Finance
Record $486 million capital budget for 2008-2009 (07/12/11)
NB 1597
Dec. 11, 2007
FREDERICTON (CNB) -- The New Brunswick government is taking further steps to put the province on the road to self-sufficiency by investing a record $486 million next year in strategic infrastructure as part of the 2008-2009 capital budget, Finance Minister Victor Boudreau announced in the legislature today.
"The focus of our 2008-2009 capital budget is on the rehabilitation of the province's existing roads, bridges and highway infrastructure," Boudreau said. "With today's capital budget, the largest in our province's history, we will invest $325.8 million in our roads, bridges and highways. These substantial investments will allow us to strategically build new highway infrastructure while making timely investments in our existing infrastructure."
Largest capital budget in New Brunswick history
The capital budget for 2008-2009 will total $486 million. Excluding the one-time Trans-Canada Highway payment made in 2007-2008, the 2008-2009 capital budget is the largest in New Brunswick history.
Strategic investments in the capital budget include:
- $325.8 million for roads and highways, of which $178 million is committed to projects under the new Asset Management Model and for upgrading the province's existing network of roads, bridges and ferries;
- $57.5 million for health care;
- $41.6 million for K-12 schools;
- $3.0 million for community colleges;
- $5.5 million investment in New Brunswick's tourism infrastructure including Kings Landing Historical Settlement, the Village Historique Acadien, Mount Carleton Provincial Park and Sugarloaf Provincial Park;
- $16.1 million for municipal infrastructure;
- $22.5 million for buildings and other public infrastructure; and
- $14.0 million to upgrade the provincial fleet of vehicles including school buses and snow plows.
In addition, the government is moving forward with public-private partnerships to construct new courthouses in Moncton and Saint John, and a new psychiatric hospital in Campbellton to replace the existing facility.
"With today's 2008-2009 capital budget, we are embarking on a period of transformational change that will lead us to self-sufficiency," Boudreau said. "To achieve self-sufficiency, we need new thinking and new ideas. The capital investments that I have outlined today clearly show we are committed to providing the leadership to achieve this goal."
Asset Management System
Boudreau also announced that the Province is moving from its current approach to road infrastructure management to an Asset Management System, which is the first of its kind in Canada.
The Asset Management System is a concept that has been developed by the Department of Transportation, which identifies how assets (roads) deteriorate over time and when is the appropriate time to intervene in order to avoid costly reconstruction costs in the future.
"One dollar invested in preventative maintenance today could save five to six dollars in reconstruction costs five years from now," Boudreau said. "If roads are treated at the appropriate time, government will be able to work on a greater number of roads and keep them in better condition."
The Asset Management System will result in an investment of $178 million in rehabilitating the province's existing network of highways, bridges and roads. This is $132 million more than was budgeted in 2007-2008.
"As a result of this new system and this capital budget, we will have a safer, more efficient highway system to the benefit of our economy and all those who depend upon our road system to travel to and from work and school each day," Boudreau said.
07/12/11
EDITOR'S NOTE: The text of the minister's speech and the capital estimates are available online at http://www.gnb.ca/finance 0024/index-e.asp. MEDIA CONTACT: Vicky Deschênes, communications, Finance, 506-453-2451.
07/12/11