Press Release
Latest Windfall Spending not in Keeping with Debt Reduction Plan says Halifax Chamber
April 2, 2008- Halifax, NS- The Halifax Chamber of Commerce is expressing great disappointment in the Premier Rodney MacDonald’s decision to not apply the most recent revenue windfall to the debt but rather to spend it on current projects. “It was our hope that financial windfalls would be applied to the debt automatically” commented Valerie Payn, President of the Halifax Chamber of Commerce, “and that it would be the exception rather than the rule that windfalls would be used to fund new spending.”
The Chamber has met with Department of Finance senior staff in the past few months and were briefed on what was expected to be a very tight budget year. This knowledge painted a picture that made the allocation of the as yet to be received crown share contribution in a reasonable light. The new revelation of yet more unexpected revenue changes this.
“The strategic investment of the Crown Share money made sense as long as the great majority was used to pay down the debt and with the knowledge that there would be no other surpluses. However, this most recent manoeuvre does not even seem to have considered paying off our debts before spending on that new car that Minister Muir referred to” says Payn. “To continue the analogy, when you are as deeply in debt as the Province of Nova Scotia is to take your income tax refund and use to buy a new car when you still have a big credit card bill is not good financial planning.”
The Chamber supports the Provincial Government’s infrastructure investments to ensure a sustainable and prosperous future for Nova Scotia. “We are at a very important crossroad in our economic and social development and have to be ready to take on the world and win but we can’t do this unless our balance sheet is in order and the debt of the province is still not where it should be.” says Payn. “The Province needs to take every opportunity to get this debt down to appropriate levels.”
-30-
For more information contact:
Janet Creamer
Communications Coordinator and Media Liaison
Halifax Chamber of Commerce
Office: (902) 481-1240
Cell: (902)499-6494


Find a Member
Join Now
M2M Marketplace
Calendar
BV Blog
Pay Invoice

