QUEBEC — Finance Minister Eric Girard tabled the Coalition Avenir Quebec government's budget on Tuesday. Here are some highlights:
— Balanced books for the sixth straight year in Quebec, with a forecast surplus of $2.7 billion on total revenue of $121.3 billion, including $25.7 billion in federal transfers. The surplus will go into a fund aimed at lowering the province's debt.
— Estimated gross debt of $197.7 billion as of March 31, 2020. That represents 43.0 per cent of gross domestic product, continuing a downward trend from a peak of 54.3 per cent six years ago.
— Expected economic growth of 2.0 per cent in 2020 and 1.5 per cent in 2021, down from 2.8 per cent in 2019.
— Increase in overall spending of 5.1 per cent, with health and social services (up 5.3 per cent) and education (up 4.5 per cent) accounting for two-thirds of the increase.
— An enhanced plan aimed at reducing Quebec's greenhouse gas emissions by 37.5 per cent from their 1990 level by 2030, combining $6.2 billion from investments in transportation and other sectors with money from a cap-and-trade system to reduce industrial emissions.
— Increased investment of $15.1 billion in the provincial infrastructure plan, bringing the total for the 10-year plan to $130.5 billion for projects including schools, roads, public transit and seniors' residences.
— An additional $457 million over six years to promote Quebec's cultural distinctiveness, including money for French-language television, film and music as well as for beefed-up resources to enforce Quebec's language law.
—A new tax credit representing $526 million over five years to encourage businesses to modernize manufacturing and processing equipment and to invest in computer hardware and management software.
— Continued reduction in school taxes with the goal of reaching a single rate across the province, based on the lowest current rate. The cost to the province is set at $181.9 million in 2020-21.
— Funding toward universal, non-compulsory pre-kindergarten for four-year-olds, with an additional 350 classes added as of September 2020 to bring the total to 1,010.
The Canadian Press
