Budget benefits Islanders thanks to strong economy and responsible government spending
The provincial government will again deliver a balanced budget while continuing to invest in frontline services like healthcare, education and families.
Finance Minister Heath MacDonald presented the 2018-19 operating budget to the Legislative Assembly today. The budget is projecting a surplus of $1.5 million and a fiscal plan that reflects economic strength and responsible investments.
“I am very pleased that we have again balanced our budget, a goal of our government since we first took office,” Minister MacDonald said. “With a booming economy and our responsible spending, we are able to offer more support to initiatives most important to Islanders.”
Highlights of the budget include:
- tax cut will save small businesses up to $2,500 a year;
- free tuition for more than 1,000 Islanders;
- up to 400 new childcare spaces;
- new frontline positions to support students in the classroom;
- rebate on the provincial portion of the HST on residential electricity, firewood, residential propane and pellets;
- up to 1,000 new low-income housing units;
- new rural growth initiative to provide $2.6 million to communities & organizations;
- Basic Personal Exemption will increase by $1,000 over two years; and
- an increase of $32.48 million to the health system;
“All Islanders should share in the benefits of a strong economy,” Minister MacDonald said. “Our fiscal plan confirms our commitment to health, education, communities, businesses, youth, families, and more.”