Near record deficit for 2024

One-time cash helps mask strategic threats

The largest source of income for the Government of Newfoundland and Labrador in 2024 will be borrowing.

“Projected deficit of $152 million for 2024-25, which represents 1.5 per cent of revenues” says the official news release, which like the budget speech, uses numbers based on accrual accounting.

But the cash accounting ledger shows the actual deficit i…