Finance Minister Jill Burridge has presented the provincial government’s budget which forecasts an estimated deficit for 2023-24 of about $97.6-million. Revenues are forecasted at $2.99 billion with planned spending of $3.09 billion.
Burridge says there are three key areas with this budget – healthcare, housing and affordability.
In regards to healthcare, the budget includes $8.9 million to add 100 frontline positions and establish new medical homes; $21.9 million to establish the Faculty of Medicine at the UPEI Medical School; $10 million to introduce $5 copays for over 150 medications and add new drugs to the provincial formulary;
$3.2 million for mental health supports; and $3 million for Islanders to be treated for common ailments at pharmacies. As for affordability, Burridge says $14 million is budgeted to increase the basic personal amount and introduce other tax system changes, and there’s $6-million to continue freezing property taxes for the 2023 tax year. The budget includes $20.1 million for further investments in heat pump, hot water heater and insulation programs; $4 million to expedite the reduction of childcare fees; and $950,000 to continue investments in Island-wide transit and help keep fares low.
In the area of Housing, the budget includes $50-million to further invest in the Housing Challenge Fund; $25-million to create an Infrastructure Fund to develop construction-ready lots; $1.1-million for programs that support pathways to home ownership; $1-million to create tiny home communities; and $250,000 to expand the PEI Home Renovation Program.
Other budget highlights include $6-million to add 100 new positions to the education system; $4.2 million to provide grants to Early Learning Centres to expand and create more spaces; $1.5 million to invest in the Newcomer Work Ready Project; $640,000 to restore the trees lost from Hurricane Fiona and increase nursery tree production; and $460,000 to implement the Anti-Racism Action Plan.
