Budget Government of Nova Scotia

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1 Introduction 1,2 Budget Overview 3,3 Four Year Fiscal Plan 2020 21 to 2023 24 6. 4 Report of the Auditor General on the Revenue Estimates 11. 5 2019 20 Budget Forecast Update 17,6 Budget 2020 21 21. 7 Economic Outlook 45,8 Borrowing and Debt Management 60. INTRODUCTION,1 Introduction,Better Together, Budget 2020 21 builds upon the strong fiscal foundation achieved over the past few. years Improving the fiscal health of the province allows government the capacity to. provide programs and services that are important to Nova Scotians. Budget 2020 21 builds on a stronger economy and positive fiscal position. Investments are focused on, Improving the lives of Nova Scotians including accessibility and community.
supports affordable housing and pre primary programming. Building on our economic success,Investing in modern infrastructure. Providing confidence in a brighter future, Budget 2020 21 is the fifth consecutive balanced budget with an estimated surplus. of 55 0 million and a Net Debt to GDP ratio of 33 3 per cent The fiscal plan projects. balanced budgets in each of the next four years, As the province moves toward fiscal sustainability and as the economy grows the. government s ability to share the benefits with Nova Scotians expands Through. investments this year Budget 2020 21 will, Increase the low income threshold for the Nova Scotia Child Benefit and. increase the amounts families will receive to help address child poverty. Increase initiatives to provide safe suitable and affordable housing and provide. an action plan to address homelessness, Improve the recruitment and retention of family and specialist doctors.
and increase seats for the next generation of doctors and nurses at Nova. Scotian universities,NOVA SCOTIA BUDGET 2020 21, Reduce the Corporate Tax Rate 2 per cent to 14 per cent and the Small. Business Tax Rate from 3 per cent to 2 5 per cent helping businesses become. more competitive and better able to innovate and invest back in their. businesses and employees, Support the largest health care redevelopment in the province s history with the. QEII New Generation project and the Cape Breton Regional Municipality Health. Care Redevelopment, Enhance our transportation infrastructure by improving roads highways and. bridges and continuing to twin our 100 series highways. Continue to create a more inclusive education system for all students. Increase the Student Loan Forgiveness program, Invest in green infrastructure projects to help reduce GHG greenhouse gas. Start up the Green Fund to support programs for climate change. The 2020 21 Capital Plan invests the largest single year capital funding in the. province s history improving access to health care schools highways and public. infrastructure for Nova Scotia s families and communities. Focusing on the fiscal health of the province has allowed government to make needed. investments to support our people and our communities and to update our aging. infrastructure to provide modernized facilities for today and future generations. BUDGET OVERVIEW,2 Budget Overview, In fiscal year 2020 21 the Province of Nova Scotia is tabling its fifth consecutive.
balanced budget with an estimated surplus of 55 0 million Table 2 1 Demonstrating. the government s commitment to fiscal sustainability the province is projecting. balanced budgets for the remainder of the Four Year Fiscal Plan eight years of. balanced budgets starting in 2016 17,Table 2 1 Budget Summary Statement of Operations. 2019 20 2019 20 2020 21,General Revenue Fund Estimate Forecast Estimate. Ordinary Revenue 9 962 736 10 205 281 10 538 50 6,Ordinary Recoveries 658 509 817 906 666 720. Net Income from Government,Business Enterprises 389 224 388 768 391 814. Total Revenues 11 010 469 11 411 955 11 597 040, Departmental Expenses 10 101 784 10 440 886 10 650 274.
Refundable Tax Credits 134 324 121 467 131 451,Pension Valuation Adjustment 51 837 74 904 75 832. Debt Servicing Costs 856 107 843 034 758 393,Total Expenses 11 144 052 11 480 291 11 615 950. Consolidation and Accounting Adjustments,General Revenue Fund. Consolidation Adjustments 168 457 106 558 76 520,Special Purpose Funds 72 222 57. Other Organizations 1 323 2 683 2 527, Total Consolidation and Accounting Adjustments 167 206 109 463 73 936.
Provincial Surplus Deficit 33 623 41 127 55 026, Total Revenues for 2020 21 are projected to be 11 6 billion an increase of. 586 6 million or 5 3 per cent over the 2019 20 estimate This revenue increase is. attributable to a 193 6 million or 2 7 per cent increase in provincial source revenues. and a 393 0 million or 10 5 per cent increase in federal source revenues Table 2 2. Total Expenses for fiscal year 2020 21 including Consolidation and Accounting. Adjustments are budgeted at 11 5 billion up 565 2 million or 5 1 per cent from the. 2019 20 estimate Taken separately Total Expenses are up 471 9 million or 4 2 per. cent from 2019 20 estimate while Consolidation and Accounting Adjustments have. 3 decreased 93 3 million or 55 8 per cent from the 2019 20 estimate Table 2 2. NOVA SCOTIA BUDGET 2020 21,Table 2 2 Budget Summary Highlights. thousands 2019 20 2019 20 2020 21,Estimate Forecast Estimate. Total Revenues 11 010 469 11 411 955 11 597 040,Total Expenses 11 144 052 11 480 291 11 615 950. Consolidation and Accounting Adjustments 167 206 109 463 73 936. P r o v in c ia l Su r p lu s D efic it 3 3 6 2 3 4 1 1 2 7 5 5 02 6. Provincial Revenue Sources,Personal Income Tax 2 811 289 2 860 788 2 979 575.
