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November 19, 2010
For immediate release
Province’s finances on the right track to meet balanced budget target by 2013-2014
Finance and Energy
Despite turbulent times in the global economy, the 2009/2010 Public Accounts reveal the Island deficit was nearly $11 million lower than budgeted and the latest Fiscal Update is on track, says Finance and Municipal Affairs Minister Wes Sheridan.
Minister Sheridan tabled Volume One of the 2009/2010 Public Accounts, along with the 2010/2011 Second Quarter Fiscal Update, today in the Legislature.
“As a government, we recognize the importance of maintaining vital programs and services for Islanders while, at the same time, keeping an eye to our fiscal reality,” said Minister Sheridan. “This volume of Public Accounts, along with our second quarter Fiscal Update, show that we’re on the right path with our management practices, and on our way to a balanced budget by 2013-2014.”
The estimated deficit was budgeted at over $85 million. It came in at just under $74.4 million, which represents a 13% reduction from the budgeted deficit.
“Spending was up in key areas like health and education, but we were able to recognize some savings in other areas that wouldn’t negatively impact Islanders,” said Minister Sheridan. “The Premier has always said that government has an obligation to invest in its people during difficult times and save during periods of economic prosperity. This is a reflection of that commitment.”
The Fiscal Update reveals that the Province is tracking well for the 2010/2011 fiscal year. Consolidated Revenue increased by $2.3 million. This is a result of increases to projected surpluses in Crown corporations, primarily the Agricultural Insurance Corporation. Program expenditures are up by $5.5 million. This can be attributed to increases in social assistance and disability support programs, as well as health care costs related to out-of-province hospital and in-province physician costs. These are offset somewhat by lower interest costs of $3.2 million.
Copies of Public Accounts Volume One are available by contacting Island Information Service at (902) 368-4000 or 1-800-236-5196.
