Budget 2012 Continues Strong Fiscal Discipline

Published by Department of Finance

Tuesday, April 3, 2012

Finance Minister Graham Steele has tabled the 2012–13 provincial budget, one that illustrates the government's fiscal plan is working. The budget projects a deficit of $211.2 million, slightly better than the $215.8 million deficit anticipated in the province's four-year fiscal plan. Total expenses for fiscal 2012–13 are budgeted at $9.5 billion.

Quotes

“ This budget reflects strong discipline and follows through on the government's commitment to make life better for families in Nova Scotia. ” Finance Minister Graham Steele

“ Getting back to balance has not been easy, but now a balanced budget is just one year away. ” Finance Minister Graham Steele

“ We have many reasons to be optimistic about our province's economic future and Budget 2012 supports the game-changing opportunities that lie ahead. ” Finance Minister Graham Steele

Key Budget Initiatives

• investing in the jobsHere plan to help businesses be more productive, innovative and competitive
• reducing the small business tax rate for the third year in a row
• providing modest income tax reductions for tens of thousands of Nova Scotians
• supporting low-income Nova Scotians by increasing the Income Assistance Personal Allowance, the Nova Scotia Child Benefit, the Affordable Living Tax Credit, and the Poverty Reduction Credit
• providing Better Care Sooner through investments in Collaborative Emergency Centres, hospitals and treatment options, and mental health and addictions
• helping seniors stay in their homes longer
• investing in the new Kids and Learning First plan and increasing the per-student funding to its highest level ever.

Quick Facts

• Revenues for 2012-13, including net income from government business enterprises, are estimated at $9.3 billion, an increase of $391.7 million over the 2011–12 estimates.
• Total expenses for fiscal 2012-13 are budgeted at $9.5 billion. Departmental expenses are budgeted at $8.5 billion, up $189.9 million from 2011–12.
• The province's spending came in below estimate. This is the first time since at least 1967 that this has happened three years in a row.
• The overall net debt is estimated at $13.3 billion as of March 31, 2012, $457 million less than was estimated in April 2011. The province's debt-to-GDP ratio, a widely used indicator of fiscal health, continues to get better. It now stands at 35.2 per cent.

Learn More

• Government of Nova Scotia
• Department of Finance
• Budget 2012-13

Media Contacts

Michelle R. Lucas

Department of Finance

902-424-8787

Cell: 902-456-3576

E-mail: lucasmx@gov.ns.ca