News release

Budget Highlights For the Fiscal Year 2003-04

Finance (to Oct. 2013)

Highlights of the budget read in the legislature on April 3, 2003, by Finance Minister Neil LeBlanc.

STRONGER FINANCES ...STRONGER ECONOMY

  • 2003-04 brought second consecutive balanced budget
  • In 2002-03, the government recorded a $14.5-million surplus
  • Real economic growth of more than 3 per cent in 2002
  • Growth and employment predicted to remain steady in 2003
  • $8-million investment in innovation
  • $1.7 million to promote Congrès mondial acadien; Brand Nova
    Scotia

LOWER TAXES

  • Personal income taxes reduced by 10 per cent, effective January 1, 2004
  • All Nova Scotian income taxpayers to receive $155 refund
  • Small business taxes reduced by $2,750 this year, saving up to $11,000 over four years
  • Family caregiver tax relief increased by 75 per cent
  • Nova Scotia Equity Tax Credits enhanced and extended

QUALITY HEALTH CARE ... BETTER HEALTH CARE

  • Health spending increased $140 million, to record $2.1 billion
  • Ministry of Health Promotion to focus on healthy living
  • $29 million to secure, enhance access to doctors
  • Hospital budgets increased $43 million, access improved
  • $45 million for hospital improvements, new medical equipment
  • Senior Pharmacare premiums frozen, co-pay capped
  • $18 million more for nursing homes, seniors' costs reduced
  • $5.3 million to reduce wait lists for home care
  • $10 million to reduce wait times for cardiac care and other hospital services
  • $2 million to train more nurses and doctors

EDUCATION FOR PROSPERITY

  • $43 million more for public schools
  • Smaller classes, more help for special needs children, more resource teachers
  • Increased emphasis on the basics
  • Grants to universities increased $6 million; student debt relief $5.1 million
  • $1.5 million for skills development programs
  • More opportunities for adult learning
  • Investing in infrastructure
  • $106 million for new highways and bridges, a $16 million increase
  • $9-million investment begins $123-million Nova Scotia Community College expansion
  • community college enrolment to increase by 2,500 students
  • $62 million to build new schools
  • $18.5 million to renovate and upgrade existing schools

MANAGING OUR DEBT

  • Budget surplus goes against debt
  • Sale of Crown assets to reduce debt
  • Debt to GDP ratio improving, from 46 per cent to 42 per cent in four years
  • Foreign currency exposure cut to 20 per cent from 50 per cent in four years

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