The 2024 Newfoundland and Labrador Budget

The government led by Liberal Premier Andrew Furey unveiled its 2024 provincial for Newfoundland and Labrador budget, one day later than planned, due to protests which impeded access to the House of Assembly on Wednesday. Entitled Transforming: Our Health. Our Economy. Our Province, Finance Minister and Deputy Premier Siobhan Coady delivered a package forecasting a deficit of $152 million on projected revenue of $10.3 billion.

The Financial Landscape

  • The deficit is being attributed by the government to continued investments in initiatives to assist residents and businesses with affordability at this time. Balance is forecasted to be achieved next year and for the foreseeable future.
  • Revenue forecasts for 2024-25 are $10.3 billion.
  • Provincial spending for 2024-25 is projected to be $10.4 billion. Increases in spending can be attributed to new activities designed to improve access to health care and housing, as well as support for seniors, communities, and industry.
  • Oil production is projected to be 86 million barrels in 2024-25. Oil revenues in 2024-25 are expected to represent 15 percent of overall revenues compared to 33 percent in 2011-12.
  • Based on independent forecasters, the oil price is projected to be US$82 per barrel and the Canada to United States exchange rate is 74.7 cents.
  • The projected borrowing required for 2024-25 is $2.8 billion.

Health Care

  • This year’s record high investment in health care totals $4.1 billion, representing close to 40 per cent of the total budget.
  • $30 million to hire additional health care providers for the existing 19 family care teams, and to create new teams in the Baie Verte and Springdale region, Lewisporte, Portugal Cove-St. Philip’s, and downtown St. John’s.
  • More than $620 million over 10 years to transform health information management infrastructure and ensure better connectivity between patients and their health care professionals.
  • $10 million to help recruit and retain health care professionals. This will further advance ongoing work that has led to more than 450 nurses and more than 80 physicians being recruited since April 1, 2023.
  • An additional $2 million to increase the number of Faculty of Medicine seats for Newfoundlanders and Labradorians.
  • More than $500,000 for a new nursing mentorship program for experienced nurses to mentor nursing graduates.
  • $5 million for MyHealth NL. The app and online platform will make it easier to access health care services and information.
  • $1.3 million for mobile primary care clinics to travel to communities with limited access to primary care.
  • $600,000 to implement a mobile X-ray pilot project to bring services to long-term care homes and personal care homes.
  • $6.5 million to operationalize a fourth cardiac catheterization suite.
  • Almost $1.8 million for an expanded continuous glucose monitoring program to patients with type 1 diabetes up to the age of 25 who are enrolled in the NL Insulin Pump Program and pregnant people with gestational diabetes.
  • $10 million to expand virtual care services.
  • Adding more than 20 new drugs to the provincial drug program.
  • More than $14 million to expand options for individuals seeking help for mental health and addictions.
  • $1.5 million to expand the mobile crisis response teams to include communities and surrounding areas of Sheshatshiu, Stephenville, Twillingate, New World Island, Burin, Clarenville, and Conception Bay North.

Seniors

  • $10 million for a new Seniors’ Well-Being Plan.
  • $70.3 million for the Seniors’ Benefit, which maintains the 15 per cent increase over the last two years.
  • $6 million to establish centres of excellence in aging at regional hospitals.
  • Free driver medicals for people 75 and older.
  • $750,000 for a seniors’ stroke program.
  • $750,000 for nurse practitioners to support the home dementia program.
  • $850,000 to expand the use of endovascular treatment for hyperacute stroke care.
  • $200,000 to continue the Seniors’ Social Inclusion Initiative.

Supporting Industry and Business

  • A reduction in the small business corporate tax rate, effective January 1, 2024, from 3 percent to 2.5 percent on the first $500,000 of active business income. This will result in savings for approximately 6,200 small businesses.
  • $1.1 billion for infrastructure projects.
  • $2.6 million to implement the Critical Minerals Strategy.
  • $3.75 million to improve air access.
  • Approximately $35 million for economic development initiatives.
  • $10 million for the Year of the Arts and the 75th Anniversary of Confederation initiatives.
  • $2 million to create a Cultural Facility Infrastructure Fund.
  • More than $170 million for workforce development.

Communities

  • $50 million over five years to support water and wastewater projects.
  • $3 million increase in base funding for Municipal Operating Grants bringing the total annual budget to $28 million. This represents a nearly 30 per cent increase in funding within the last two years.
  • $400,000 increase for municipal training opportunities. This reflects a doubling of funding available for municipal training.
  • $400,000 increase for municipal fire departments to support their response to incidents outside their municipal boundary.
  • More than $36 million over four years to build more than 100 new provincial-housing homes in Corner Brook, Central Newfoundland, and Labrador West.
  • Over $13 million for the Transitional Supportive Living Initiative in St. John’s.

Conclusion

According to polling conducted by Narrative Research on late February, Premier’s Furey’s government continues to enjoy public support that many other provincial governments would envy.

“If a provincial election were held today, more than four in ten (43%, compared with 44% in November 2023) decided voters would vote for the Liberals, while one-third would vote for the PCs (33%, compared with 38%). Support for the NDP has increased and stands at 23% (up from 16%).
NL: The Liberals lead in terms of voter support. – Narrative Research

Keep Up to Date With Trending News

This website uses cookies to ensure you get the best experience on our website visit.

CHG Logo.