Corporate Income Tax 604 741 595 537 541 872, Harmonized Sales Tax 1 895 909 1 943 169 2 004 070. Cannabis Tax 7 814 6 737 7 205,Vaping Tax 2 332,Motive Fuel Tax 276 942 270 034 277 161. Tobacco Tax 205 432 188 337 196 501,Other Tax Revenue 169 329 173 624 182 654. Registry of Motor Vehicles 136 076 138 165 135 380. Petroleum Royalties,Other Provincial Sources 151 981 146 672 140 264. TCA Cost Shared Revenue 2 439 4 093 3 721,Other Fees and Charges 63 170 63 318 64 023.
Prior Years Adjustments 108 423,Interest Revenues 85 574 101 973 87 084. Sinking Fund Earnings 95 920 91 918 65 373,Ordinary Recoveries 361 630 376 003 372 047. Net Income from Government Business Enterprises 389 224 388 768 391 814. T o t a l P r o v in c ia l So u r c es 7 2 5 7 4 7 0 7 4 5 7 5 5 9 7 4 5 1 07 6. Federal Revenue Sources, Equalization Payments 1 942 628 2 009 037 2 145 883. Canada Health Transfer 1 039 410 1 043 370 1 080 690. Canada Social Transfer 375 514 376 945 387 762,Offshore Accord 8 227 8 227 86 000. Crown Share 4 041,Other Federal Sources 41 260 35 269 39 177.
TCA Cost Shared Revenue 49 081 36 106 111 779,Prior Years Adjustments 502. Ordinary Recoveries 296 879 441 903 294 673, T o t a l F ed er a l So u r c es 3 7 5 2 9 9 9 3 9 5 4 3 9 6 4 1 4 5 9 6 4. Agriculture 46 427 52 297 42 075,Business 152 014 214 392 149 022. Communities Culture and Heritage 93 641 103 800 96 890. Community Services 947 904 992 190 1 002 202, Education and Early Childhood Development 1 429 342 1 430 225 1 479 302. Energy and Mines 49 036 39 965 63 509,Environment 38 524 40 599 42 492.
Finance and Treasury Board 23 683 22 749 24 282,Fisheries and Aquaculture 21 536 21 536 17 792. Health and Wellness 4 638 526 4 712 055 4 822 637,Justice 361 438 362 838 374 244. Labour and Advanced Education 396 209 402 093 400 631. Assistance to Universities 427 782 448 072 433 420. Lands and Forestry 76 750 79 190 78 215, Municipal Affairs and Housing 283 399 347 379 308 513. Public Service 131 162 132 578 136 354,Seniors 2 721 2 591 2 711. Service Nova Scotia and Internal Services 282 947 299 356 299 199. Transportation and Infrastructure Renewal 497 280 527 796 535 752. Restructuring Costs 201 463 209 185 341 032,Refundable Tax Credits 134 324 121 467 131 451.
Pension Valuation Adjustment 51 837 74 904 75 832,Debt Servicing Costs 856 107 843 034 758 393. T o t a l E x p en s es 1 1 1 4 4 05 2 1 1 4 8 0 2 9 1 1 1 6 1 5 9 5 0. BUDGET OVERVIEW, The economy is expected to continue growing For 2019 Nova Scotia s nominal Gross. Domestic Product GDP is estimated to have grown by 3 8 per cent while real GDP is. estimated to have increased by 1 9 per cent the fastest pace of growth since 2010. In 2020 economic growth is expected to slow primarily associated with the closure. of the Northern Pulp mill In 2021 economic growth is anticipated to recover Nominal. GDP growth is projected to slow to 2 4 per cent in 2020 before rising to 3 2 per cent. in 2021 Nova Scotia s real GDP is projected to grow 0 4 per cent in 2020 and 1 2 per. cent in 2021, The Net Debt of the province is expected to be 15 2 billion for the year ending 2019. 20 and 15 7 billion for the year ending 2020 21 primarily reflecting new investments. from the 2020 21 capital plan The estimate for 2020 21 is 440 2 million above the. 2019 20 estimate and 534 5 million above the 2019 20 forecast. The Net Debt to GDP ratio for 2019 20 is forecast to be 33 0 per cent instead of. 33 8 per cent as projected in Budget 2019 20 The forecasted Net Debt to GDP ratio. reflects a Statistics Canada update of GDP data released in November 2019 which. led to a higher GDP figure being estimated for 2019 The Net Debt to GDP ratio is. expected to be 33 3 per cent for 2020 21 Table 2 3. Table 2 3 Budget Summary Net Debt Gross Domestic Product. 2019 20 2019 20 2020 21,Estimate Forecast Estimate. Net Debt billions 15 3 15 2 15 7,Nominal GDP billions 45 2 46 0 47 1.
