Finance and Treasury Board Minister Randy Delorey introduced the Financial Measures (2016) Act today, May 3.
The act provides the legislative authority to implement measures in Budget 2016-2017 and is a routine part of the budget process.
“Budget 2016-2017 invests in opportunities for growth, health, education, youth and jobs training,” said Mr. Delorey. “We have stuck to our fiscal plan and these investments are the result of working together with Nova Scotians on areas that matter most to them.”
Revenue for 2016-2017 is an estimated $10.3 billion, a 3.5 per cent increase from 2015-2016. Expenses are an estimated $10.1 billion, an increase of 1.2 per cent from 2015-2016.
Budget 2016-2017 projects a $127.4 million surplus. The surplus includes a one-time revenue increase of $110.3 million because of federal and municipal contributions for the convention centre in Halifax.
The $110.3 million will go towards the debt to provide the fiscal capacity to launch a multi-year development of the QEII Health Sciences Centre, enhancing care for Nova Scotians and Atlantic Canadians. The budget’s net position is $17.1 million.
Budget 2016-2017 invests in youth, education and job training. It continues an investment of $65 million over four years, with reductions in class sizes, new Schools Plus sites, and more help for students in math and literacy and other measures this year.
Budget 2016-2017 targets opportunities for growth, including the wine industry, expanded high-speed Internet and expanding the population through new immigrant streams.
Budget 2016-2017 delivers support and services to Nova Scotians who need it most, such as increasing Income Assistance by $20 per month, the largest increase in provincial history. It also invests more for children, youth, and family support services, subsidizes child care, continues the Domestic Violence Court in Cape Breton and invests in the Sexual Violence Strategy and the Sexual Assault Nurse Examiner Program.
Budget 2016-2017 builds on work unifying Nova Scotia’s health system with the goal a healthy society and economy. It will launch a multi-year redevelopment of the QEII Health Sciences Centre, improved care for patients across Nova Scotia and Atlantic Canada, help seniors pay for Pharmacare costs and invests more to meet orthopedic wait times.
The Financial Measures (2016) Act also includes the Capital Incentive Tax Credit, Food Bank Tax Credit for Farmers and changes to the Provincial Court Act to ensure judges’ salaries are affordable.
For Budget 2016-2017 information, see www.novascotia.ca/budget .