• Kelowna's Homepage
  • Vernon's Homepage
32516
30908
S&P/TSX
13632.00
-75.68
-0.55%
S&P-CDNX
653.37
-8.96
-1.35%
S&P-500
2051.12
-12.25
-0.59%
NASDAQ
4725.64
-37.58
-0.79%
Dow
17651.26
-99.65
-0.56%
Dollar
0.7778
+0.0005
+0.07%
Oil
45.09
+1.31
+2.99%
Gold
1277.00
+3.70
+0.29%
Silver
17.365
+0.088
+0.509%


NL outspending all other provinces

Newfoundland and Labrador's auditor general says the province is spending 50 per cent more per person than the average of all other provincial spending in Canada.

Terry Paddon says the Progressive Conservative government will have to consider increasing revenues, cutting spending, borrowing or all of the above.

The province spent $7.8 billion last year -- up 66 per cent from 2003 -- as it forecasts a deficit of $726 million this year.

Paddon says losses from falling oil and mineral earnings are in addition to an aging population that will increase demands on public services.

He also flags soaring liabilities for unfunded public pension and health benefits for government retirees.

Premier Kathy Dunderdale has acknowledged that the province must cut spending and find efficiencies as it faces at least two years of forecasted deficits.



More Business News

30608
Recent Trending
Member of the RTNDA
30969
Press Room
31941
30607