April 2016
On April 19, 2016, Prince Edward Island Finance Minister Allen
Roach tabled the province's 2016-17 budget. The budget
forecasts a deficit of $27.7 million for the 2015-2016 fiscal year,
and projects a deficit of $9.6 million for the 2016-17 fiscal year.
Surpluses of $9.2 million and $24.5 million are projected for
2017-18 and 2018-19 respectively.
Net debt to GDP ratio peaked at 37% in 2012-13. A return to
fiscal balance coupled with economic growth is expected to reduce
the ratio to 31.8% in 2018-19. Although the budget includes no
personal or corporate income tax increases or decreases, the budget
proposes to increase the Harmonized Sales Tax (HST) to 15% (from
14%), effective October 1, 2016.
