STATEMENT I
NEWFOUNDLAND AND LABRADOR
SUMMARY OF BORROWING REQUIREMENTS
1998-99 and 1997-98 (Revised)

1998-99 Estimates

1997-98 Revised

 

($000)  

($000)  

($000)  

($000)   

BUDGETARY REQUIREMENTS

Current Account:

Gross Expenditure (Note 1)

3,166,250

3,143,203

Related Revenues

226,610

172,736

Net Expenditure

2,939,640

2,970,467

Provincial and Federal Revenues (Note 2)

3,063,085

3,079,660

Financial Contribution (123,445)

(109,193)

Capital Account:

Gross Expenditure

242,181

251,229

Related Revenues

138,749

121,929

Net Expenditure

103,432

129,300

Other:

Contingency Reserve

30,000

          -

TOTAL BUDGETARY REQUIREMENTS

9,987

20,107

NON-BUDGETARY TRANSACTIONS

Debt Retirement:

Redemptions (See Appendix II)

322,000

419,713

Sinking Funds (See Appendix II)

44,052

43,941

Total Debt Retirement

366,052

463,654

Retirement of Pension Liabilities

279,000

30,000

TOTAL NON-BUDGETARY TRANSACTIONS

645,052

493,654

TOTAL BORROWING REQUIREMENTS

655,039

513,761

Note 1:

Excluded from the 1997-98 gross current expenditures is the payment approximating $350 million made to establish the Labrador Transportation Initiative Fund.  

Note 2:

Excluded from the 1997-98 Revised Provincial and Federal Revenues is a revenue amount approximating $350 million relating to an agreement with the Federal Government to transfer to the Province responsibility for Coastal Labrador Marine Services.


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