Tuesday, April 25, 1967

But, in concluding this review of the revenues for the fiscal year just ended let me remind you, Mr. Speaker, that the major items of revenue from local sources depend upon the spending power of our goeople, and our provincial economy hinges upon both national and local conditions. nsequently, from now on, we shall have to implement a policy of strict administrative economy if we are to have budgets which will meet the needs of our people, without heavy increases in taxation.

EXPENDITURES

Mr. Speaker, I now move on to the next stage of my report of the financial operations of this Province and deal with the expenditures forecast for the fiscal year April 1, 1966 to March 31, 1967. I would like to explain that the statements

that I shall present for this period are also based upon eight months' actual results and four months' forecast.

Since the Honourable Members have before them the Interim Statement I will refer to the expenditures only by function rather than in detail.

I am including in this Address a comparative summary of expenditures with estimates, both ordinary and capital, for the fiscal year 1966-67.

EXPENDITURE -- ORDINARY AND CAPITAL for the fiscal year ending March 31, 1967

Increase or On Ordinary Account Estimates Forecast Decrease(—) 1. Debt Charges ................................................... 8 4,268,132. 8 4,441,819. 8 178,687. 2. Health ., ..................................................... 7,440,049. 7,369,203. — 70,846. 3. Welfare ., .................................................. 3,823,702. 6,010,249. 2,186,547. 4. Labour ............................................................... 1,090,947. 905,968. — 184,979. 5. Education .......................................................... 7,713,497. 8,092,375. 378,878. 6. Attorney-General ............................................ 524,566. 537,843. 13,277. 7. Legislation .. ................................................ 240,222. 306,517. 66,295. 8. Executive Council ............................................ 63,549. 75,100. 11,551. 9. Agriculture ..... . , ..................................... 1,494,767. 2,455,021. 960,254. 10. Industry & Natural Resources .................... 197,512. 191,348. —- 6,164. 11. Fisheries ............................... .. , 222,795. 317,944. 95,149. 12. Highways (Maintenance) 2,884,669. 3,404,287. 519,618. 13. Public Works Administration 206,202. 208,994. 2,792. 14. Provincial Secretary ............. 405,683. 330,062. —— 75,621. 15. Tourist Development .......... 501,255. 537,054. 35,799. 16. Municipal Affairs . ......................... 695,917. 738,708. 42,791. 17. Provincial Treasurer . ................................. 249,705. 262,680. 12,975. 18. Other Current Expenditures ........................ 1,268,524. 2,189,404. 920,880. 19. Refunds of Revenue ................................ 68,800. 70,000. 1,200. Total Ordinary Expenditures . ........................ $33,360,493. 338,444,576. 8 5,084,088. 0n Capital Account 20. Highways, etc. .................................................. 8 7,950,975. 8 8,900,000. 8 949,025. 21. Fixed and Moveable Assets .. ..................... 1,551,982. 618,256. ~933,726. 22. Provincial Administrative Building ........... 1,074,600. 600,000. —474,600. 23. Rural Electrification ........................................ 100,000. 135,000. 35,000. Total Ca ital Payments ................................. $10,677,557. $10,253,256. 8——424,301. Tota Ordinary and Capital Expenditures ..................................... $44,038,050. 848,697,832. 8 4,659,782.

Against the aforementioned capital payments we will have received during the fiscal year 1966-67 the capital receipts, shown on page 6 of the Interim Statement of Revenue and Expenditure, amounting to 87,813,599, leaving a net capital dis— bursement for the year of 82,439,657.

At this point, Mr. Speaker, I would like to draw your attention to the increase in the net debt of the Province, from Segotember 16, 1959 to July 28, 1966 as reported by the External Auditors’ Reports, for th dates, on a comparable basis:

On July 28, 1966 the total net direct debt was reported at $55,186,402; and _337_