The Auditor General’s report on the financial state of the province is out, and it’s not looking good.

Every Newfoundlander and Labradorian now owes $29,250, the highest ever. Seven years ago, that amount was just shy of $15,000 per person.

AG Julia Mullaley says we generate more revenue per capita than any other province, but we also spend 21 per cent more per capita than the next nearest jurisdiction.

Government says it will be very challenging, but still want to return to surplus by 2022-23, something Mullaley says there are considerable risks around, for example when it comes to expenditures.

She says in order to meet that commitment they would have to pull down over $570 million in expenditures, and that, Mullaley says, is a very significant thing for the province to do.

Government spending has gone up by 33 per cent since 2012.

The unfunded liability – that’s the money for public sector pensions and teachers’ pensions – has doubled in the past seven years to $21-billion.