News Release

FREDERICTON (CNB) – The provincial government is setting aside $24 million for the start of new projects in 2012-13, down from $42 million in new spending in 2011-12.

"We sought a balance in this capital budget, limiting new spending to address our serious fiscal challenges while investing responsibly in health care and education to help New Brunswickers care for their families," said Finance Minister Blaine Higgs.

The capital budget also outlines a roadmap for spending in the following two fiscal years. As such, it fulfils a commitment by the provincial government to release a multi-year capital budget plan.

"This outlook will help with planning and prioritizing our capital needs as our government continues on our three-year plan to return to fiscal balance and to increase transparency and accountability to New Brunswickers," said Higgs.

The capital budget totals $948 million, more than half of which is related to the cost of the Route 1 Gateway project approved prior to October 2010. Excluding this funding, capital spending is estimated at $404 million.

Highlights

●    $404 million for ongoing projects other than the Route 1 Gateway project, including $24 million for the start of new projects.
●    $544 million for the Route 1 Gateway project.
●    $438 million and $487 million in capital spending projected during the next two years, respectively.

Education
    
●    $104 million for infrastructure in kindergarten-to-Grade 12 schools, including $20 million for various health and safety improvements.
●    $10 million for post-secondary education infrastructure.

Health

●    $49 million to maintain and improve health-care infrastructure, including $26 million for capital improvement and construction projects and $23 million to replace medical equipment.

Transportation

●    $544 million for the Route 1 Gateway project.
●    $200 million for other transportation infrastructure, including funding for the Caraquet bypass project.

This budget includes a number of other strategic investments that will be explained in detail when departments present their capital budget estimates.

The 2012-13 capital budget is online.

LINK:

●    Department of Finance: www.gnb.ca/finance