METRO WON’T BE PUBLISHING ON NATAL DAY LOOK FOR US AGAIN ON TUESDAY
SHOWTIME BIG BLUENOSE CROWD EXPECTED AT U2 CONCERT
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HALIFAX
Weekend, July 29 - Aug 1, 2011 www.metronews.ca News worth sharing.
N.S. swimming in surplus
Concert
Unbudgeted spending reaches $63.5 million, driven by assistance to two universities Public accounts show total expenses of $9.3 billion, total revenues $9.9 billion for 2010-2011
$791 million
@METRONEWS.CA
Nova Scotia’s surprise surplus is an even bigger eye-opener than originally reported. For the year ending on March 31, the province posted a $569.1million surplus. That’s up from an April forecast of a $447.2-million surplus, and considerably higher than the $222.1million deficit predicted last year. But Finance Minister Graham Steele said there’s little reason to celebrate yesterday, after delivering the province’s public accounts. “Even with a full year of HST revenue from the HST increase,
Arcade Fire frontman Win Butler performs with his band at Alderney Landing Thursday night. More coverage, page 7. RYAN TAPLIN/METRO
Arcade Fire lights up the night
The dierence between the deďŹ cit predicted in the 2010-2011 budget and the surplus revealed in public accounts yesterday. even with more significant spending restraint ... we’re still forecasting a deficit of $390 million (for 2011-2012),â€? Steele told reporters. “That is more of a true reflection of the situation that we’re actually in.â€? It’s a similar message to the one delivered in April, when Steele tabled the 2011-2012 budget: One-time windfalls and prioryear adjustments aside, the fundamentals of the province’s economy are still shaky, and continued discipline is required.
The opposition’s message was slightly different. “This government has failed to date to show any significant movement in reducing expenditures when it comes to government itself,� said the Liberals’ Michel Samson. “You got $291 million in more HST from the two per cent increase,� said Progressive Conservative Eddie Orrell. “It’s got to have something to do with (the surplus).� But Steele maintains the HST “didn’t really contribute to the surplus.� “Overall HST revenue is higher than forecast, but that is because consumer spending was higher than we anticipated,� Steele said. “The final surplus figure and the HST increase are really not connected to one another.�
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