Mid-year fiscal update coming Tuesday, N.L. finance minister says

Newfoundland and Labrador's finance minister will update the province on deficit reduction and the economic outlook on Nov. 14.

The update comes halfway through fiscal year and after release of scathing auditor general's report

Finance Minister Tom Osborne says the budget update will come Tuesday, when the House of Assembly resumes after the Remembrance Day weekend. (CBC)

The Newfoundland and Labrador government will provide an update on how the province is doing financially in a progress report on Tuesday.

Finance Minister Tom Osborne says the update will show how the province is doing midway through the fiscal year.

The update also comes after the release of the 2016-17 public accounts in October, when the retiring auditor general warned the $1.1 billion dollar deficit, while down by almost half the previous year, is still not sustainable. 

He also cited the province's $13.6-billion debt, the highest ever, and questioned the government's prediction of a surplus in 2022-23.

Osborne said the Liberals have faced "unprecedented challenges" which he blamed on "fiscal mismanagement of our predecessors."

In an Oct. 25 interview, Osborne acknowledged the province has a spending problem, but said there was no fast fix.

"We are focused on improving public sector efficiency, strengthening our economic foundation and delivering programs and services that are important to the public in a smarter and more efficient way," the minister said in a news release Thursday.