Province Ends 201011 with Surplus Reduced Net Debt

first_imgPremier Darrell Dexter announced today, April 4, that Nova Scotia ended the 2010-11 fiscal year with a $447-million surplus, allowing the province to reduce its net debt for only the seventh time since 1951. The premier made the announcement in a speech to the House of Assembly. “Nova Scotia’s better-than-expected performance through the economic recession and deliberate efforts to control government spending resulted in a larger-than-expected surplus,” said Premier Dexter. “Rather than spend this surplus at year-end, which has been the practice of past governments, we took the view “a penny saved is a penny saved” and used the funds to reduce the provincial debt.” The difference between the estimated 2010–11 deficit ($222.1 million) and the forecasted surplus was: — $133.5 million in reduced departmental spending — $80 million in reduced debt servicing costs — $39.4 million in other savings — $220.3 million in better than estimated provincial revenue — $196.1 million in prior-year revenue adjustments With the year-end surplus, the province eliminated the need to borrow money to pay for infrastructure and reduced the provincial net debt to $13 billion as of March 31. That is $1 billion less debt than forecast. Premier Dexter also noted that this year’s surplus does not change the province’s financial challenges. “In this year’s budget, the province is forecasting a deficit, almost exactly as laid out in the multi-year Back to Balance plan,” said Premier Dexter. “The expected deficit is due largely to the return of clear, accountable annual operating grants for universities.”last_img read more

Grandfather temporarily banned from Swift Current parks after hugging kissing 10yearold girl

After a complaint about inappropriate behaviour with a child, police advised a grandfather not to attend any public parks or playgrounds until an investigation is complete.Swift Current Municipal RCMP received a complaint at 8 p.m. Sunday from a parent who reported a man had chased after some kids, including their 10-year-old daughter. The man “took hold of the girl and gave her a hug and kiss,” police said in a news release issued Tuesday morning. The girl was let go without any further incident.Police located and identified the man. No charges have been laid at this time and police will not be releasing his name.RCMP confirmed the man was at the park with his granddaughter at the time of the incident.