It was an honour to host Finance Minister Rod Gantefoer in Moose Jaw this week. On Wednesday, he made a presentation on the provincial budget, discussed our government’s plans for the future and took questions from local residents.
On March 24, 2010, our government announced a third consecutive balanced budget, which was achieved through reduced spending, cautious revenue projections and a commitment to living within our means. The 2010-11 budget is balanced, forward looking and responsible.
• Government spending has been reduced by 1.2 per cent, or $123 million.
• Revenue is forecast at $9.95 billion, with cautious resource revenue projections of $1.1 billion for oil and $221 million from potash.
• The budget also includes $194 million from the Growth and Financial Security Fund, leaving a balance of $510 million in the provincial savings account.
• These measures result in a General Revenue Fund surplus of $20 million.
• Spending is down in 14 different ministries.
• There will be a 64 million saving on interest payments due to our government reducing the provincial debt by $2.6 billion, or approximately 40 per cent, since 2007.
• We have set a goal of reducing the size of the public service by 15 per cent over the next four years, mainly by not replacing people who retire or move on to other opportunities.
• The overall funding for school divisions will increase by $33 million and the Education Property Tax rates will remain at the 2009-10 levels.
• The only tax increases are on beer, spirits and tobacco – an increase of 2.7 cents per cigarette. The tax-free allowance on tobacco for First Nations is also being reduced, from three cartons a week to one carton.
Other budget highlights include:
