2005-06 Budget Highlights

The 2005-2006 budget is balanced, contains no new taxes, provides for a payment of more than $60 million against the debt, includes $30 million for road and highway improvements, and significant new dollars to:

• help our children do better in school and lead healthier lives

• support small business growth, encourage investment, safeguard the environment, and protect taxpayers

• provide more help to seniors, Nova Scotians with disabilities, and individuals and families in need.

It also meets or exceeds many of the commitments contained in Blueprint for Building a Better Nova Scotia.

GROWING UP GREAT

The budget to support students from grade primary to Grade 12 is increasing by $53.7 million. Included in this amount is more dollars to: further reduce class sizes, hire more teachers/specialists, buy more books and teaching resources, help at-risk students, pilot a new preschool program, and introduce new healthy living initiatives.

Funding for post-secondary education is also up. Increased funding will go to advance the expansion of the Nova Scotia Community College, to increase grants to Nova Scotia universities, and to provide more dollars for Nova Scotia's Student Loan and Loan Forgiveness programs.

BETTER HEALTH CARE...BETTER HEALTH INVESTMENTS

The budget will also see $8.1 million for health promotion and disease/injury prevention and an additional $218 million to provide better health care to Nova Scotians, including new dollars to further reduce wait times; recruit and retain more health professionals; purchase new equipment; and assist low-income diabetics, stroke survivors, and newborns with hearing problems.

MORE SUPPORT FOR NOVA SCOTIANS IN NEED

Well over $40 million more will be spent to support the needs of seniors, Nova Scotians with disabilities, and families of modest means. New dollars will be targeted to increase the number of low-incoming housing units and subsidized day-care spaces; make more buildings wheelchair accessible and accessible transportation more affordable; increase the shelter allowance for single income assistance recipients and the personal allowance for all social assistance recipients; triple the funding for the early treatment of autism; provide more support for adults in care; expand personal care hours to home care clients; and expand Self-Managed Attendant Care.

SUPPORTING ECONOMIC GROWTH

Last year, Nova Scotia recorded the highest employment growth in the country. To ensure Nova Scotia's economy continues to steadily grow, the budget includes reductions in small business and corporate taxes. Again this year the small business tax threshold will be increased from $300,000 to $350,000, and effective July 1st this year, the large corporation tax will be reduced from 0.3 per cent to 0.275 per cent. This trend will continue over each of the next three years, with reductions of 0.025 per cent annually, reducing it to 0.2 per cent. Enhancements have also been announced for the film development tax credit; and there are new investments to eliminate regulatory duplication, an additional $5 million for research and development, more dollars to encourage offshore oil and gas development, $2.5 million to support the Come to Life brand initiative, and a range of initiatives across government to safeguard Nova Scotia's quality of life, including more dollars to protect our environment, to keep our communities safe, to support our cultural industries, and to protect Nova Scotia s rich heritage.

NOTE: For further 2005-06 budget information, see the Department of Finance website at www.gov.ns.ca/finance