The price tag of the 2022-23 capital plan is $1.5 billion.
Allan MacMaster, Minister of Finance, presented the capital budget, the biggest in our province’s history, Wednesday.
It includes about $630 million for hospitals, $508 million for roads, and $175 million for schools.
2022-2023 per cent of capital budget by government department; from Capital Plan 2022–23
The capital budget is double the spend from the 2019-20 capital plan, just three years ago.
Finance Minister Alan MacMaster says rock bottom interest rates make now a good time to spend money.
“It’s always a concern to me when I’m seeing money going out the door,” he says, “But I know it’s for infrastructure, it’s meant to last many years into the future.”
It’s the third year in a row the province has tabled a record capital budget.
Capital plan spending since 2013; from Capital Plan 2022–23
MacMaster wouldn’t say if growing capital costs are pushing us toward a tax increase.
“It’s intimidating to look at the price of these developments, but they need to be made,” he says. “The investments need to be made and they’re once in a generation kinds of investments.”
MacMaster singled out $465 million for the ongoing redevelopments of the QEII and Cape Breton Regional Hospital.
The Houston Tories have a majority in the legislature, so the capital plan will almost certainly be approved without any changes.
