The Honourable Thomas Marshall, Minister of Finance and President of Treasury Board, presented Newfoundland and Labrador’s 2011 budget on April 19, 2011. Last year’s budget anticipated a deficit of $194.3 million for the 2010-2011 fiscal year. However, as a result of soaring oil royalties, the actual surplus for the 2010-2011 fiscal year was announced as $485 million. In what is likely to be the last budget before the October 11, 2011 provincial general election, the $7.3 billion budget projects a surplus of $59 million despite significant increased spending.
The 2011 budget unveiled only one significant commodity tax change. Effective October 1, 2011, a rebate equal to the 8% provincial component of the HST will be provided for residential energy generated by home heating fuel, electricity, and other energy sources. It is estimated that this rebate will cost the province $38 million.
Additional information on the Newfoundland and Labrador 2011 budget is available on the province’s web site at:
Newfoundland and Labrador Budget 2011.