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.
Read more Business News
- Hwy. 33 crashCentral Okanagan - 10:25 am
- Property gets paint-balledPenticton / S. Okanagan - 10:22 am
- Thieves on the prowlPenticton / S. Okanagan - 10:29 am
- Flight 17 a possible war crimeWorld - 10:47 am
|QHR Technologies Inc||1.15||0.00|
|Anavex Life Sciences||0.265||-0.01|
|Copper Mountain Mining||2.97||+0.15|
|Sunrise Resources Ltd||0.02||-0.03|
|Mission Ready Services||0.19||+0.01|
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...