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Budget 2005 - Budget Plan
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Chapter 1
Introduction and Overview
Budget 2005—Delivering on Commitments
Introduction
Budget 2005 presents a balanced strategy to build a 21st century economy
that will improve the well-being of all Canadians. A productive, growing
economy creates jobs, boosts incomes, and supports investments in the quality
of Canadian life, and gives us the means to meet our global responsibilities
and seize global opportunities.
There are four key drivers that will increase Canadians’ well-being and
ensure that our citizens can achieve their goals:
- A robust economy.
- Secure social foundations.
- A sustainable environment.
- A sound fiscal framework.
With the proper policy framework, these four drivers operate as a
"virtuous circle," with each element strengthening and reinforcing
the others to foster environmentally sustainable growth and an improving
quality of life for Canadians. For example:
- A robust economy provides resources for increased investments to meet
social and environmental objectives.
- A secure society that invests in health and education provides the
opportunities and the confidence for all Canadians to participate in the
economy, contributing to a better standard of living.
- An environmentally sustainable economy improves the health of Canadians
today, safeguards—and reduces costs for—future generations, and provides
innovative opportunities to enhance the competitiveness of business.
- Maintaining a sound fiscal framework supports the economy while still
providing the Government with the resources to help address economic, social
and environmental priorities of Canadians.
Budget 2005 incorporates all of these elements while maintaining a balanced
budget, and setting aside additional resources for debt reduction and to deal
with unforeseen economic shocks.
The Government has made several commitments to Canadians:
- To secure Canada’s social foundations.
- To implement policies that support a productive and growing economy.
- To develop a green economy and sustainable communities.
- To meet Canada’s global responsibilities.
- To maintain a sound fiscal framework.
Budget 2005 delivers on these commitments.
Highlights
Economic Developments and Prospects
- Canada has achieved an outstanding fiscal turnaround since the early
1990s. This, combined with low and stable inflation, has enabled the
economy to better weather economic shocks.
- Exceptionally strong employment growth (the highest in the Group of Seven)
and improved productivity growth have given Canada the fastest rate of
increase in living standards among G-7 countries since balancing the budget
in 1997.
- The Canadian economy grew at a solid pace in the first three quarters of
2004, thanks to consistent growth in final domestic demand. Real gross
domestic product (GDP) advanced 2.7 per cent in the first quarter
before strengthening to 3.9 per cent in the second and 3.2 per
cent in the third.
- Since the end of 2002, the Canadian dollar has appreciated more than
25 per cent against the U.S. dollar. On a trade-weighted basis, the
Canadian dollar has risen more than any other major floating currency.
Adjusting to this rapid appreciation is a major challenge for Canadian
exporters.
- Private sector forecasters expect somewhat weaker near-term economic
growth than previously anticipated. When surveyed in December by the
Department of Finance, the forecasters expected growth to be 2.9 per
cent in 2005, down from 3.2 per cent in the November 2004 Economic
and Fiscal Update. For 2006, they expect growth of 3.1 per cent,
unchanged from the November Update.
- Despite the still-encouraging growth outlook for the Canadian and global
economies, there remain significant risks.
- In the near term, the large and persistent U.S. current account deficit
presents a key risk. This imbalance could result in a further depreciation
of the U.S. dollar against all major currencies, including the Canadian
dollar. The speed at which the economy adjusts to an appreciation of the
Canadian dollar and the magnitude of the adjustment are also uncertain.
- Over the medium term, the U.S. budget deficit remains the principal
downside risk. If not corrected, the deficit could put upward pressure on
interest rates, crowd out business investment and dampen growth in both the
U.S. and Canada. Conversely, a serious effort to reduce the budget deficit
could temporarily lower growth in the U.S., which would also negatively
affect Canadian growth.
- While the risks to the outlook are negative on balance, a strong
macroeconomic framework has improved Canada’s ability to deal with these
risks should they materialize.
Securing Canada’s Social Foundations
- The 2004 10-Year Plan to Strengthen Health Care set out a commitment by
all governments to improve access and reduce wait times. In support of the
plan, the Government of Canada committed $41.3 billion over the next 10
years in new federal funding for provinces and territories.
- A new framework will be established for Equalization and Territorial
Formula Financing providing $33.4 billion more over 10 years than the
annual amounts for 2004–05 estimated in Budget 2004.
Health Care
- Budget 2005 provides $805 million over five years to deliver on the
Government’s commitment to invest in health care in direct federal support
in the following areas:
- Health human resources.
