There are no surprises but the numbers are staggering nonetheless. The province’s debt continues to soar. The deficit for the year is at $1.1-billion.
That represents $25,788 owed by every man, woman and child, up from $23,587 just a year ago. That’s an increase of $2,201. Only four short years ago, the debt for Newfoundland and Labrador was slightly higher than the Maritimes – now it’s well above. The net debt is $13.6-billion.
The numbers are contained in the 2016-17 Public Accounts released by the provincial government yesterday.
That’s over $680-million dollars lower than the forecasted deficit of $1.8-billion projected in the 2016 budget.