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Department of Finance – Newfoundland and Labrador

The Department of Finance in Newfoundland and Labrador plays a central role in managing the province’s financial resources and shaping its economic policy. Its primary objective is to ensure the sustainable fiscal health of the province, allowing the government to deliver essential public services and foster economic growth.

Key Responsibilities:

Budgeting and Financial Planning: The Department is responsible for preparing the annual provincial budget, outlining government revenue projections, expenditure plans, and fiscal targets. It also develops long-term financial plans to guide government spending and investment decisions.
Taxation and Revenue Management: The Department administers provincial taxes, including income tax, sales tax (HST), and corporate income tax. It oversees the collection of government revenues from various sources, ensuring compliance with tax laws and regulations.
Economic Analysis and Forecasting: The Department conducts economic analysis and forecasting to assess the province’s economic performance and identify potential challenges and opportunities. This information informs policy decisions and helps the government anticipate future revenue needs.
Debt Management: The Department manages the province’s debt portfolio, ensuring responsible borrowing practices and minimizing borrowing costs. It also develops strategies to reduce the province’s debt burden over time.
Financial Reporting and Accountability: The Department prepares the province’s consolidated financial statements, providing a comprehensive overview of the government’s financial position. It ensures transparency and accountability in the management of public funds.
Treasury Management: The Department manages the province’s cash flow and investments, ensuring that government funds are available when needed and are invested prudently to generate returns.
Policy Development: The Department develops and implements financial and economic policies aimed at promoting economic growth, creating jobs, and improving the quality of life for residents of Newfoundland and Labrador.

Strategic Objectives:

The Department of Finance’s strategic objectives typically focus on:

Maintaining a balanced budget or achieving fiscal surpluses.
Reducing the province’s net debt.
Enhancing the province’s economic competitiveness.
Improving the efficiency and effectiveness of government spending.
Promoting transparency and accountability in government finances.

The Department works closely with other government departments and agencies to ensure that financial resources are aligned with government priorities and that public services are delivered in a cost-effective manner.

Accountability: The Minister of Finance is responsible for the overall direction and management of the Department and is accountable to the Legislative Assembly for its performance.