- Healthy living and chronic disease prevention.
- Pandemic influenza preparedness.
- Drug safety.
- Environmental health.
Tax Changes to Improve Fairness and Support Participation
- Budget 2005 makes the tax system fairer by:
- Acting on the recommendations of the Technical Advisory Committee on Tax
Measures for Persons with Disabilities.
- Doubling, to $10,000, the maximum amount of medical- and
disability-related expenses that caregivers can claim on behalf of their
dependants, beginning with the 2005 taxation year.
- Introducing a non-refundable tax credit to recognize specified adoption
expenses, up to a maximum of $10,000, effective for the 2005 tax year and
beyond.
Improving Support for Seniors
- To address the evolving needs of seniors:
- Guaranteed Income Supplement benefits for low-income seniors will be
increased by $2.7 billion over five years as a result of increases in
monthly benefits of $36 for singles and $58 for couples by
January 2007.
- Funding for the New Horizons for Seniors program will be increased from
$10 million to $25 million a year to promote voluntary sector
activities by and in support of seniors.
Strengthening Aboriginal Communities
- The Government of Canada is committed to a renewed partnership with
Aboriginal people and has initiated a Canada-Aboriginal Peoples
Roundtable process that will be completed later this year.
- Budget 2005 invests $735 million over the next five years, in
addition to the $700 million over five years for Aboriginal health
programs announced in September 2004, to address urgent needs, with a
focus on children, youth and their families, including:
- $345 million over the next five years for First Nations early
learning and child care, special education, and child and family services.
- $340 million over the next five years for First Nations housing on
reserves, Aboriginal languages and culture, and the Aboriginal Healing
Foundation.
Supporting Canada’s Heritage
- In support of culture, diversity and sport, Budget 2005:
- Commits an additional $688 million for the Tomorrow Starts Today art
and culture package that builds on earlier investments and extends the
initiative for a full five years.
- Invests $171 million over five years to celebrate Canada and to help
Canadian diversity find its voice in communities across the country.
- Provides $70 million a year to Sport Canada, doubling its ongoing
funding to $140 million in 2005–06 from $70 million in 2004–05.
Justice Framework
- Budget 2005 provides funding for measures that will help address the
social origins of crime and victimization in Canada, and to ensure that war
criminals do not find safe haven in Canada.
A Productive, Growing and Sustainable Economy
Investments in Canadian Capabilities
Investing in People
Building on investments made by the Government of Canada in recent
budgets, Budget 2005 makes significant strategic investments in building a
highly skilled and adaptable workforce.
- $5 billion over five years to start building a framework for an Early
Learning and Child Care initiative in collaboration with provinces and
territories.
- An additional $120 million over five years to improve the Special
Education Program for First Nations children living on reserve.
- $398 million over the next five years to enhance settlement and
integration programs and improve client services for newcomers to Canada.
- $125 million over the next three years for next steps for the
Workplace Skills Strategy.
- $30 million over three years to the National Literacy Secretariat.
Investing in Ideas and Enabling Technologies
Budget 2005 makes major strategic investments in building a world-class
research environment in Canada through measures such as:
- $375 million over five years for the three federal research granting
councils.
- $165 million to Genome Canada to sustain its support for breakthrough
genomics research.
- $126 million over five years to support groundbreaking research in
particle physics at the University of British Columbia’s TRIUMF science
facility.
- $75 million over five years to help meet the indirect costs of
federally supported reseach at hospitals and universities.
Investing in Regions and Sectors
Budget 2005 helps strengthen the economies of Canada’s regions through
initiatives, including:
- Increased funding of $800 million for regional economic development
agencies in Atlantic Canada, Western Canada, Quebec and Northern Ontario.
- $120 million towards the development of a comprehensive Northern
Strategy for economic development.
- Additional investments in key sectors of Canada’s economy such as
agriculture and space.
Economic Policy Framework
A Fair and Competitive Tax System
Budget 2005 reduces taxes for individuals—especially low- and
modest-income Canadians. It will also promote economic growth by making
Canada’s tax system more efficient and competitive. Under the measures set
out in the budget:
- The amount of income that all Canadians may earn without paying federal
income tax will increase to $10,000. 860,000 taxpayers will be removed from
the tax rolls, including about 240,000 seniors.
- RRSP annual contribution limits will be increased to $22,000 and
corresponding increases made for employer-sponsored registered pension
plans.
