) 131.6 20.5 50.0 246.4 October 3, 2024 3
Where does the Money Go? Debt Expenses $1,113.9 13% Education Sector $879.0 10% General Government Sector and Legislative Branch $973.3 12% Post Secondary Education $802.5 10% Pensions and Other Post-Employment Benefits $205.2 2% Resource Sector $683.6 8% Other Social Sector $676.6 8% Health Care Sector $3,167.7 37% October 3, 2024 4
How do we Spend our Operating Dollars? HEADLINE Income Support $223.3 5% Assistance to Municipalities $135.0 3% Medical Care Plan $738.8 15% Other ABC's $135.7 3% Core Government $973.1 20% Newfoundland and Labrador Housing Corporation $101.9 2% Regional Health Authorities $994.3 21% Debt Expenses $1,113.9 23% School Boards $106.8 2% College of the North Atlantic $35.4 1% Memorial University $220.4 5% October 3, 2024 5
How do we Spend our Salary Dollars (includes salaries and employee benefits) College of the North Atlantic $109.9 3% Other ABC's $89.1 2% Pensions and Other Post- Employment Benefits $205.2 6% Core Government $782.7 21% Memorial University $393.0 11% School Boards $675.8 18% Regional Health Authorities $1,467.5 39% February 1, 2017 6
NL Expenditures put into Perspective Average for Other Provinces* 2016/17 Fiscal Indicators NL $12,855 $11,101 Annual Provincial Revenue Per Person $16,089 $11,528 Total Annual Provincial Expenditure Per Person Annual Provincial Expense Per Person (excluding interest costs) $14,226 $10,800 Annual Provincial Interest Cost Per Person $1,863 $728 ($3,235) ($408) Annual Provincial Deficit Per Person * Excluding NL October 3, 2024 7
Oil Royalties Its Just Not Enough Deficit $ MillionOil Royalties $700 $600 Fall 2016 $99M $500 $1.58 Billion $400 $300 Budget 2016 $200 $100 $0 2016/17 2016/17 October 3, 2024 8
Identifying Budget Priorities Your feedback is requested to identify priorities under these areas: A more efficient public service A stronger economic foundation Better services Better outcomes October 3, 2024 9
