Newfoundland and Labrador auditor general raises concerns about finances

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ST. JOHN'S, N.L. - Newfoundland and Labrador's auditor general is raising concerns about the province's finances.

Terry Paddon tabled a report today with the provincial legislature on the 2012-13 fiscal year outlining areas he says need to be monitored.

Paddon says the provincial government should watch the sustainability of program expenditures and its unfunded pension liability.

He also says close monitoring of the Muskrat Falls project will be required to ensure equity requirements resulting from cost overruns are minimized.

The province recorded a deficit of $195 million for the last fiscal year, with a deficit of $451 million forecast for this year.

Provincial net debt increased by $511 million to $8.3 billion last year, and Paddon says this year's deficit will push that higher.

Geographic location: Newfoundland and Labrador, ST. JOHN'S

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