Newfoundland and Labrador budget highlights

ST. JOHN’S, N.L. — Highlights from the Newfoundland and Labrador’s new $8.1-billion budget presented Thursday:

­­­— Includes no new taxes or fees and slightly cuts spending by about $300,000.

— Projects an almost $800-million deficit, down from $1.1 billion last year.

— Includes offshore oil royalties of $962 million in 2016-17, almost double what was forecast, thanks to higher prices and productions. Almost $882 million projected in 2017-18.

— Cuts an unpopular gasoline tax by 8.5 cents per litre on June 1 and another four cents per litre on Dec. 1.

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— Forecasts an average Brent crude oil price of US$56 per barrel this year.

— $316 million for Memorial University of Newfoundland to help maintain more affordable tuition.

— $120 for inclusive education, including more teachers assistants.

The Canadian Press