- The corporate surtax will be eliminated and the 21-per-cent general
corporate income tax rate will be reduced to 19 per cent, maintaining
our tax rate advantage relative to the U.S.
- Capital cost allowance rates will be better aligned with the useful life
of assets.
More Efficient and Effective Markets
To improve Canada’s business climate, Budget 2005 commits the Government
to:
- Eliminate the 30-per-cent foreign property limit on pension investments.
- Increase deposit insurance coverage to $100,000 from $60,000.
- Consult with Canadians on refinements to the legislative framework for the
financial sector to improve consumer protection and promote greater
efficiency.
- Work with the provinces and territories to reach an agreement by year-end
on an enhanced system of securities regulation.
- Introduce regulatory reforms and other initiatives that will advance
Canada’s record of strong economic growth and job creation.
Moving Toward a Sustainable Environment and Sustainable Communities
Ensuring a Sustainable Environment
In Budget 2005, the Government of Canada is making major investments to
preserve our natural environment and to address climate change. These
investments, totalling over $5 billion over the next five years
(including over $3 billion of new funding), include:
- $1 billion for an innovative Clean Fund to further stimulate
cost-effective action to reduce greenhouse gas emissions in Canada.
- $225 million to expand the successful EnerGuide for Houses Retrofit
Incentive program for Canadians.
- $200 million to support the development of a Sustainable Energy
Science and Technology Strategy.
- $200 million over five years and a total of $920 million over 15
years to further stimulate the use of wind power to generate energy. This
delivers on the Government of Canada’s commitment to quadruple the Wind
Power Production Incentive.
- $97 million over five years and a total of $886 million over 15
years to stimulate the development and use of forms of renewable energy
other than wind, such as small hydro, biomass and landfill gas.
- An estimated $295 million in enhanced tax incentives through
accelerated capital cost allowance (CCA) to encourage investment in
efficient and renewable energy generation and establishing that new
accelerated CCA will only be considered for investments in green technology.
- $300 million provided to enrich the Green Municipal Funds, which make
investments in innovative green municipal projects. Half of this amount will
be targeted to the cleanup of brownfields.
- $85 million to fund strategic investments to minimize the risk of
invasive alien animal and plant species damaging our environment and
economy.
- $40 million to improve the ecological integrity of the Great Lakes
ecosystem.
- $28 million over two years to preserve the health of Canada’s
oceans. $15 million per year ongoing to ensure the conservation of our
fisheries in the Northwest Atlantic.
- $90 million to support scientific assessments and research under the
Canadian Environmental Protection Act, which will help reduce the exposure
of Canadians to potentially harmful substances.
- $209 million for the maintenance and acquisition of capital assets in
national parks and $60 million to restore the ecological integrity of
parks.
Delivering on a New Deal for Cities and Communities
Budget 2005 delivers on the Government of Canada’s commitment to provide
cities and communities with long-term, reliable sources of funding to meet
their needs. Specifically, the Government commits to:
- Implement its pledge to share $5 billion worth of gas tax revenue
over the next five years:
- In 2005–06, the share of the federal gas tax dedicated to cities and
communities will be $600 million.
- By 2009–10, the share will increase to $2 billion, representing 5 cents per litre.
- Renew federal infrastructure programs such as the Canada Strategic
Infrastructure Fund and the Municipal Rural Infrastructure Fund, which
invest more than 50 per cent of funding toward sustainable
infrastructure.
The gas tax sharing, the goods and services tax (GST) rebate implemented
in Budget 2004 and the Green Municipal Funds (referenced above) will provide
Canadian communities with over $9 billion over the next five years.
Meeting Our Global Responsibilities
International Assistance
- An increase of $3.4 billion over the next five years for
international assistance with the goal of doubling assistance by 2010–11
from its 2001–02 level.
- Double aid to Africa by 2008–09 from its 2003–04 level.
- $172 million for a new Canadian debt relief initiative for the world’s
poorest countries plus an additional $34 million contribution to the
Heavily Indebted Poor Countries (HIPC) debt relief initiative.
- $425 million to support the immediate humanitarian response to the
tsunami disaster and long-term reconstruction, including approximately
$200 million to match donations made by individual Canadians.
- $342 million in additional funding to combat diseases in developing
countries. This includes funds for The Global Fund to Fight AIDS,
Tuberculosis and Malaria, the Global Alliance for Vaccines and Immunization
(GAVI), and the Global Polio Eradication Initiative, with the goal of
eradicating polio worldwide in 2005.
