P.E.I. Greens call on province to release fall fiscal update
CBC
The P.E.I. Green Party is calling on government to release the fall fiscal update. The checkup on the province's finances is typically released sometime in October.
"It's important for Islanders to know the state of the economy right now," said P.E.I. Green Party Leader Matt MacFarlane. "It's an appropriate time... to get an update on how government has been doing with respect to meeting its budget targets, are we on track, what's the forecast look like."
The government was already projecting its largest deficit in its history for the 2025-2026 fiscal year when the finance minister released the operating budget in the spring, citing rising costs driven by population growth, an aging population, and ongoing global trade uncertainties.
At that time, the deficit was projected to be $183.9 million.
But MacFarlane says he’s been hearing that it could be much more than that.
"I'm hearing information that the update is not good... We could be running a projected deficit twice the amount of what was projected to be," he said.
"If that's the case, you know, government needs to share good news and bad."
Earlier this fall, the Island's auditor general raised concerns about P.E.I.'s growing debt and deficit.
"The auditor general... has made it quite clear that the trajectory the province is on is fiscally unsustainable. That's a huge concern," MacFarlane said.
Last year's fall fiscal update was late as well; Islanders had to wait until winter for its release. Officials said at the time the delay was due to the government’s two-month HST holiday and Donald Trump’s tariff threats.
MacFarlane is questioning whether the delay this time around is related to the District 2 byelection. Voters in Georgetown-Pownal will go to the polls Dec. 8 to fill the seat left vacant by Steven Myers.
"Is there a reason why we're not getting the update this year on time? Not because of Trump and tariffs, but because of something else, you know, potentially... a bad, bad news story during a by-election campaign," he said.
In a statement to CBC News, the department of finance said government is committed to transparency and the state of the province’s finances, along with the projected deficit, will be released in the update.
"The forecast is in the process of being finalized, with the recent weeks being used to assess the potential impact of the federal budget to the province’s finances, as well as considerations on actions and partnerships to address the MSX issues," the statement read, referring to ongoing struggles in the province's oyster industry, as it struggles against a dual disease threat.
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