News Release Archive

The sale of surplus Crown assets has allowed the government to
reduce the province's debt by a half-million dollars.

"We're pleased to do our part in the effort to reduce the debt by
making this payment," said Minister of Transportation and Public
Works Don Downe. "With the budget balanced, even seemingly small
payments like this now go further in reducing the province's
debt. That's $50,000 we save in interest payments on that money
from now on."

The annual auction of surplus items such as equipment and
furniture netted about $309,000, while the sale of surplus land
and buildings generated approximately $140,000. Almost $5,000 was
made from the public tendering of other items not considered real
property. In total, about $530,000 was made from the disposal of
Crown assets.

In the past, these funds went into the government's general
revenue account. But through changes made last year to the
Financial Measures Act, the money generated from the disposal of
surplus Crown assets must now be used to pay Nova Scotia's debt.


Contact: Public Affairs and Communications  902-424-8687

trp                      Nov. 28, 1996 - 5:10 p.m.