03/19/2014 02:27 EDT | Updated 05/19/2014 05:59 EDT

Newfoundland and Labrador finance minister to release spring budget March 27

ST. JOHN'S, N.L. - The government of Newfoundland and Labrador will deliver its spring budget next week.

Charlene Johnson will release the fiscal plan March 27, her first as finance minister.

In its last financial update, the government said it was projecting a deficit of $450.6 million for the 2013-14 fiscal year due in part to the unpredictability of the offshore oil industry.

The province relies on offshore oil earnings for about one-third of its revenues.