27 Mar Provincial Budget 2019-2020
On March 26, 2019, the Province of Nova Scotia issued its 2019-2020 budget, notably the fourth consecutive surplus budget for our Province, a unique status where our Province continues to operate under low growth economic conditions. If forecasts pan out, the province will spend $33.6M less than it receives in 2019-2020. The Province’s continued commitment of spending within its means and investing for future growth are fitting approaches that are good for business, as well as building a prosperous Nova Scotia. Overall, the budget has a focus on improving access to healthcare- a significant need for our Island, supporting our people and our communities, investing in education and preparing our youth for the workforce, and creating the conditions needed for economic growth.
Some of the Budget highlights:
- $850,000 more for export development programming
- $500,000 increase for incubators and accelerators that support start-up companies
- $2 million more for Invest Nova Scotia to fund projects that support competitiveness and productivity in sectors
- $620,000 more to support increasing immigration numbers
- $15 million to offset the cost of direct investment in new and growing businesses
- $15 million to expand and create tax credits that encourage investment in new and growing Nova Scotia businesses
- $415,000 to support marketing Nova Scotia seafood products
- $1.7 million increase to help move to ecological forestry
- $2 million to make progress on revitalizing tourism icons
- $15 million more, for a total of $300 million, for construction on Nova Scotia’s roads, highways, and bridges, including twinning projects
- $3.6 million increase for Nova Scotia’s universities
- $5 million to invest in poverty-reduction initiatives
- $3 million more as part of a three-year plan to add 1,500 new rent supplements and reduce the wait list by 30 percent
- $10 million more for collaborative-care teams
- $11.7 million to support mental health, included in total mental health and addictions spending of $295.5 million
- $156.9 million this year to support progress on two of the largest healthcare redevelopment projects in Nova Scotia history, the QEII New Generation project and CBRM Healthcare Redevelopment project
Although we see significant investments in key areas, our province has a rural population twice the national average, therefore making it essential that our province works with communities like ours to ensure businesses can attract and retain skilled workers. Additionally, Nova Scotia continues to be one of the highest taxed provinces in our country making taxpayers needed to find ways to reduce taxable income or invest elsewhere. The Chamber will continue to work to advocate and lobby with our partners to our government to encourage investment in our region to help support the strengthening of our economy.
For full budget details, please visit https://novascotia.ca/budget .