Friday , May 7 2021

The Fiscal Update predicts a surplus of $ 4.4 million for P.E.I. | Local | news

The new fiscal action records an expanded surplus in the province for 2018-19 from 1.4 million to 4.4 million dollars.

MacDonald, the finance minister, submitted a supplement to the legislative body on Friday morning. The surplus is partly due to the higher than expected income from corporate income tax, sales tax and personal income tax. It is estimated that revenue will increase by 30.3 million dollars more than projections.

The update follows the update of the operational budget of the province 2017-2018, which increased the surplus of the province from 1.2 million to 75 million dollars.

However, expenditures in this year's fiscal update have increased in health and education. Health care costs increased by $ 12.9 million over the past year, mainly due to increased health services in the province and outside the province, hospital costs and pharmacy costs. Costs for P.E.I. A $ 13 million increase is planned for the agricultural insurance company due to a severe growth season for farmers. The family and human services also recorded a $ 3.1 million increase in spending on new poverty issues.

"The CEE economy has had a solid economic growth in recent years and has expanded every year since 2008 – the only competence it does," MacDonald said in parliament on Friday.

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

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

Opposition member Steven Miers criticized the update, arguing that MacLauchlan's government ignored many areas despite the rising economy. Miers especially raises the state of roads near Georgetown, the lack of passage in Kings Counties, the lack of health care and the lack of qualified traders.

"This island deserves a government that knows how to govern in good times, and those are not they," Majers said.

Green MLA Hannah Bell said that the filing of fiscal action contributed to openness and transparency. She expressed the hope that the province's practice of issuing special orders for higher than expected costs could be avoided and that estimates and accompanying budgets were updated during the period of consumption.

The provincial practice of issuing special orders was raised as a matter of concern in the report of the newest general auditor.

"We look forward to having a wider conversation about how it will cost and surplus," Bell said.

A fiscal update is available here. / stu_neatbi

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