Province in strong financial position, thanks to strong economy and responsible spending
The Province of Prince Edward Island ended the 2017-2018 fiscal year with a surplus of $75.2 million – the direct result of the hard work of Islanders, a strong economy, and the responsible spending of tax dollars.
“Since 2015 we have been working hard to get our province’s financial house in order while working with Islanders to grow our economy. Being good managers of Islanders’ tax dollars will help ensure the future sustainability of our province through both good times and challenging times,” said Premier Wade MacLauchlan.
Prince Edward Island has experienced tremendous growth. There are 6,600 new full-time jobs since 2016 and the province’s overall economy has grown from $6 billion in 2015 to $7 billion in 2018.
Government has been continuing to invest in services and programs that matter most to Islanders, such as education, healthcare and family services. The province’s operating budget for 2017-2018 was $1.9 billion – an increase of $84 million over the previous year.
“We are in a better position now to build on investments in key priorities – like mental health, housing, and providing more tax relief for Islanders,” said the Premier. “We believe that all Islanders should benefit from a strong economy and over the coming weeks we will be sharing with Islanders areas where we can accelerate investments in these areas.”
The province’s net debt will decrease for the first time since 2007. Debt payments represent the province’s third-largest expense at $125 million a year. Only healthcare and education cost the province more.
“Being responsible for the province’s finances includes wise investments and managing our debt,” said Finance Minister Heath MacDonald. “We know that we must strike the balance between paying down our debt and investing in the services that matter most to Islanders.”
Executive Director of Public Affairs