No new taxes or fee increases in Budget 2024-25, Corner Brook to get 50 affordable housing units

Friday, 22 March 2024 07:00

By Tonya Organ

Coady says there is a projected deficit of $152 million for 2024-25, which represents 1.5 percent of revenues. Projected revenues are $10.3 billion – an increase of 7.8 percent and the highest in the province’s history. As well, projected expenses for 2024-25 are $10.4 billion – an increase of 4.6 per cent. C

There will be no new taxes, tax increases or fee increases for the next fiscal year. Under the headline, “Transforming: Our Health. Our Economy. Our Province,” Finance Minister Siobhan Coady delivered the 2024-25 provincial budget yesterday afternoon. This after fish harvesters blocked the entrances to Confederation building on Wednesday, when the budget was due to be delivered. Coady says there is a projected deficit of $152 million for 2024-25, which represents 1.5 percent of revenues. Projected revenues are $10.3 billion – an increase of 7.8 percent and the highest in the province’s history. As well, projected expenses for 2024-25 are $10.4 billion – an increase of 4.6 per cent. Coady says affordable housing will get over $44 million to create new units. Corner Brook MHA Gerry Byrne says Budget 2024-25 is the largest health care, infrastructure, and programming budget in the province’s history. He says Corner Brook will get 50 affordable housing units. Byrne says this will help end the homelessness issue in the area. Forecasts of economic indicators show Newfoundland and Labrador as having one of the highest rates of economic growth for 2024 among provinces.

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