Provincial Budget Introduced
NOTE: A social-media version of this release, with photographs, audio and video clips will be available later today, April 6, at gov.ns.ca/news/smr/2010-04-06-budget.asp .
Finance Minister Graham Steele presented the provincial budget today, April 6, at Province House.
"This budget reflects the best advice we heard from a number of sources including Nova Scotians themselves," said Mr. Steele. "We inherited a difficult challenge, but we are making the right decisions and keeping commitments to make life better through leadership and hard work."
The government tabled a budget in fiscal 2010-11 with a deficit of $222.1 million. This is the first year of a four-year fiscal plan to return to a balanced budget.
"Our approach will be smart, strategic, and steady," said Mr. Steele. "We will not try to balance too soon by making reckless cuts that would hurt the economy or compromise the programs and services that Nova Scotians truly need and rely on."
Government's long-term plan contains four key components:
- bring better health care to Nova Scotia families
- create secure jobs and growing the economy
- make life more affordable
- ensure government lives within its means
Mr. Steele said that over the next four years, work in these four areas will focus on the need for stronger revenues, reduced spending and economic growth to get the province back to balance.
Total revenues for 2010-11, including net income from government business enterprises, are projected to be $8.7 billion, an increase of $327.8 million over the 2009-10 estimates.
Effective July 1, the Harmonized Sales Tax (HST) will be restored to 15 per cent. This measure will provide an additional $214.8 million in revenue this year.
In order to fully compensate the impact of the HST on people with low or modest incomes, government introduced a new Affordable Living Tax Credit worth $70 million annually.
In addition, a new point-of-sale rebate will remove the provincial portion of the HST on vital household items, including children's shoes and clothing.
"Through these targeted and strategic measures we will make life more affordable for Nova Scotian families while still maintaining the government's focus on getting back to balance and living within its means," said Mr. Steele.
Total expenses of fiscal 2010-11, before consolidation adjustments are budgeted at $9 billion, down $49.7 million from 2009-10.
Government's plan relies on an Expenditure Management Initiative to help achieve significant savings in a variety of areas. A comprehensive analysis of all department, agency and third-party spending is being conducted to identify cost-control and cost-saving opportunities.
The 2010-11 capital budget is the second year government will stimulate the provincial economy by investing in infrastructure and maximizing available federal cost-sharing dollars. Government will spend $710.6 million to build and repair roads and bridges, schools, health care facilities, housing and more.
Stimulus investments are expected to create 7,000 person-years of employment, generating about $300 million in income.
Government is taking steps to make public service pensions more secure, while saving the taxpayers between $150 million and $200 million annually in pension-related expenses.
For further budget information, see the Department of Finance website at www.gov.ns.ca/finance .
FOR BROADCAST USE:
Finance Minister Graham Steele presented the provincial budget today (April 6th) at Province House.
Mr. Steele says this budget reflects the best advice heard from a number of sources including Nova Scotians themselves. He says the right decisions are being made to meet a difficult challenge.
The government tabled a budget in fiscal 2010-2011 with a deficit of 222-point-1-million dollars. This is the first year of a four-year fiscal plan to return to a balanced budget.
Government's long-term plan contains four key components:<br x='1'/> bringing better health care to Nova Scotia families; creating secure jobs and growing the economy; making life more affordable; and ensuring government lives within its means.
Total revenues for 2010-2011, including net income from government business enterprises, are projected to be 8-point-7 billion dollars, an increase of 27-point-8 million dollars over the 2009-10 estimates.
Effective July 1st, the Harmonized Sales Tax (HST) will be restored to 15 per cent. To fully compensate the impact of the HST on people with low or modest incomes, a new Affordable Living Tax Credit worth 70-million dollars annually has been introduced.
A new point-of-sale rebate will remove the provincial portion of the HST on vital household items, including children's shoes and clothing.
Government will spend $710.6 million to build and repair infrastructure, which is expected to create seven-thousand person-years of employment and generate about 300-million dollars in income.
For more budget information, see w-w-w dot gov dot n-s dot c-a slash finance.