Net Debt to GDP Ratio 33 8 33 0 33 3, Budget 2020 21 presents both a balanced budget forecast for 2019 20 and a. balanced budget for 2020 21 on course for achieving long term fiscal sustainability. The province s improving fiscal health provides a degree of stability in fiscal planning. although there is still vulnerability to economic events and other factors outside of the. province s control,NOVA SCOTIA BUDGET 2020 21,3 Four Year Fiscal Plan 2020 21 to. Medium Term Outlook, The Four Year Fiscal Plan indicates that government will achieve a budget surplus. for 2019 20 as projected in Budget 2019 20 Table 3 1 With a projected balanced. budget for 2020 21 and continuing surpluses throughout the Four Year Fiscal Plan the. province is delivering public services in a fiscally sustainable manner. Table 3 1 Four Year Fiscal Plan Projections 2020 21 to 2023 24. 2019 20 2019 20 2020 21 2021 22 2022 23 2023 24, General Revenue Fund Estimate Forecast Estimate Estimate Estimate Estimate. Ordinary Revenue 9 962 7 10 205 3 10 538 5 10 807 1 10 972 9 11 164 5. Ordinary Recoveries 658 5 817 9 666 7 655 6 629 4 618 2. Net Income from Government,389 2 388 8 391 8 393 3 393 4 398 1.
Business Enterprises, Total Revenue 11 010 5 11 412 0 11 597 0 11 856 1 11 995 7 12 180 8. Departmental Expenses 10 101 8 10 440 9 10 650 3 10 894 0 11 073 8 11 255 2. Refundable Tax Credits 134 3 121 5 131 5 132 2 132 8 133 5. Pension Valuation Adjustment 51 8 74 9 75 8 68 0 74 9 76 8. Debt Servicing Costs 856 1 843 0 758 4 725 1 664 3 663 8. Total Expenses 11 144 1 11 480 3 11 616 0 11 819 2 11 945 9 12 129 3. Consolidation and Accounting,167 2 109 5 73 9 26 3 22 6 22 6. Adjustments, Provincial Surplus Deficit 33 6 41 1 55 0 63 2 72 5 74 0. Net Debt 15 276 15 181 15 716 16 443 17 253 17 866. Nominal GDP 45 219 46 020 47 133 48 649 50 134 51 725. Net Debt to GDP Ratio 33 8 33 0 33 3 33 8 34 4 34 5. Budget 2020 21 projects a surplus of 55 0 million The Government of Nova Scotia. has improved its fiscal health since 2013 14 and is projecting modest surpluses. throughout its four year planning horizon,FOUR YEAR FISCAL PLAN 2021 24. The projected surpluses throughout the Four Year Fiscal Plan are indicative of a. sustainable fiscal plan The debt arising from operating deficits is expected to reduce. by 264 7 million between 2020 21 and 2023 24 Net Debt which includes operating. deficits and net capital spending is expected to increase by 534 6 million in 2020 21. to 15 7 billion and reach 16 4 billion in 2021 22 The Net Debt is expected to be. 17 9 billion by 2023 24 The increase in debt is reflective of government s capital. plans over the four year period which includes the twinning of Highway 104 between. Sutherlands River and Antigonish two health care redevelopment projects in Halifax. and Cape Breton and the purchasing of P3 schools,Revenue and Expenses.
For 2020 21 Total Revenue is estimated to grow by 5 3 per cent compared to the. 2019 20 estimate up 1 6 per cent from the final forecast Average annual growth in. Total Revenue is projected to be 2 6 per cent over the four year fiscal period. Chart 3 1 Revenues and Expenses Projections 2020 21 to 2023 24. NOVA SCOTIA BUDGET 2020 21, In 2020 21 Total Expenses including Consolidation and Accounting Adjustments. are projected to increase by 5 1 per cent compared to the 2019 20 estimate up 1 5. per cent from the final forecast Average annual growth in Total Expenses is projected. to be 2 5 per cent over the four year fiscal period It is these growth rates in which. spending is growing at a pace slower than that of revenue that allows the province to. maintain a surplus position throughout the four year projection period. Economic Outlook, The province s medium term economic outlook forms the basis for revenue projections. and provides the benchmark for assessing the relative size of government and debt. 5 2019 20 Budget Forecast Update 17 6 Budget 2020 21 21 7 Economic Outlook 45 8 Borrowing and Debt Management 60 INTRODUCTION 1 Introduction Better Together Budget 2020 21 builds upon the strong fiscal foundation achieved over the past few years Improving the fiscal health of the province allows government the capacity to provide programs and services that are important to Nova

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