Budget forecasts $261 million surplus, tax cuts

Staff ~ The Telegram
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The Danny Williams Government delivered its fourth budget today forecasting a surplus of $261 million offering a reduction of personal income tax rates, the creation of a business attraction fund, student loan relief, initiatives to stimulate rural economies, increased investments for health and education, and a new research and development strategy for the province.

Finance Minister Tom Marshall said Budget 2007 represents the culmination to date of the provincial government's efforts to stabilize the province's financial situation while making strategic investments to encourage economic growth, expand social programs and services and modernize infrastructure.

"Our government has a clear vision for Newfoundland and Labrador and we are determined in our conviction to be a prosperous province with a self-reliant people," Marshall said.

"The actions we have taken continue to strengthen the foundation on which we will build a strong province and foster a people ready, willing and able to seize our opportunities and overcome our challenges."

Marshall said improved revenues and a strengthened economy, combined with fiscal responsibility, have given the province the capacity to make significant investments in priority areas.

"The healthy financial position of the province provides our government with the means to make spending decisions that will result in long-lasting benefits," Marshall said. "Our approach is to use our finite resource revenues today to build a strong economic base for future generations by investing to diversify and grow the economy."

Complete coverage in Fridays Telegram.

Geographic location: Newfoundland and Labrador

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