Party Phone Number

(709) 753-6043

    |    

Party Email Address

Front Page Slider Quote

"I want to make this province a better place to live with a brighter future."

Front Page Quote Sig

Today, Keith Hutchings, Opposition Finance Critic, is expressing concern about the latest Audited Financial Statements of the Province, which show the Ball government spent more in 2017-18 than they budgeted.
Wednesday, October 17, 2018

St. John’s, NL (October 17, 2018) – Today, Keith Hutchings, Opposition Finance Critic, is expressing concern about the latest Audited Financial Statements of the Province, which show the Ball government spent more in 2017-18 than they budgeted.

Expenses for 2017-18 totaled $8.2 billion – a $74.4 million increase over the original Budget. https://www.fin.gov.nl.ca/fin/publications/2017-18_Public_Accounts-FINAL.pdf (page 34)

Michael Yake, vice president and senior analyst at Moody's Canada, said in March that “expenditures actually have to decrease every year, 1.4 per cent, in order to get back to balance.” https://www.cbc.ca/news/canada/newfoundland-labrador/moodys-newfoundland-labrador-budget-credit-negative-1.4601170

The Audited Financial Statements also show that the Liberals did not achieve the deficit reduction targets they set for themselves in 2016. In 2017-18, they failed to reach their deficit reduction target, missing the mark by $110 million. ‎

Hutchings said, “Spending is going in the wrong direction, and that’s jeopardizing the Liberal promise to achieve a surplus in seven years.  The bond-rating agencies warned that without fiscal discipline, the province’s credit rating could be lowered, and that would impact people.”

A lower credit rating would raise the cost of borrowing at the expense of programs like health care and education.

“It’s not only spending that’s going in the wrong direction, but also the economy – as the economic indicators clearly show.  For all the extra money spent, the Liberals are getting poorer results.  That’s not surprising, because they have overtaxed consumers and employers to pay for it, crushing the economy across the province in the process.”

“The Liberals still don’t have a plan to turn things around.  Three years ago, they promised a growth plan, which didn’t materialize.  Two years later, they announced a Cabinet Committee on Jobs, which produced nothing.”https://www.releases.gov.nl.ca/releases/2017/exec/0509n03.aspx

 “Now they’re spending a million dollars to hire a New York consulting firm to come up with suggestions for growth.  That proves the Liberal brain-trust of ideas is empty.  They have nothing to show for their four years at the helm but a record of leaving people worse off,” he said.

 

Contacts:
Bradley Russell
Director of Policy and Research
709.729.3668
BradleyRussell@gov.nl.ca

© 2018 - PC Party Newfoundland and Labrador