04/22/2015 13:29 EDT | Updated 06/22/2015 01:12 EDT

Budget day in Newfoundland and Labrador will be on April 30

ST. JOHN'S, N.L. - Finance Minister Ross Wiseman of Newfoundland and Labrador will deliver the province's 2014-15 budget on April 30.The province's latest budget is being brought in by the Progressive Conservative government against a backdrop of falling oil prices that have driven Newfoundland and Labrador into the red.It is forecasting a $916-million deficit for this fiscal year.The government relies on the offshore oil sector for about one-third of its revenues.In a throne speech Tuesday to open the latest session of the legislature, the government reiterated its promise to present a budget plan that will balance the books by 2020-21.