Balanced Budget Passed

The province's 2002-03 spending estimates -- Nova Scotia's first balanced budget in 40 years -- passed the final vote in the House of Assembly today, April 25.

"This budget marks a turning point in the history of our province," said Finance Minister Neil LeBlanc. A balanced budget is a vital first step on a road that takes us, and more importantly, our children to a financially secure future."

The budget includes $5.3 billion in total spending, with a $1.3 million surplus. The government increased spending for health care and public school education and on roads, but held the line on spending in most other areas.

Mr. LeBlanc said a balanced budget is a significant accomplishment for Nova Scotia.

"Nova Scotians understand the value of a dollar," he said. "They know they have to live within their means. With this budget, they have a government practicing the same values."

The minister pointed out that on every dollar it takes in, the province loses almost 20 cents to interest on the debt. A balanced budget, he said, is the first step toward controlling the debt and reducing the deep cut that debt payments take out of the provincial budget every year.