Treasurer Wes Sheridan told the Legislature that the audited financial statements for the fiscal year 2008/2009 will only be $33 million not $41.4 as projected.

He predicts PEI will have a balanced budget by 2011/2012.

Jim Bagnall said he found it strange that the government applauds itself for losing $33 million plus $80 million this year. Where is the $200 million extra the Federal government gave to PEI this year, asked Bagnall.

Bagnall thought he should resign with that record of losing money.

The documents were tabled.

We will follow with more details when the official documents are made public.