Finance and Treasury Board Minister Diana Whalen introduced the Financial Measures (2015) Act today, April 27, to implement the measures in Budget 2015-2016.
The Financial Measures Act provides the legislative authority for budget measures and is a routine part of the budget process.
The 2015-16 budget holds the line on spending, restructures and reduces the size of government, and continues to clear the way for private-sector growth. Revenue for 2015-16 is an estimated $9.9 billion, a 3.7 per cent increase from 2014-15. Expenses are an estimated $10 billion, an increase of 0.9 per cent from 2014-15. The budget forecasts a $97.6-million deficit.
“Government is working to balance the programs we need with the expenditures we can afford,” said Ms. Whalen. “We challenged the way things have been done and made major structural changes in this budget.
“This is a tough budget, but it is a necessary one if we are to position this province to take advantage of future opportunities.”
Budget 2015-2016 established a Department of Business, reduced the size of the public service, established a permanent review of all programs, implemented the Education Action Plan, increased university funding, increased funding to people with disabilities and addressed orthopaedic surgery wait times.
The Financial Measures (2015) Act will also make changes to wind down the Film Industry Tax Credit and replace it with the Nova Scotia Film and Television Production Incentive Fund, which reflects the outcome of meetings with the film industry. The fund is forecasted to be $10 million in 2016-17. It will also allow the animation industry to access government support through the Digital Media Tax Credit.
For more information, see the Department of Finance and Treasury Board website at www.novascotia.ca/finance .