Newfoundland and Labrador Finance Minister Jerome Kennedy delivers the 2009 budget in St. John’s, Nfld., March 26, 2009.
The Newfoundland and Labrador government is forecasting a $750-million deficit for 2009–2010, a drop from the $2.4-billion surplus it recorded last year. The change is largely due to weakened oil prices, but the provincial government is also putting the blame on the action of the federal government to eliminate benefits this year under the 1985 Atlantic Accord. The 2009 budget provides economic stimulus, benefiting the people and the communities of Newfoundland and Labrador. Furthermore, it includes targeted expenditures in economic development, infrastructure, health, education, poverty reduction, and the environment.