News Release Archive
NEWS RELEASE (CNS871) -->> FINANCE--SECOND QUARTERLY
REPORT-FISCAL YEAR 1996-97
FINANCE--SECOND QUARTERLY REPORT-FISCAL YEAR 1996-97
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The provincial budget remains on track for a surplus in the
current fiscal year, Finance Minister Bill Gillis said today.
The second quarter financial report shows a projected increase in
provincial personal income taxes in the amount of $18.6 million.
The report also shows increased savings on debt service charges.
"These positive trends are offset by a decline in federal
transfers, but the balanced budget remains," Mr. Gillis said.
"This change represents a good sign for the Nova Scotia economy.
More Nova Scotians are working, making more money, and, thus,
able to pay more income taxes. A drop in expected equalization
payments means the Nova Scotia economy is performing better
relative to the rest of the country. Although the two events may
largely cancel each other out as far as government revenues are
concerned, I am sure that all Nova Scotians support the trend
toward more self-sufficiency," the minister said.
Compared to the first quarter report, government program spending
remains unchanged. Debt servicing costs are now projected to
decline a further $19.2 million. Provincial income tax revenue is
expected to increase by $18.6 million for a favourable variance
of $37.8 million.
Offsetting this is a negative prior years' adjustment from the
federal government of $16.9 million, a reduction of $13.9 million
in equalization payments, and a reduction in provincial sales tax
revenues of $9.5 million. The net result is virtually no change
in the projected surplus from the first quarter report, and a
slight reduction from the original budget surplus estimate.
The budget surplus is now expected to come in at $1.2 million
compared to a $2.8 million estimate.
Additional information is available at the department's website:
https://novascotia.ca/fina/
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Contact: Bruce Cameron 902-424-8787
E-Mail: cameronb@gov.ns.ca
trp Nov. 29, 1996 - 9:30 a.m.
