P.E.I. budget 'in disarray,' says Rob Lantz
The P.E.I. government is taking money meant to last five years and using it to show an improved financial position for just one, accuses Progressive Conservative Leader Rob Lantz.
Lantz was responding to a fiscal update delivered by Premier and Finance Minister Wade MacLauchlan Thursday. The update showed a $5 million improvement in the deficit projection thanks largely to a one-time $35 million contribution from Ottawa.
"This $35 million is intended to offset the $7 million a year in lost revenue to the province for joining the national securities regulator for each of the next five years," said Lantz in a news release.
"Instead the province is booking the entire amount to 3rd Quarter expenses."
Lantz questioned the wisdom of taking five years of offsetting revenue from Ottawa and applying to one, calling it "an accounting manoeuvre to game a deficit figure."
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