Provincial Budget: Operating Budget

The operating budget is the estimates of revenue and expenditure that detail spending plans by the Government of Prince Edward Island to operate each department for the next fiscal year.

The 2023-2024 provincial budget and related information is available in the following documents:

• Budget Address
• Estimates of Revenue and Expenditures 2023-2024
• Budget Paper on the Economy 2023
• Budget Highlights
• Pre-budget Consultations

Our Health

• Medical Homes
  • $8.9M - To add 100 front line positions and establish new medical homes across PEI
• Mental Health Supports
  • $3.2M - Introduction of new Flexible Assertive Community Treatment Teams and the new Emergency Department and Short Stay unit at the QEH to assist Islanders with complex mental health needs
• Pharmacy Plus Program
  • $3M - To provide Islanders with the opportunity to be treated for 32 common ailments at 48 community pharmacies across the province
• Prescription Drugs
  • $10M - To introduce $5 co-pays for over 150 medications used in the treatment of cardiovascular disease,  diabetes, and mental health treatments, along with adding new drugs to the formulary
• UPEI Medical School
  • $21.9M - To establish the Faculty of Medicine so we can train doctors right here in Prince Edward Island 

Our Homes

• Pathway to Home Ownership
  • $1.1M - To launch a Rent-to-Own program with financing options for first-time homeowners to rent a property with the intent to purchase and to create a Closing Cost Housing Support program to provide first-time home buyers with closing costs for purchasing their first home
• Tiny Homes
  • $1M - To create opportunities for tiny home communities in rural PEI where Islanders can purchase and build equity instead of paying rent

• Housing Challenge Fund

  • $50M - To provide private developers with two percent financing for projects that are construction ready to spur immediate development

• Infrastructure Fund
  • $25M - To work with communities outside the capital area to develop construction ready lots for Islanders
• Repair Grants
  • $250,000 - Funds added to the PEI Home Renovation Program to launch a low-income home repair grant to keep up with repairs and maintenance

Affordability

• Heat Pumps, Hot Water Heater and Insulation Programs
  • $20.1M - Continue to provide free heat pumps to households to help Islanders save on home heating costs, while also making homes comfortable and environmentally friendly
• Property Tax Subsidy
  • $6M - Continue freezing property tax for the 2023 tax year and introduce legislation to reset assessment rates to levels equivalent to 2020 to prevent a sharp rise in property taxes in 2024
• Public Transit Investment
  • $950,000 - A further investment in the Island-wide transit system to add more routes and continue to keep fares low for Islanders
• Reducing Childcare Fees
  • $4M - To expedite the reduction of childcare fees to $10 a day for all children enrolled in designated centres before the end of 2023
• Tax System Changes
  • $14M - Basic personal amount will increase to reach $13,500 by 2024, the income threshold for the low-income tax reduction will rise by $750 in both 2023 and 2024, and a five bracket income tax system will be implemented in 2024

Our Future

• Crop Diversification and Exploring Controlled Environment Farming
  • $350,000 - To support diversification of crops to prepare for climate change and support the agriculture sector by exploring controlled-environment farming and indoor farming through state-of-the-art greenhouses, tunnels, hydroponics and enhanced storage and refrigeration
• Bioscience and Clean Tech
  • $18M - To continue investing in the bioscience sector, establish the BioAccelerator and develop the clean tech sector
• Enhancing Tourism
  • $825,000 - To grow the Island into a four-season tourism destination and create new interactive tourism products in rural PEI
• Workplace Adaptation Fund
  • $2M - To encourage employers to retrofit workplaces to make them more accessible for those who have physical and intellectual disabilities to participate in the workforce
• Arts and Culture
  •  $750,000 - Supports for the arts and culture community, which will include the establishment of a Portable Health Benefits program, as well  as supports to grow Island talent and Charlottetown as a Music City destination

Our People 

• New Positions for Educational system
  • $6M - To add 100 new positions to our education system by increasing teachers, educational assistants, youth service workers, counsellors, and mental health support workers
• George Coles Bursary Enhancement
  • $1.25M - To increase the non-repayable bursary for Island students to $3,000 for expenses like tuition, books, administrative fees and living expenses
• School Food and Breakfast Program
  • $2.2M - To continue funding the pay-what-you-can Island-wide school food lunch program, increase funding to the school breakfast program and to explore the creation of a universal breakfast program with both English and French language school boards
• Childcare Infrastructure Fund
  • $4.2M - Work with Federal Government to establish a $20 Million Infrastructure Fund to provide grants to Early Learning Centres to expand and create more spaces
• Primary Caregiver Grant
  • $5.2M - To provide support for families who choose to keep their loved ones at home
• Supports for Seniors
  • $2.2M - To expand the Seniors Independence Initiative, increase the Seniors Safe at Home and Seniors Home Repair program and double the Seniors Hearing Aid Rebate program

Our Communities

• Forest Fire Safety
  • $550,000 - Funding to ensure provincial wildland firefighters have training, equipment, and resources to respond and mitigate wildfires in Prince Edward Island
• Community Legal Clinic
  • $250,000 - To establish a clinic to increase access to justice supports, including legal representation
• Newcomer Work Ready Project
  • $1.5M - To support the participation of newcomers in our labour market, including internationally trained healthcare professionals
• Anti-Racism Action Plan
  •  $460,000 - To begin implementation of the soon-to-be-released Anti-Racism Action Plan
• Reforestation
  • $640,000 - To restore the trees lost from Hurricane Fiona and increasing nursery tree production by 30 per cent through the Federal 2 Billion trees program
• Supports for Victims of Family Violence
  • $800,000 - To expand supports to victims of family violence involved in the family justice system

Where can I find older budget documents?

Search Budget Archives for documents from 1998 to present.

Contact:

Sara Watson
Telephone: (902) 368-4201
Toll-free: 1-800-236-5196
Email: sdwatson@gov.pe.ca