The Government of Newfoundland and Labrador announced the details of its $8.1-billion, 2015 budget Thursday.
On the seafood industry side, government announced an investment of $6.5 million in key initiatives to support the fishery as well as $2.8 million through the Aquaculture Capital Equity Investment Program to support partnerships with private sector enterprises for aquaculture expansion.
Overall, the government will run a substantial deficit for 2014-15, projected at mid-year to be $916.1 million, now revised to $924.1 million — a result of declining oil prices globally. The budgeted deficit for 2015-16 is $1.093 billion.
With a sustainable fiscal plan, the provincial government expects to return to surplus in 2020-21.