POLITICS

Newfoundland and Labrador to present annual spring budget next Tuesday

03/19/2013 02:53 EDT | Updated 05/19/2013 05:12 EDT
ST. JOHN'S, N.L. - Newfoundland and Labrador Finance Minister Jerome Kennedy will deliver the annual provincial budget next Tuesday.

The provincial government has warned of the need to rein in spending as it grapples with an anticipated deficit of $726 million this year.

Kennedy said earlier this month that 167 civil servants have already been told their jobs will be cut, adding that further layoffs will be announced after the budget.

Other measures such as a hiring freeze and early retirement packages have also been implemented.

The global economic slowdown, a drop in oil and mineral earnings and lower offshore production have all contributed to the province's deteriorating finances.