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2008-2009 The 2008-2009 New Brunswick Budget represents an important milestone in New Brunswick’s history. With this budget, the government will reinforce the foundation for transforming New Brunswick as we strive for greater self-sufficiency. Our objective is to be a more prosperous and populous province and to be reliant on our own resources rather than federal transfer payments. In short, our goal is to be self-sufficient by 2026. Our Action Plan To Be Self-Sufficient in New Brunswick is a blueprint for reaching that goal and this year’s Speech from the Throne outlines government’s immediate actions to begin transformative change in the province.
This government is committed to providing the leadership to move forward on the path to greater self-sufficiency, to creating more of our own wealth and to providing better lives for all New Brunswickers. We will make the necessary strategic decisions and investments to support these objectives. However, we cannot do it alone. We require the full participation of New Brunswickers. We require the engagement of individuals, the business community, and local governments. We will also require a strong, meaningful partnership with the federal government. NB Economy The New Brunswick economy continues to perform well despite challenges in the forest sector and the impact of the rising Canadian dollar. The unemployment rate is at its lowest level in over 30 years and employment growth has been strong. Retail sales are exhibiting the strongest growth since 1999, while average weekly earnings are again outpacing the national growth rate. We have a solid foundation on which to build; now we must take the next steps to grow and diversify the economy. The province’s fiscal performance has been solid as well. In 2006-2007, a surplus of $236.8 million was realized, and the province’s net debt was reduced by $136.3 million. We are now projecting a surplus of $78.9 million for 2007-2008. Our strong economy and employment growth has contributed to higher than anticipated revenues this year. Fiscal Challenges While the projected results for this year are positive, we continue to face financial challenges on both sides of the ledger. Without corrective action, the cost pressures for health care, education and other important services will outpace revenues. We must make significant investments to support transformative change. The government is also examining New Brunswick’s tax environment to ensure its overall effectiveness and competitiveness. As a government, we must balance the needs and priorities of New Brunswickers with our commitment to sound fiscal management and to the provisions of the Fiscal Responsibility and Balanced Budget Act. Get Involved The pre-budget consultation process is an important means for New Brunswickers to indicate their priorities to the government. Over the next two months, we will engage individuals, businesses, and stakeholders alike for input to help determine the general priorities for the 2008-2009 budget. I encourage all New Brunswickers to share their ideas, so that they can be taken into consideration in developing the 2008-2009 provincial budget. Yours truly,
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