Tuesday, April 26, 1967 But, in concluding this review of the revenues for the fiscsl 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 people, and our provincial economy hinges upon both national and local conditions. Consequently, 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 81, 1967. I would like to explain that the statements that I shall present for this period are *lso 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 SI , 1967 On Ordinary Account Estimates Forecast Decrease*—) L Debt Charges ....................................................$ 4368,182. $ 4,441319. $ 171,687. 2. Health ............................................................... 7,440,049. 7,869,208. — 70,846. 8. Welfare ............................................................ 8,828,702. 6,010,249. 2,186,547. 4. Labour ................................................................ 1,090,947. 906,968. —184,979. 6. Education .......................................................... 7,718,497. 8,092,876. 878,878. 6. Attorney-General ............................................ 624,666. 687348. 184877. 7. Legislation ........................................................ 240,222. 806,617. 66,295. 8. Executive Council ............................................ 68,649. 76,100. 11351. 9. Agriculture ................................................... 1,494,767. 2,466,021. 960364. 10. Industry ft Natural Resources .................... 197,512. 191348. — 6464. 11. Fisheries ...................................................... 222,796. 817344. 95449. 12. Highways (Maintenance) .............................. 2384,669. 8304387. 619,618. 18. Public Works Administration ...................... 206302. 208,994. 2,792. 14. Provincial Secretary ........................................ 405,688. 880,062. — 75,621. 15. Tourist Development ...................................... 501366. 537364. 86,799. 16. Municipal Affairs ............................................ 695,917. 788,708. 42,791. 17. Provincial Treasurer ........................................ 249,705. 2G2.680. 12,976. 18. Other Current Expenditures ........................ 1368,524. 2,189,404. 920380. 19. Refunds of Revenue ...................................... 68300. 70,000. 1300. Total Ordinary Expenditures $88360,498. $88,444376. $ 5,084,088. On Capital Account I. Highways , etc...................................................$ 7360,976. $ 8,900,000. $ 949,026. 21. Fixed and Moveable Assets .......................... 1,551,982. 618356. —988,726. 22. Provincial Administrative Building 1,074,600. 600.000. —474,600. (. Rural Electrification ........................................ 100300. 185,000. 86,000. Total Capital Payments $10,677367. $10368356. $—424301. Total Ordinary and Capital Expenditures ......................................$44,088,060. $48,697382. $ 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 $7318399, leaving a net capital dis¬ bursement for the year of $2,489,657. At this point, Mr. Speaker , I would like to draw your attention to the increase in the net debt of the Province, from September 16, 1959 to July 28, 1966 as reported by the External Auditors' Reports, for both dates, on a comparable basis: On July 28, 1966 the total net direct debt was reported at $66,186,402; and —387—