This week, the Honourable Craig Pardy, Minister of Finance and President of Treasury Board, introduced amendments to the Future Fund Act in the House of Assembly. The aim of the amendments is to restructure the fund to better align with government’s priority to spend smarter.

The Future Fund was established in 2023, with the intention of setting aside funds – in the form of annual contributions – to strengthen the province’s finances and service debt.

However, the new Provincial Government has been clear that it does not make sense to borrow money for the Future Fund, especially at a time when many Newfoundlanders and Labradorians are facing affordability pressures and challenges accessing essential services.

Proposed amendments to the Future Fund Act would remove the requirement for mandatory, annual contributions and limit the ability to withdraw funds. These changes ensure that funds that have already been set aside are truly maintained for debt and liability repayment so future generations can avoid the fiscal strains that residents are experiencing today.

Given the seriousness of the fiscal situation, the Provincial Government is taking steps to ensure the responsible use of public funds, while addressing current infrastructure needs and affordability challenges. The Future Fund Act amendments support government’s commitment to building a stronger, more resilient Newfoundland and Labrador – for all of us.

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“These amendments reflect our commitment to responsibly managing public finances in a way that protects both today’s needs and tomorrow’s opportunities. By amending the Future Fund Act, we are ensuring that every dollar set aside is used to reduce our debt and strengthen the province’s fiscal future.”
Honourable Craig Pardy
Minister of Finance

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