Finance Minister: Oil Production and Julia Mullaley

finance minister: Auditor General Julia Mullaley reported the province's net debt is now higher than it's ever been, and cautioned in her annual financial audit that government is not living within its means, according to CTV. She reported that the government's financial targets, including a goal to return to surplus by 2023, appear increasingly difficult to hit. The province's finance minister and auditor general both described the situation as challenging this month, following a fiscal update that saw revenue fall 392 million short of projections, largely due to a shutdown of oil production after consecutive spills. More pressingly for residents, a plan has yet to materialize on how to mitigate electricity rates, which are expected to skyrocket once the over-budget Muskrat Falls hydro dam starts providing full power to the island. Ball said he understands the stress this uncertainty causes, but insists the situation is nothing the province hasn't weathered before. A rough plan released by provincial government in the spring predicted an annual need for 200 million from Ottawa, but details are still being negotiated. (www.immigrantscanada.com). As reported in the news.