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Budget 2022 Helps with the Cost of Living; Addresses Government’s Financial Challenges
On April 7, the Honourable Siobhan Coady, Deputy Premier, Minister of Finance and President of Treasury Board, released Budget 2022: Change is in the air; with the target of a surplus position by 2026-27.
Expected Deficit Projection
2022-23 $351 million
2023-24 $309 million
2024-25 $270 million
2025-26 $74 million
2026-27 $82 million surplus
- The projected deficit for 2022-23 is $351 million.
- Revenues projected for 2022-23 are $9.1 billion.
- Expenses projected are $9.4 billion, of which $774 million is 100 per cent federally-funded initiatives.
- The projected borrowing requirement for 2022-23 is $2.7 billion.
- The net debt is now anticipated to reach $17.1 billion in 2022-23.
- Current oil price projections have improved to $US86 per barrel, while the Canada-United States exchange rate is forecast at 79.3 cents.
Actions to Help with the Cost of Living
Budget 2022 helps families in our province save money at a time when the cost of living is increasing globally. In addition to the five-point plan announced on March 15, actions include:
- $567 million for infrastructure projects, which will help create 3,200 jobs and $390 million in economic activity.
- Approximately $35 million to support economic development initiatives including research and development, commercialization, investment attraction, regional development and business growth activities.
- A new 20 per cent green technology tax credit for companies that invest in equipment for energy conservation and clean energy generation, use fuels from waste, or make efficient use of fossil fuels. The maximum credit is $1 million annually, of which 40 per cent is refundable.
“Budget 2022 – Change is in the air, is our plan for this fiscal year and is built on helping families with the cost of living; ensuring a healthy, educated, growing population; building stronger communities and investing in infrastructure and roads which contributes to our pride of place; addressing climate change and encouraging economic growth and job creation. Budget 2022 is about us. About all we want to achieve – a strong, smart, self-sufficient, sustainable Newfoundland and Labrador. Change is in the air,” said the Honourable Siobhan Coady, Deputy Premier, Minister of Finance and President of Treasury Board
Three-year plan maps out $1.13 billion investment in roads, bridges and culverts
A new plan maps out $1.13 billion in investments in the province’s roads, bridges and culverts over the next three years.
The Road Ahead is a three-year capital investment plan that outlines how the Department of Transportation and Infrastructure will build, repair and maintain the province’s transportation network. It identifies which projects are planned and for when as well as the overall expected investments.
“This plan demonstrates how the department is enhancing the management of our current infrastructure and how we interact with the public,” said Transportation and Infrastructure Minister Jill Green.
New Brunswickers will be able to use a new online interactive viewer tool to see what projects are planned in their area.
“With the third highest amount of surfaced roads per capita in Canada, this plan is the only sustainable path forward,” said Green.
Amendments to Motor Vehicle Act
Amendments to the Motor Vehicle Act will permit the safe operation of electric kick scooters (e-scooters) on municipal roadways.
Changes introduced April 5, set the minimum age, maximum speed and other requirements in legislation and will allow municipalities to create bylaws related to where people can operate e-scooters and other rules for their use.
“We support and encourage the safe use of alternative transportation options that are low cost, energy efficient and convenient,” said Public Works Minister Kim Masland. “When it comes to e-scooters, it makes sense for municipalities to set the rules for their use in their communities. There is growing interest in e-scooters, and we are putting general rules in place to keep everyone safe.”
The proposed amendments include a minimum age of 14 to use e-scooters, a maximum permitted speed of 32 km/h, helmet requirements and other operation restrictions. Municipalities will have the discretion to set a lower speed limit, as well as decide if e-scooters will be permitted on roads, sidewalks or shared sidewalks.
- Nova Scotia’s Motor Vehicle Act is being replaced with a new, modern Traffic Safety Act that will help make the province’s roads and highways safer
- the Traffic Safety Act is undergoing extensive consultation and is expected to take about three years to be proclaimed
- before the Traffic Safety Act is proclaimed, time-sensitive amendments to the Motor Vehicle Act will allow important projects and initiatives to move forward
Prince Edward Island
Canada and Prince Edward Island invest in new water, clean energy and active transportation infrastructure for Stratford
From roads and buildings – to water treatment systems and clean energy projects – reliable infrastructure is key to building stronger communities.
On April 1, the Honourable Lawrence MacAulay, Minister of Veterans Affairs and Associate Minister of National Defence, and Member of Parliament for Cardigan, on behalf of the Honourable D ominic LeBlanc, Minister of Intergovernmental Affairs, Infrastructure and Communities; the Honourable James Aylward, Minister of Transportation and Infrastructure; and Gary Clow, Deputy Mayor of the Town of Stratford, announced joint funding for five community infrastructure projects, improving water, clean energy and active transportation infrastructure in Stratford.
Funding will support the construction of a new 300,000 gallon water reservoir to serve Stratford’s growing community. Work will include the construction of the reservoir and the associated piping, valves, and appurtenances alongside the existing water reservoir. Once complete, this project will ensure residents have improved and reliable access to potable water and keep pace with the commercial and residential development of the community.
Additionally, funding will provide clean renewable energy and reliable water infrastructure to the future Stratford Community Campus, a community hub which will boast recreational and cultural facilities along with other amenities. The work includes the construction of approximately 1,900 meters of sanitary sewer, a sewage pumping station, 2,200 meters of water distribution pipe, two stormwater detention ponds, as well as a 100 kilowatt solar array.
Residents will also benefit from an over 4,800 metre trail system that stretches through the community campus, creating connections to other active transportation links in the area, including connection points between Bunbury Road and Hollis Avenue. This addition to Stratford’s active transportation system will help residents stay active while reducing carbon emissions..
The Government of Canada is investing more than $6 million in these projects through the Green Infrastructure Stream of the Investing in Canada Infrastructure Program. The Government of Prince Edward Island is providing over $5 million, while the Town of Stratford is contributing more than $4 million.
“The projects announced today are ones important to our growing community. Stratford is experiencing ongoing growth, which is only predicted to increase in the coming years, and the work which will be undertaken beginning this year with these projects will continue to help move us forward. We thank our government partners for this funding which is shared between all three levels of government, and which will greatly benefit our residents upon completion of these projects,” said The Honourable James Aylward, Minister of Transportation and Infrastructure