P.E.I. will meet its budget targets During its April budget, the province was forecasting a deficit of $85.3 million
PROVINCE HOUSE BY WAYNE THIBODEAU The Guardian
Despite the fiscal turmoil that has faced governments around the world, the Prince Edward Island government says it will meet its budget targets.
At Province House this morning, Provincial Treasurer Wes Sheridan updated Islanders on the fiscal health of the province.
During its April budget, the province was forecasting a deficit of $85.4 million. Of this amount, $39.4 million was a pension adjustment. The province says it will come in on target at $85.4 million despite a decrease in revenues of $1.6 million.
Expenditures also dropped by about $1.6 million, the majority of which is related to lower interest charges on the Island's debt.
Sheridan said the 2008-09 deficit of $47.4 million will also come into better than forecast. He said they are now predicting a deficit of about $33-million.
The province says it will be 2012/13 before it reaches balanced budgets once again.
More on this story throughout the day, full details in The Guardian Saturday.
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Rob Mceachern from Priests pond, Pe writes: As Albert Einstien said things should be made as simple as possible, but not to simple .
How much revenue in??
How much expenses out??
Where is our replayment plan??
And of course, Good Job Wes. You have elevated from a bank teller to the billion dollar balanced? buget.
This is really good news?? Is it??
Thanks Wes
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reality check from PEI writes: Oh joy!
Might I remind our Ivy League educated Provincial Treasurer that I and my fellow residents under 35 will have to pay off over our lifetime.
Just when will the taxpayers of PEI be expected to pay off the debt from the structural deficits in place by the TORIES and LIBERALS since..... forever ?
PEI is a fiscal joke of a province. Time to fold up shop and have Maritime Union. We have poor government, inferior infrastructure and too much debt.
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Dick Buttkiss from Charlottetown, PE writes: It shouldn't be too hard to balance a budget when your government doesn't go through with everything that they promised they would. When you forget about all the things you promised to the people of PEI and just pay for the necessities and don't improve anything we have now.....you should be able to balance the budget with ease. Try balancing the budget after you live up to a few of the big things you promised during the election. Besides....this is just the Liberal/Sheridan's books....I'm sure if someone else looked into it, the budget wouldn't balance at all.
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Dunno from pe writes: And people wonder why Harper called us defeatist.
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woodsman from pei writes: After all the lies and deceit how can we believe this government ---if i balanced my home books like this government is balancing theres robbing peter to pay paul i would be in the red to ---and they have the gall to even think that the fishermen have to books---the kettle calling the pot black
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John MacInnis from Charlottetown, PEI writes: Hey there reality check - excellent comments. That's right, it's the younger people who are going to be paying off these horrendous deficits and a huge debt as the birth rate continues to drop like lead. And Rob Mceachern - you're right on the money....great stuff ! I don't need to add anything else, it's all covered.
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Juke Streudel from Charlottetown, PEI writes: I hope the full story clearly outline revenues esp. own source vs. federal; the trend for transfers will be down with the bigger provinces struggling to recover from the recession. The rate of growth of provincial expenditures is another key figure. Wes's coming fiscal recovery plan, demanded by credit raters, should help tell the full long term story.
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To Mike from pe writes: What are you going to do about positions that the government is having trouble finding people qualified to fill now, if you start offering LESS money?
Poor planning like that is what got us into this position.
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Charlottetownian from pe writes: Cut the civil service. Its not like there is a single job there that can't be done by an illiterate homeless person.
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Truth or Fiction? A C from PEI writes: Would you like your Baloney Raw or Fried??
Ever hear that song from the 50's my Dear Mother used to sing it, it was called, You Tell Me Your Dream and I'll Tell You Mine!
$85.4 $ 39.4 $33 Maybe someone could sell tickets on What's Your Deficit Number and make money!!
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Jeff Macdonald from PEI writes: It has come to this...bragging about only spending $39.4 million more then our government should for the good of Islanders.
Meanwhile, Liberal friends are showing a surplus this year.
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Nick from Toronto, ON writes: Why do people continue to bring up 7.5% over and over and over again. ITS BEEN OVER 20 YEARS!!!! Get over it already! Move on.
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