Wes Sheridan
Minister of Finance and Muncipal Affairs

Working Towards Economic Prosperity

The Department of Finance and Municipal Affairs is often viewed as the leading fiscal and budgetary body of the Provincial Government. That is one way in which the department serves Islanders. The department also provides the human and information technology resources needed by Government to focus on its priorities in an accountable and efficient manner.

As a Government we continue to work toward our priorities, and as a result there are many accomplishments by Finance and Municipal Affairs during the past 12 months.

During November of 2008, I introduced a comprehensive $510 million five-year Capital Budget for the province. We have chosen to invest in the important priorities of Islanders - health care, education and communities. This plan will not only provide an economic boost to the province but it will also address some of our current needs and long-term challenges. During these five years, it is estimated that the Capital Budget Plan will create 5,034 jobs, generate $39.3 million in new tax revenue and add $278 million to our gross domestic product.

It has been said that Prince Edward Island does not suffer the peaks and valleys as a result of fluctuations in the Canadian and global economy. For example, our economic growth was 2.5 per cent in 2007. It grew by 0.4 per cent in 2008 and is expected to grow 0.5 per cent in 2009.

I truly believe one of the reasons for our economic stability are initiatives such as the Gasoline Tax Reduction, freezing Property Tax assessments and increasing the Basic Personal Tax Credit. These changes alone will result in over $53 million in savings for Island families.

It has been an honour to be the Minister of Finance and Municipal Affairs and to serve Islanders. Our current economic times are extremely challenging; and it is through the wonderful efforts of the hard-working staff within the department, that we continue to address those challenges for all Islanders.

Wes Sheridan

Minister of Finance and Muncipal Affairs