Marshall to bring down budget April 19

Newfoundland and Labrador residents will learn about the province's financial position on April 19 when Finance Minister Tom Marshall brings down the annual budget.

The budget will detail what effect surging oil revenues have had on the fiscal year that ended on March 31, as well as what the province expects for the 2011-2012 fiscal year.

In March, Marshall hinted that the government would finish the 2010-2011 year in a better position than it had projected months ago.

"[The surplus] will be substantially more than the $12 million I said it would be at mid-year," Marshall told the house of assembly.

That improved forecast followed the original March 2010 budget estimate of $194.3 million.

Since then, the price of oil has been trading significantly higher than expected.

Government had based its last budget on Brent crude oil trading at an average price of $83 per barrel. Amid international unrest, including in Libya, prices have climbed steadily in recent months, with Brent trading Thursday above $124 per barrel.

However, Newfoundland and Labrador's spending has climbed steadily as it has enjoyed revenues and royalties from the three fields now in production.

For the last fiscal year, spending had been expected to hit $6.985 billion.