Fiscal update foresees a surplus of US $ 4.4 million for P.E.I. | Location | News


A new fiscal update lifted the province's projected surplus for the year 2018-19 from $ 1.4 million to $ 4.4 million.

Finance Minister MacDonald introduced the update in the legislature on Friday morning. The surplus is due in part to higher income than the anticipated corporate income tax, sales tax and personal income tax. The province estimates that revenue will increase by $ 30.3 million more than projections.

The update follows an update of the province's operating budget for 2017-2018, which increased the province's surplus from $ 1.2 million to $ 75 million.

Expenditures in this year's fiscal update, however, have also increased in health and education. Health spending increased by $ 12.9 million from last year, largely due to the increase in medical services in the province and out of the province, hospital costs and pharmacy costs. Expenses for P.E.I. The Agricultural Insurance Corporation is expected to increase by $ 13 million as a result of the difficult growing season for farmers. Family and Human Services also reported an increase in spending of $ 3.1 million related to new poverty problems.

"The economics of P.E.I. has seen solid economic growth in recent years. It has expanded every year since 2008 – the only jurisdiction to do so, "MacDonald said in the legislature on Friday.

MacDonald said the economy grew 3.5 percent in 2017, while labor income grew 4.1 percent.

"More people are employed now in P.E.I. than at any point in our history, "said MacDonald.

Opposition member Steven Myers criticized the update, arguing that several areas were overlooked by the MacLauchlan government despite the growing economy. Myers specifically elevating the state of roads near Georgetown, the lack of runways in Kings County, health deficiencies and the shortage of skilled dealers.

"This island deserves a government that knows how to govern during the good times and it's not them," Myers said.

MLA Green Hannah Bell said the filing of the tax update contributed to openness and transparency. She expressed the hope that the province's practice of issuing special mandates for larger-than-expected spending could be avoided, and that estimates and associated budgets be updated during the expenditure period.

The province's practice of issuing special warrants was raised as a matter of concern in the most recent auditor's report.

"We look forward to having a broader conversation about how much spending and surplus will be spent," said Bell.

Tax update available On here.


Source link