PEI debt is too high with no sign of coming down – where does taxpayer money go?

“Our debt is too high with no sign of coming down”

“I want to know where all taxpayer money goes”

Notes

References

• What is the gross debt of PEI?
  • $5.499 Billion total liabilities In 2012
    • $2.117 Billion Gross Debt,
    • $0.038 Billion Debt Guarantees,
    • $0.787 Billion Contingent Liabilities and Contractual Commitments,
    • $2.558 Billion Program Obligations (Fraser institute 2014 http://www.assembly.gov.nt.ca/sites/default/files/td_123-175.pdf)
    • $2.7 billion Gross Debt Guardian December 17th, 2014
• What is the net debt of PEI? (gross debt minus assets)
  • $2.15 Billion (Budget Estimates 2015-16 p.164)
• How much do we receive in equalization payments from the federal government?
  • From Government of Canada 2014/2015 Budget
    • Core Funding = $542,480,000
      • Equalization 359,821,000
      • Canada Health Transfer 131,225,000
      • Canada Social Transfer 51,434,000
    • Non Core Funding = $90,846,600
      • Labour Market Agreements 30,567,700
      • Base Funding for Infrastructure 25,000,000
      • Federal Transitional Assistance (HST) 0
      • Infrastructure – Programs 11,415,000
      • Housing Trusts 4,617,000
      • Agriculture Support Programs 4,359,500
      • Minority and Second Language 2,622,300
      • Crop Insurance 1,650,000
      • Young Offenders Services 1,615,000 1,615,000
      • Rehabilitation Programs 1,376,000
      • French Services Agreement 1,068,800
      • Wait Time Reduction 0
      • Student Loan Administration 876,000
      • Statutory Subsidy 684,500
      • Other 4,994,800
  • TOTAL REVENUE FROM GOVERNMENT OF CANADA $633,326,600
• What is the total amount of the PEI budget?
  • PEI Full Budget Estimates 2015-16 (PDF) $1,668.7 million in expenditures
  • PEI Budget Highlights 2015-16 (PDF) $1,668.7 million in expenditures
  • PEI Capital Budget 2016-17 (PDF)
  • CBC – November 17, 2015 – P.E.I. projected deficit grows to $32.9 milion
  • 
  • What is the budget allocation by area? 2015-16 Budget numbers.  Note that Interest Charges on Debt are the 3rd largest of the 26 areas PEI spends money.
    • 1) Health PEI = $586,577,300
      2) Education and Early Learning = $235,979,300
      3) Interest Charges on Debt = $127,016,400
      4) Workforce and Advanced Learning = $120,506,000 (includes $38,991,700 to UPEI and $29,850,900 to Holland College)
      5) Transportation, Infrastructure and Energy = $108,981,300
      6) Family and Human Services = $94,205,200
      7) Finance = $70,330,000
      8) Amortization of Tangible Capital Assets = $65,671,100
      9) Employee Benefits = $55,632,800
      10) Justice and Public Safety = $49,444,100
      11) Agriculture and Fisheries = $33,039,500
      12) Innovation PEI = $26,403,100
      13) Communities, Land and Environment = $20,271,100
      14) Tourism PEI = $14,674,600
      15) Health and Wellness = $12,540,900
      16) Executive Council = $8,673,800
      17) PEI Public Service Commission = $7,320,000
      18) Culture = $6,766,900
      19) Legislative Assembly = $6,422,800
      20) General Government = $6,300,000
      21) Employment Development Agency = $5,231,500
      22) Economic Development and Tourism = $2,873,800
      23) Auditor General = $2,056,700
      24) Island Regulatory and Appeals Commission = $1,200,300
      25) Interministerial Women’s Secretariat = $438,600
      26) Council of Atlantic Premiers = $188,400
• How many people are employed directly by the PEI provincial government?  Was is the breakdown by department?
• What is the GDP of PEI?
• What is the dollar value of PEI exports?
• What is the employment breakdown of PEI workers by industry?
• Over the last 7 years what are the budget, deficit and debt numbers by year? – love to put this in a graph
• How much do we pay each year in interest on the PEI debt?