Departmental spending up in NS budget
Posted Apr 3, 2012 01:18:34 PM.
This article is more than 5 years old.
The Dexter Government has laid out the fiscal plan for this coming year. Finance Minister Graham Steele’s third budget has a projected deficit of $211.2 million.
Revenues are estimated at $9.3 billion for 2012-13 while total expenses are projected at $9.5 billion.
“This budget reflects strong discipline and follows through on the government’s commitment to make life better for families in Nova Scotia,” said Steele. “Through good management, we have restored sense to the province’s finances. Getting back to balance has not been easy, but now a balanced budget is just one year away.”
The budget includes $7.5 million in income tax reductions by increasing dependent, spouse and disability amounts.
As promised, the NDP will also lower the small business tax rate by half a percentage point to 3.5%.
The government will hold the HST at 15% with a projected revenue of $1.6 billion this year. There are plans of lowering the tax by one percentage point in 2014 and another one percentage point in 2015.
There are no big surprises in departmental spending in today’s budget. Some highlights in the Education sector include an increase in funding per student to $10,457, the highest it’s ever been. There’s also $48.8 million in the budget for new school construction projects while $350,000 has been set aside to launch a Cyberbullying social marketing campaign while the department reivews all recommendations from task force report.
Under Health and Wellness, the budget allows $22 million for hospital upgrades and another $15 million for new equiptment. $356,000 will go toward expanding addictions treatment in the Anapolis Valley.
The government plans to spend $56.5 million this upcoming year under the jobsHere campaign. The finance minister is projecting the $304 million loan to Irving Shipbuilding will have a $0-$3-million impact on this year’s budget.
Minister Steele expects this 2012-13 budget to be his last fiscal plan with a projected deficit. He says the province is still on track to balancing the books next year.
The complete budget documents are online at the NS Government web site.
