Finance Minister Ernie Steeves speaks at a provincial press conference (Photo: Government of New Brunswick/Submitted)
The province has tabled its 2020-2021 capital budget.
It has budgeted just under $600 million for projects and improvements in health care, education, and transportation.
Finance Minister Ernie Steeves says this budget builds on financial progress made over the last year, as the Higgs government continues to decrease its net debt.
Steeves says the $599.2 million set aside for capital costs is virtually the same amount they budgeted last year.
“This is because consistency and responsible spending is key to turning our economy around. We’re building on the progress we’ve made over the last year, and we’re working toward a better tomorrow,” he said during Tuesday’s legislature sitting.
Steeves noted the net debt in New Brunswick had nearly doubled over the last decade, largely due to capital spending.
He says the province has since seen a decline in the net debt for the first time since 2006 and hopes to keep the momentum going.
“It would’ve been easy to maintain the status quo of a newly formed government, and push out the hard decisions to this current year. We did not do that. Instead, we acted with urgency and took immediate action to restore balance to our finances,” he said.
“Having one of the highest per-capita debts in all of Canada is a burden, and we should be ashamed to pass that burden down to our children and to our grandchildren. Why am I making this point? Because what’s needed is to get New Brunswick’s debt back to the level that is manageable. It’s a balance.”
Steeves says of note, $124 million will be invested in health care infrastructure, including renovations, improvement and new equipment, while $16 million will be spent on new projects.
“Knowing that with an aging population, the demands of our healthcare system will only continue to grow, we must act today to prepare for tomorrow’s needs. Maintaining the status quo will not be enough,” he said.
The government will invest almost $80 million in education, by upgrading K-12 infrastructure.
Just under $280 million will be invested in the maintenance of roads, highways and bridges, with an additional $30 million being used on government buildings.
“Today’s capital budget represents an affordable and responsive government that is focused on priorities, providing value for money, creating the conditions to reduce net debt, and putting New Brunswick in a better position to address future challenges,” said Steeves in a release.
“We are showing continued fiscal discipline, we are being transparent, and we are managing within the budget we have set.”
Steeves says more information on specific projects will be available when respective ministers introduce their capital estimates later this month.
A full copy of the capital budget can be found online.
