Provincial Treasurer Wayne D. Cheverie, today released information on the performance of the provincial budget for the 1995-96 fiscal year-end and for the first quarter of the 1996-97 fiscal year covering the period April 1, 1996 to June 30, 1996.
"I am pleased to report that the Provincial Government ended the 1995-96 fiscal year with a surplus of $3.9 million in the Consolidated Fund which is $1.3 million higher than budget. This is a significant achievement for the Province and reflects both a strong provincial economy in 1995 and Government's commitment to exercise a high degree of control over expenditures", said Mr. Cheverie.
"In 1995, the Prince Edward Island economy grew by 4.8 percent, the strongest growth rate in Canada for the second consecutive year.
In the first half of 1996, there are positive signs in all sectors of our economy and economic forecasters are predicting strong growth again in 1996", stated the Minister.
I am, therefore, pleased to report that the 1996-97 budget remains on target and I am cautiously optimistic that the budgetary balance will remain in a surplus position at year-end.
The Minister stated that he will continue to monitor both our revenues and expenditures closely over the next few months to deal with any negative changes that may occur.