Nfld. & Labrador

On Point: Marshall defends surplus plan

The provincial minister of finance is defending the government's plan to pay down on its debt with the surplus of $755 million after initial budget predictions were way off.
The debate over the provincial surplus continues on this episode of On Point with David Cochrane. 22:29

The provincial minister of finance is defending the government's plan to pay down on its debt with the surplus of $755 million after initial budget predictions were way off.

"You got to remember that budgets are predictions … we budget on the best information we have," Marshall said during an interview with David Cochrane.

The projected surplus announced Wednesday is higher than initially predicted because of an increase in oil prices and production.

"At the start of the year, we do the budget, we check with the regulator — the CNLOPD — and they're in touch with the oil companies and then the information comes from them to the government and based on that information we thought we would have 84 million barrels of oil. Subsequently they revised the number and told us there was going to be about 101 million barrels."

The interview with Marshall, where he also addressees criticism from the NDP about the surplus plan, can be viewed by clicking on the full episode above.

On this week's insider panel, NDP MHA Dale Kirby, conservative MHA David Brazil and Liberal Dwight Ball discuss how they would spend the surplus.

On Point with David Cochrane, a political talk show featuring the key players and the best analysis, airs Saturdays afternoons at 1:00 p.m in Newfoundland and 12:30 p.m in most of Labrador on CBC TV.