NLIS 76
March 22, 2001
(Executive Council)
Budget acts on Jobs and Growth
agenda
Budget 2001-2002 acts on the direction
outlined in the recently released Final Report on the Renewal Strategy for
Jobs and Growth.
"Considerable progress has already been
made in a number of areas that evolved from the Jobs and Growth
consultations - some of which we announced in last year�s budget when the
Interim Report on Jobs and Growth was released," said Deputy Premier
and Industry, Trade and Rural Development Minister Beaton Tulk. "Today�s
budget contains further concrete measures to advance the Jobs and Growth
agenda, in keeping with the directions outlined in the Final Report that I
released earlier this week."
Some highlights from the 2001-02 Budget which
reflect government�s commitment to the early implementation of the final
report, and which build on initiatives already taken, include:
- An increase in the exemption threshold for
the payroll tax from $400,000 to $500,000, to stimulate expansion and
new employment in small businesses. This extends the significant
increase in the exemption threshold that was adopted in last year�s
budget � from $150,000 to $400,000 � and now means that almost 95
per cent of all businesses in the province are no longer subject to the
payroll tax.
- A new investment of $500,000 to accelerate
implementation of the Strategic Literacy Plan, with a particular
emphasis on rural needs.
- The establishment of a $2 million Student
Investment Fund to give post-secondary students valuable work experience
and to assist them in meeting the costs of a post-secondary education.
- A 10 per cent reduction in tuition rates
at Memorial University and enhancements to the Student Aid Program to
make post-secondary education more affordable and accessible to our
young people, especially those from rural Newfoundland and Labrador.
- Significant resources for the new
Department of Industry, Trade and Rural Development to help it achieve
its economic development mandate in all areas of the province. The
budget for the new department will be more than $60 million.
- An allocation of $50 million in the budget
in the Department of Municipal and Provincial Affairs for infrastructure
and municipal capital works.
- Additional resources in the order of $10
million to enhance and extend municipal debt relief to communities most
in need, in order to strengthen the capacity of local governments to
maintain viable communities and capitalize on new economic growth
opportunities.
"These specific measures are a tangible
expression of government�s commitment to continued implementation of the
Jobs and Growth agenda to further our economic goals for the benefit for all
Newfoundlanders and Labradorians," said Minister Tulk.
For details on the announcements highlighted
here, please refer to news releases from the following departments:
- Education
- Finance
- Industry, Trade and Rural Development
- Municipal and Provincial Affairs
- Youth Services and Post-Secondary
Education
Media contact: Josephine Cheeseman,
Communications, (709) 729-4570.
2001 03
22 4:55 p.m.
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