- A new approach for international assistance funding designed to better
deal with diverse international commitments and unforeseen events, while
providing greater stability to core spending.
Foreign Policy
- $500 million over five years to fund global peace and security
initiatives, from the $3.4-billion increase in international assistance, to
promote international security.
- $42 million over five years for increasing the diplomatic staff of
Canada’s diplomatic missions abroad to strengthen our capacity to pursue a
more engaged foreign policy and to represent Canada’s interests more
effectively.
- $59 million to address the most pressing security needs at Canadian
diplomatic missions abroad.
Defence and Security
- Over $12 billion in new money for defence ($7 billion in
budgetary funding) over five years—the largest increase in a five-year
period in the last 20 years.
- Delivers on the Government’s commitment to expand the Canadian Forces
(the Forces) by 5,000 troops and the reserves by 3,000.
- Important investments in the operational sustainability of the Forces.
- More than $2.5 billion for new medium capacity helicopters, utility
aircraft, military trucks and specialized facilities.
- $3.8 billion for capital and other projects to support new roles for
the military identified in the upcoming defence policy review.
- $1.0 billion over five years in support of key national security
initiatives.
Trade and Investment
- A renewed commitment to enhance our presence in fast-growing emerging
markets, while strengthening our access to North American markets.
- New support for enhanced science and technology cooperation with other
countries.
Sound Financial Management
- The Government is committed to sound financial management, including
delivering balanced budgets or better through prudent budget planning,
reducing the burden of the federal debt, and improving expenditure
efficiency and oversight.
- After accounting for the fiscal impact of proposed new initiatives, Budget
2005 projects balanced budgets or better in 2004–05 and in each of the
next five fiscal years. 2004–05 will mark the eighth consecutive balanced
budget achieved by the Government of Canada, the first time this has
happened since Confederation. According to the Organisation for Economic
Co-operation and Development (OECD), Canada was the only Group of Seven
(G-7) country to record a total government budget surplus in 2004, for the
third consecutive year, and is projected to be the only country in surplus
again in 2005 and 2006.
- The 2005 budget maintains the annual $3-billion Contingency Reserve. It
also includes an additional amount for economic prudence to provide greater
assurance that the balanced budget targets will be met. If not needed, the
amounts set aside for economic prudence will be released to fund government
priorities. The Contingency Reserve—if not needed to deal with unforeseen
circumstances—will go each and every year to reduce the federal debt
(accumulated deficit).
- This budget reaffirms the Government’s objective set out in the 2004
budget to reduce the federal debt-to-GDP (gross domestic product) ratio to
25 per cent by 2014–15. As a result, debt-servicing costs will absorb
a smaller share of revenues, placing the Government in a better position to
deal with the fiscal pressures of an aging population.
- The federal debt (accumulated deficit) as a percentage of GDP is projected
to fall to 38.8 per cent in 2004–05, down from its peak of
68.4 per cent in 1995–96. With the commitment to balanced budgets in
each of the next five fiscal years, and based on the average private sector
forecast for nominal GDP growth, it is estimated that the federal
debt-to-GDP ratio will decline to about 30.6 per cent in 2009–10.
- Five-year projections are presented in this budget. This is for greater
transparency, reflecting the fact that the vast majority of the commitments
made in this budget extend beyond the traditional two-year budget horizon.
- The Cabinet Committee on Expenditure Review (ERC) has identified
cumulative savings totalling almost $11 billion over the next five
years. These savings have been reinvested in core responsibilities of the
Government. The work of the ERC constitutes a significant first step toward
a culture of ongoing reallocation and is complemented by other measures to
improve financial accountability and management.
- The federal revenue-to-GDP ratio is projected to decline from
15.3 per cent in 2003–04 to 14.5 per cent by 2009–10,
reflecting one-time revenue gains last year as well as the impact of the tax
reduction measures announced in this and previous budgets.
- The ratio of program expenses to GDP will increase to 12.2 per cent
in 2004–05, reflecting the substantial increase in transfers to provinces
for health care and Equalization. For the remainder of the planning period,
the ratio is projected to be 11.9 per cent.
