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HomePolicy Articles Article Summary

Assessing Prince Edward Island's Fiscal Situation

Report by Wimal Rankduwa, John Jacobs

This paper assesses Prince Edward Island’s fiscal situation. Wimal Rankaduwa and John Jacobs point out that PEI, along with most other provinces, must reassess its financial situation. The province’s public accounts, released in the fall of 2003, show a substantial increase in the deficit, more than what was budgeted for 2002-03. Deficit is also projected for 2003-04.

The Government of Prince Edward Island has solicited input from Islanders on how the province should address the fiscal situation. Rankaduwa and Jacobs contend that assessing the fiscal situation requires an examination of the province’s ability to carry deficits in the context of long-term debt management. As well, the authors state that it is important to determine how PEI found itself in such a fiscal circumstance; this information, they suggest, will explain the fiscal challenges, as faced by the Province.

The province’s financial management plan must be based on an assessment of the real fiscal situation. In the authors’ view, the plan should address the province’s fiscal concerns while at the same time meeting the province’s social and economic obligations to its citizens. Rankaduwa and Jacobs assert that their primary goal is to contribute to a reasoned public debate on the fiscal issues facing PEI.

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Policy Publication Details

Author(s): Wimal Rankduwa; John Jacobs;
Publisher: Canadian Centre for Policy Alternatives [ Visit Website ]
Year Published: 2004; Publisher Type: Research Institute
Publicly Available: Yes Research Focus: Provincial;
Registration Required: No Language: English
Payment Required: No Publication Format: Adobe PDF

Subjects / Categories:

Policy Articles / Fiscal & Budgetary / Federal & Provincial Budget
Policy Articles / Fiscal & Budgetary / Federal & Provincial Budget / 2004
Policy Articles / Fiscal & Budgetary

Keywords / Tags:

fiscal forecasts; fiscal conditions; social spending; public accounts; budget deficits; debt; budgetary forecasts; fiscal challenges;