Newfoundland and Labrador government tables another red-ink budget

ST. JOHN’S, N.L. — Highlights of the Newfoundland and Labrador budget presented Tuesday:

— An almost $8.4 billion plan with a forecast $683-million deficit that slightly increases spending, as net debt escalates to $15.5 billion, up from $14.6 billion last year.

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— The profitable oil and gas subsidiary of Crown corporation Nalcor Energy, responsible for the over-cost Muskrat Falls hydroelectric project, will be hived off as a stand-alone Crown corporation to accelerate offshore development.

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— Deficits projected in each of the next three fiscal years, returning to surplus in 2022-23.

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— A 15-per cent tax on auto insurance imposed in 2016 will be cut five per cent over four years, starting with a two per cent reduction Jan. 1.

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— $20 million and another $14 million in 2019 for an independent inquiry into how Muskrat Falls costs rose more than $6 billion to $12.7 billion, including financing, since it was sanctioned five years ago.

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— Avoids public job and service cuts in an effort to stabilize the economy as major industrial projects wind down.

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— Deficit for 2017-18 is $812 million, down from mid-year projections of $852 million.

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— $366 million to Memorial University of Newfoundland, down $9 million from last year, including $4 million to help the university maintain a freeze on comparatively low tuition fees.

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— $1 million for flood risk mapping and forecasting in Mud Lake and Happy Valley-Goose Bay, downstream from the Muskrat Falls project, plus $200,000 a year to monitor ice thickness and weather.

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— $11 million over three years for a new Labrador Wellness Centre in Happy Valley-Goose Bay.

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—$1 million to start work on an inquiry into the treatment of Innu children in the foster care system.

The Canadian Press