Nfld. & Labrador

By the numbers: How the budget affects everything from oil to vaping

Newfoundland and Labrador's latest budget includes a lot of numbers — some of them dire enough to keep politicians awake at night, and many likely to affect people in the province in different ways.

There are a lot of figures in Wednesday's budget. Here are some of them

Finance Minister Siobhan Coady speaks to reporters Wednesday at Confederation Building about the latest Newfoundland and Labrador budget. (Patrick Butler/Radio-Canada )

Newfoundland and Labrador's latest budget includes a lot of numbers — some of them dire enough to keep politicians awake at night, and many likely to affect people in the province in different ways.

Here are some of them.

0.21 cents: How much, per litre, you will pay for gasoline to cover the federally mandated carbon tax. For diesel fuel, the cost is up by 2.68 cents a litre.

5 cents: Extra cost of each cigarette in a pack. The government is adding 10 cents per gram in tax on tobacco in a pouch.

20 per cent: Amount of a new tax on vaping products, which are a public health target in the budget. The provincial government will spend $1.7 million on prevention and reduction strategies for vaping.

$16.4 billion: Estimated size of the net debt. While that is down from a slightly higher number disclosed in the summer, it is considerably higher than the $13.77 billion disclosed in the 2019 budget.

$1.84 billion: Current estimate of the deficit for this fiscal year.

$1.1 billion: Revised value of the surplus for the 2019-20 fiscal year, which ended in March. That is down considerably from the $1.924 billion that the government projected in April 2019, "largely as a result of the guaranteed revenue stream secured from the Atlantic Accord agreement."

$25: Cost per day of a new child-care program that the government says it will introduce in 2021. This addresses a prominent pledge that Premier Andrew Furey made in the Liberal leadership campaign.

$62 million: Sum earmarked for early childhood development programs.

The Newfoundland and Labrador government has hiked a tax on vaping products, and will also spend more to curb the practice. (David Mercado/Reuters)

$2.1 million: Funding to help market Newfoundland and Labrador to new permanent residents, and to "provide supports to assist in their settlement."

$1 million: New funding for ArtsNL, bringing overall expenditure to $3.9 million.

$39: Estimated average price, in U.S. dollars, of a barrel of oil for the coming year. Brent crude, which Newfoundland and Labrador tracks for budget purposes, was trading Wednesday above US $41. The government is forecasting the Canadian to U.S. dollar exchange rate to average 0.738.

$64.30: Average price of Brent crude in 2019. In 2018, the figure was $71.34.

$3 billion: Gross borrowing for this fiscal year. Last year, that figure amounted to $1.2 billion.

$8.97 billion: Overall expenses for the current fiscal year. Last year's budget pegged this number at $8.425 billion.

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