Table 1.1
Initiatives Included in 2004 Fall Update
|
|
2004–05 |
2005–06 |
2006–07 |
2007–08 |
2008–09 |
2009–10 |
Total |
|
|
(millions of dollars)
|
10-Year Plan to Strengthen Health Care1 |
5,750 |
2,595 |
2,380 |
2,303 |
2,634 |
3,242 |
18,905 |
Equalization/ Territorial
Formula Financing framework |
1,454 |
1,590 |
2,042 |
2,508 |
2,992 |
3,493 |
14,080 |
Additional BSE (bovine
spongiform encephalopathy) |
311 |
187 |
24 |
12 |
12 |
|
544 |
Other |
40 |
35 |
73 |
61 |
42 |
42 |
294 |
|
|
Total |
7,555 |
4,407 |
4,519 |
4,884 |
5,680 |
6,777 |
33,824 |
|
1 Adjusted for impact of accounting for Wait Times Reduction Fund in
2004–05. |
Table 1.2
Budget 2005 Initiatives
|
|
2004–05 |
2005–06 |
2006–07 |
2007–08 |
2008–09 |
2009–10 |
Total |
|
|
(millions of dollars)
|
Securing Canada’s Social Foundations |
|
|
|
|
|
|
|
Additional federal health investments |
|
100 |
152 |
174 |
189 |
190 |
805 |
Tax fairness |
5 |
62 |
62 |
72 |
72 |
82 |
355 |
Seniors |
|
89 |
439 |
718 |
746 |
773 |
2,765 |
Strengthening Aboriginal communities |
40 |
142 |
187 |
102 |
82 |
82 |
635 |
Supporting Canada’s heritage |
|
379 |
309 |
303 |
299 |
327 |
1,616 |
Strengthening the justice framework |
|
51 |
51 |
51 |
21 |
21 |
193 |
|
|
Total cost |
45 |
823 |
1,200 |
1,419 |
1,408 |
1,474 |
6,369 |
A Productive, Growing and Sustainable Economy |
|
|
|
|
|
|
|
Investing in people |
700 |
73 |
817 |
1,343 |
1,303 |
1,331 |
5,567 |
Investing in ideas and enabling technologies |
235 |
111 |
119 |
122 |
114 |
111 |
811 |
Investing in regions and sectors |
120 |
365 |
386 |
422 |
445 |
403 |
2,141 |
A fair and competitive tax system |
15 |
187 |
557 |
1,152 |
4,301 |
6,556 |
12,768 |
More efficient and effective markets |
|
5 |
|
|
|
|
5 |
|
|
Total cost |
1,070 |
740 |
1,879 |
3,039 |
6,162 |
8,401 |
21,292 |
Moving Toward a Sustainable Environment and
Sustainable Communities |
|
|
|
|
|
|
|
Ensuring a sustainable environment |
300 |
586 |
657 |
1,010 |
1,065 |
1,165 |
4,783 |
Investments in communities: gas tax |
|
600 |
600 |
800 |
1,000 |
2,000 |
5,000 |
Total |
300 |
1,186 |
1,257 |
1,810 |
2,065 |
3,165 |
9,783 |
Less amounts earmarked in previous budgets |
|
470 |
550 |
750 |
250 |
200 |
2,220 |
|
|
Total cost |
300 |
716 |
707 |
1,060 |
1,815 |
2,965 |
7,563 |
Meeting Canada’s Global Responsibilities |
|
|
|
|
|
|
|
International assistance |
711 |
100 |
368 |
657 |
970 |
1,307 |
4,113 |
Strengthening National Defence |
|
500 |
600 |
1,100 |
2,125 |
2,675 |
7,000 |
Ensuring the security of Canadians |
|
179 |
204 |
209 |
206 |
211 |
1,009 |
Strengthening the capacity of the Foreign
Service |
|
13 |
15 |
18 |
18 |
18 |
82 |
Setting new trade and investment priorities |
|
4 |
4 |
4 |
4 |
4 |
20 |
|
|
Total |
711 |
796 |
1,190 |
1,988 |
3,323 |
4,215 |
12,224 |
Less amounts earmarked in 2004 fall Update |
|
|
268 |
557 |
870 |
1,207 |
2,901 |
|
|
Total cost |
711 |
796 |
923 |
1,431 |
2,453 |
3,008 |
9,323 |
Other |
903 |
367 |
551 |
951 |
801 |
776 |
4,349 |
Total spending and tax initiatives |
3,029 |
3,442 |
5,260 |
7,900 |
12,640 |
16,623 |
48,895 |
Less ERC savings available for budget
initiatives |
