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NLIS 27
March 27, 2003
(Finance)
BACKGROUNDER
Newfoundland and Labrador
historical financial position
The Consolidated Revenue Fund (CRF) is the
account where all provincial revenue is deposited. All government
expenditures are paid from CRF.
The CRF budgetary requirement is a measure of
the CRF cash surplus or deficit, when total gross expenditures are
subtracted from revenue for a given fiscal year.
The attached table provides a summary of the
province�s Consolidated Revenue Fund budgetary requirements (CRF cash
surplus or deficit) since Confederation, as well as the gross expenditures
in each of those years. The CRF cash surplus/deficit is shown as a
percentage of both the gross expenditure and the province�s gross domestic
product (GDP) since that statistic was kept.
This shows the size of the province�s
deficit for any year compared to any other year and provides an indication
of the ability of the provincial economy to support a deficit.
Comparison of these figures over time shows
the following:
- The province has recorded CRF cash
deficits in 52 of the 55 years since Confederation.
- The current CRF deficit stands at five per
cent of total gross expenditures; in 43 of the previous 54 years, it was
higher. Prior to 2003-04, the average deficit represented 6.5 per cent
of gross expenditure.
- The current CRF deficit stands at 1.3 per
cent of GDP; in 33 of the 43 years since this statistic has been
measured, it was higher; prior to 2003-04, the average deficit stood at
2.1 per cent of GDP.
Financial Position
Newfoundland and Labrador
Consolidated Revenue Fund (CRF)
1949-50 to 2003-04f
Total
CRF
As a percentage of
Gross
Budgetary
Gross
GDP **
Year
Expenditure
Requirement
Expenditure
('000)
('000)
1949-50
29,673
8,096
27.3%
n/a
1950-51
38,724
-7,252
-18.7%
n/a
1951-52
46,357
-13,317
-28.7%
n/a
1952-53
41,253
-4,693
-11.4%
n/a
1953-54
43,920
-5,859
-13.3%
n/a
1954-55
55,093
-13,451
-24.4%
n/a
1955-56
55,450
-12,423
-22.4%
n/a
1956-57
57,755
-11,677
-20.2%
n/a
1957-58
64,520
-13,027
-20.2%
n/a
1958-59
82,260
-248
-0.3%
n/a
1959-60
90,446
-6,329
-7.0%
n/a
1960-61
97,898
-11,114
-11.4%
n/a
1961-62
103,428
-9,159
-8.9%
-1.7%
1962-63
131,403
-11,697
-8.9%
-2.0%
1963-64
142,521
-18,063
-12.7%
-2.9%
1964-65
164,598
-16,771
-10.2%
-2.4%
1965-66
186,687
-15,771
-8.4%
-2.1%
1966-67
252,286
-70,434
-27.9%
-8.1%
1967-68
326,993
-85,986
-26.3%
-9.3%
1968-69
327,677
-57,317
-17.5%
-5.5%
1969-70
341,178
-37,247
-10.9%
-3.3%
1970-71
405,003
-61,367
-15.2%
-4.8%
1971-72
527,208
-96,462
-18.3%
-7.0%
1972-73
586,184
-150,455
-25.7%
-10.4%
1973-74
643,293
-110,705
-17.2%
-6.5%
1974-75
782,079
-125,724
-16.1%
-6.2%
1975-76
933,480
-167,486
-17.9%
-7.1%
1976-77
1,123,593
-229,168
-20.4%
-8.2%
1977-78
1,151,831
-124,224
-10.8%
-3.9%
1978-79
1,347,721
-187,195
-13.9%
-5.5%
1979-80
1,433,380
-121,878
-8.5%
-3.0%
1980-81
1,490,805
-86,665
-5.8%
-2.0%
1981-82
1,699,711
-148,194
-8.7%
-2.9%
1982-83
1,907,030
-191,013
-10.0%
-3.4%
1983-84
2,155,428
-326,022
-15.1%
-5.4%
1984-85
2,197,836
-252,161
-11.5%
-4.0%
1985-86
2,390,362
-253,829
-10.6%
-3.8%
1986-87
2,513,777
-230,550
-9.2%
-3.2%
1987-88
2,743,381
-197,824
-7.2%
-2.5%
1988-89
2,890,322
-225,925
-7.8%
-2.7%
1989-90
3,106,160
-174,859
-5.6%
-1.9%
1990-91
3,314,442
-347,436
-10.5%
-3.8%
1991-92
3,384,428
-276,404
-8.2%
-2.9%
1992-93
3,454,665
-261,050
-7.6%
-2.7%
1993-94
3,363,696
-205,250
-6.1%
-2.1%
1994-95
3,514,967
-127,190
-3.6%
-1.2%
1995-96
3,477,950
9,388
0.3%
0.1%
1996-97
3,439,087
-18,641
-0.5%
-0.2%
1997-98*
3,383,841
-6,731
-0.2%
-0.1%
1998-99
3,561,789
3,841
0.1%
0.0%
1999-00
3,587,704
-22,922
-0.6%
-0.2%
2000-01
3,755,787
-26,061
-0.7%
-0.2%
2001-02
3,966,811
-47,250
-1.2%
-0.3%
2002-03
r
4,037,948
61,678
-1.5%
-0.4%
2003-04
f
4,261,213
-212,685
-5.0%
-1.3%
* Expenditures excludes the
$347,571,000 for the Labrador Ferry Service Transfer.
** GDP only available since 1961
Source: Public Accounts of
Newfoundland 1949-50 to 2001-02 and Revised 2002-03 and Forecast 2003-04
Media contact: Josephine Cheeseman,
Communications, (709) 729-0329
2003 03
27
3:45 p.m.
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