The premier is painting a sobering picture of the province’s fiscal situation.

Premier Tony Wakeham delivered his State of the Province address to the Board of Trade today.

Wakeham says last year the previous government forecast a deficit of $372 million, but revised that figure to $626 million by the time the election was called in September.

“I can tell you, based on my early briefings, there is reason to believe that even that number doesn’t reflect the true depth of our provincial deficit.”

Wakeham says there is no “magic bullet” to solve the problem – referencing the recent tobacco settlement and what he calls a “rushed” hydro electric deal with Quebec.

He offered assurances that he is not prepared to place the fiscal burden on taxpayers, or make “dramatic cuts” to address the issue.

He says Finance Minister Craig Pardy will deliver a fiscal update to the province in December.