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Message
from the Minister 2010-2011 Pre-Budget Statement Our government is committed to strengthening the economy for the long-term, creating and maintaining jobs and opportunities for all New Brunswickers and helping the province further along the track to self-sufficiency. In our December 2008 fiscal update, this government was one of the first jurisdictions in North America to decisively address the looming global financial and economic crises with a plan that included a record $1.2 billion two-year capital expenditure plan. We further built on these initiatives in our March 2009 budget with the five-point Plan for a Stronger Economy to help position the economy to recover and prosper. The plan included:
Early indications are that the actions outlined in our plan are working in New Brunswick. Our record capital investment has helped create much-needed jobs throughout the province as work on new and strategic infrastructure has been stepped up. The July 1 implementation of the first stage of our lower tax plan has put more money back into the pockets of New Brunswickers and businesses to spend, invest or save. But make no mistake, the magnitude of the global economic downturn and its anticipated impact on our economy and the finances of our province over the next several years cannot be ignored. We are not alone in this regard. The federal and many other provincial governments have been impacted to a significant degree. For example, the federal government is anticipating a deficit of $55.9 billion this year, an increase of $22.2 billion since its January budget; Ontario expects a deficit of $18.5 billion, while British Columbia now projects a $2.8 billion shortfall. In this environment, several governments have announced plans to return to fiscal balance over timeframes ranging from three to seven years. Moving forward with our five-point plan will require setting priorities and making difficult decisions. The Plan for Lower Taxes in New Brunswick is a vital part of the government’s long-term economic development strategy. It is designed to promote investment opportunities and economic growth, and create jobs for New Brunswickers. Increased economic activity, jobs and incomes will grow tax revenues and help move the province toward self-sufficiency. We will continue to invest in the priorities of health, education and helping those most in need by providing affordable, efficient and relevant government services. To meet the objectives of this plan, especially the return to balanced budgets over the next several years, we must continue to responsibly manage government finances. Significant expenditure restraint will be required. We must continue to stimulate the economy and invest in priorities while finding further efficiencies in public service delivery. Our decision to provide a budget on December 1 is a further example of being proactive in responding to the economic situation and its impact on government finances. We will update New Brunswickers on the current fiscal year, set out our plan for 2010-2011 and update our multi-year plan to return to balanced budgets. It is at this point of the annual budget cycle that the government seeks to engage New Brunswickers in the budget process. Our government is open to ideas that will help shape the plan for returning to balanced budgets. We encourage New Brunswickers to provide input on their priorities and where spending restraint can be realized. We are inviting New Brunswickers to take part in the process through a number of different means:
The deadline for input is Oct. 16, 2009.
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