-287 |
460 |
937 |
1,661 |
2,064 |
2,219 |
7,054 |
Total net cost of initiatives |
3,316 |
2,982 |
4,323 |
6,239 |
10,576 |
14,404 |
41,841 |
|
Table 1.3
Initiatives Since Budget 2004
|
|
2004–05 |
2005–06 |
2006–07 |
2007–08 |
2008–09 |
2009–10 |
Total |
|
|
(millions of dollars)
|
Securing Canada’s Social Foundations |
|
|
|
|
|
|
|
10-Year Plan to Strengthen Health Care1 |
5,750 |
2,595 |
2,380 |
2,303 |
2,634 |
3,242 |
18,905 |
Additional federal Health investments |
|
100 |
152 |
174 |
189 |
190 |
805 |
Equalization/Territorial Formula Financing
framework |
1,454 |
1,590 |
2,042 |
2,508 |
2,992 |
3,493 |
14,080 |
Tax fairness |
5 |
62 |
62 |
72 |
72 |
82 |
355 |
Seniors |
|
89 |
439 |
718 |
746 |
773 |
2,765 |
Strengthening Aboriginal communities |
40 |
142 |
187 |
102 |
82 |
82 |
635 |
Supporting Canada’s heritage |
|
379 |
309 |
303 |
299 |
327 |
1,616 |
Strengthening the justice framework |
|
51 |
51 |
51 |
21 |
21 |
193 |
|
|
Total cost |
7,249 |
5,008 |
5,622 |
6,230 |
7,034 |
8,209 |
39,353 |
A Productive, Growing and Sustainable Economy |
|
|
|
|
|
|
|
Investing in people |
700 |
73 |
817 |
1,343 |
1,303 |
1,331 |
5,567 |
Investing in ideas and enabling technologies |
235 |
111 |
119 |
122 |
114 |
111 |
811 |
Investing in regions and sectors |
431 |
552 |
410 |
434 |
457 |
403 |
2,686 |
A fair and competitive tax system |
15 |
187 |
557 |
1,152 |
4,301 |
6,556 |
12,768 |
More efficient and effective markets |
|
5 |
|
|
|
|
5 |
|
|
Total cost |
1,381 |
927 |
1,903 |
3,051 |
6,174 |
8,401 |
21,837 |
Moving Toward a Sustainable Environment and
Sustainable Communities |
|
|
|
|
|
|
|
Ensuring a sustainable environment |
300 |
586 |
657 |
1,010 |
1,065 |
1,165 |
4,783 |
Investments in communities: gas tax |
|
600 |
600 |
800 |
1,000 |
2,000 |
5,000 |
Total |
300 |
1,186 |
1,257 |
1,810 |
2,065 |
3,165 |
9,783 |
Less amounts earmarked in previous budgets |
|
470 |
550 |
750 |
250 |
200 |
2,220 |
|
|
Total cost |
300 |
716 |
707 |
1,060 |
1,815 |
2,965 |
7,563 |
Meeting Canada’s Global Responsibilities |
|
|
|
|
|
|
|
International assistance |
711 |
100 |
368 |
657 |
970 |
1,307 |
4,113 |
Strengthening National Defence |
|
500 |
600 |
1,100 |
2,125 |
2,675 |
7,000 |
Ensuring the security of Canadians |
|
179 |
204 |
209 |
206 |
211 |
1,009 |
Strengthening the capacity of the Foreign
Service |
|
13 |
15 |
18 |
18 |
18 |
82 |
Setting new trade and investment priorities |
|
4 |
4 |
4 |
4 |
4 |
20 |
|
|
Total |
711 |
796 |
1,190 |
1,988 |
3,323 |
4,215 |
12,224 |
Less amounts earmarked in 2004 fall Update |
|
|
268 |
557 |
870 |
1,207 |
2,901 |
|
|
Total cost |
711 |
796 |
923 |
1,431 |
2,453 |
3,008 |
9,323 |
Other |
943 |
402 |
624 |
1,012 |
843 |
818 |
4,643 |
Total spending and tax initiatives |
10,584 |
7,849 |
9,779 |
12,784 |
18,320 |
23,401 |
82,719 |
Less ERC savings available for budget
initiatives |
-287 |
460 |
937 |
1,661 |
2,064 |
2,219 |
7,054 |
Total net cost |
10,871 |
7,389 |
8,842 |
11,123 |
16,256 |
21,182 |
75,665 |
|
1 Adjusted for impact of accounting for Wait Times Reduction Fund in
2004–05. |
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