The P.E.I. authorities is projecting it can spend greater than $195 million on capital tasks within the 2021-2022 fiscal 12 months, with faculties, housing and well being care amongst authorities’s highest priorities.
Finance Minister Darlene Compton delivered the annual capital finances tackle Friday morning within the P.E.I. Legislature, calling it the most important capital finances in P.E.I.’s historical past. It contains roughly $40 million extra in spending than the earlier 12 months’s capital estimates ($156 million).
“The world as we all know it right this moment is actually totally different than after I offered my first finances,” Compton instructed reporters.
Earlier than the pandemic, Compton stated, her strategy as minister when it got here to capital spending was to lower authorities spending and save for the political equal of a wet day.
Now, she stated, “right here we’re.”
Whereas $195 million is budgeted for the 2021-2022 fiscal 12 months alone, the five-year projected whole is $747.6 million (for the years 2021-2026).
Extra money for faculties, upgrades and electrical buses
New cash contains $16.5 million for “vital upgrades and enhancements” to West Royalty Elementary, Montague Consolidated, Ecole-sur-Mer, Eliot River and Evangeline faculties. Of that, $6.4 million is particularly for West Royalty Elementary.
Different spending in training contains:
$4.1 million extra towards the development of a highschool in Stratford; an extra $2.8 million for the development of the brand new, net-zero elementary college in Sherwood; and a rise of $15.4 million (for a brand new five-year whole of $31.5 million) to purchase 90 electrical college buses.
The federal authorities is overlaying half the price of electrical buses over the following two years — which quantities to $4,550,000 in financial savings for P.E.I.
Accelerated spending in housing, well being care
In housing, the province is placing $12.7 million in new cash towards the development of extra senior and household housing items; extra transitional housing; and the completion of 100 reasonably priced items.
Over 5 years, the province is projecting to spend $36 million whole on new builds with over $28 million of that within the subsequent two years. That would come with the 100 items introduced beforehand.
In well being care, continued investments are unfold over the following 5 years with the Psychological Well being Campus close to the Queen Elizabeth Hospital in Charlottetown being a high-priority undertaking. Over 5 years, $145 million is earmarked for this campus, with the majority of the spending occurring between 2023 and 2026.
Extra spending contains $19.7 million on this timeframe to go towards the event of health-care hubs in West Prince, Kings County and the Summerside space.
Ottawa providing larger cost-share percentages
In what’s a document 12 months for spending, the federal authorities’s new COVID-19 Resiliency Stream is accelerating many provincial tasks by offering cost-share funds.
This pot of cash prioritizes some important tasks that would have historically been a 50/50 price break up between the federal authorities and the province to be roughly a 80/20 break up as an alternative — permitting the province to benefit from this stream to get tasks underway which may in any other case have been pushed down the street.
Nonetheless, these are tasks that have to be accomplished by the top of 2021. They embrace varied tasks throughout a variety of departments, comparable to college renovations, hospital repairs and extra.
Of the roughly $195,853,500 projected spending on this 12 months’s capital finances, Ottawa is contributing $82,431,600.