Lack of fiscal update shows 'blatant disregard' for taxpayers, say P.E.I. opposition parties

P.E.I.'s opposition parties are calling on the province's finance minister to release the fiscal update that usually gets unveiled in the fall each year.

The report is a checkup on the province's fiscal health, and is usually made public weeks before January.

"I think that is just a blatant disregard to the taxpayers of Prince Edward Island," interim Liberal Leader Hal Perry said of the lack of an update so far.

Perry points out it has been more than 300 days since the last budget, back on Feb. 29, 2024, and nearly 400 days since Finance Minister Jill Burridge released her last fiscal update.

"Either this government doesn't care about being open and accountable to the taxpayers of Prince Edward Island or this government's financial position is so poor that they're going to do everything they possible can to delay putting this out to Islanders," Perry said. 

Lack of update 'a real problem'

In its last fiscal update, released more than a year ago, the province predicted the 2023-2024 deficit would be $98.6 million. 

But in October, the province's public accounts committee showed that deficit had been slashed to $14.8 million, mainly because of millions of dollars in unexpected revenues from an improving economy.

P.E.I. Opposition parties blast fiscal update delay. The province says it needs more time

1 day ago

Duration 2:35

P.E.I.'s Opposition parties are calling on the provincial government to release its fall fiscal update, though we're well into winter and a new year. Such updates are a bit of a checkup on the province's fiscal health, and they're usually made public weeks before now. CBC's Wayne Thibodeau has more.

"This particular government has been notorious for making very bad guesses, but at least we should know where we are. There is so much volatility out there," said Green MLA Peter Bevan-Baker.  

"The auditor general here, in his fiscal update, just released in November, about the sustainability of the Island's fiscal situation, raises some very alarming bells about that, and not to have a fiscal update is a real problem."  

Too many changes in late 2024, says province

The province's finance minister declined an interview with CBC News. Instead, her department sent a statement to CBC News saying the government needs more time. 

"Several factors changed over the last eight weeks of 2024 that may have an impact on data and forecasts, so staff are taking the time required to ensure the numbers are as accurate and realistic as possible given the current environment," the statement said. 

Those factors include the federal government's two-month HST holiday, which could cost provincial coffers about $14 million, Donald Trump's threats of tariffs and the economic climate, the province said. 

Perry said the Official Opposition Liberals plan to introduce legislation that would require future provincial governments to provide a fall fiscal update no later than Nov. 15 each year. 

The Green Party would like to go one step further, following in the footsteps of some other provinces. 

"To bring forward a long-term fiscal update on what the financial state of the province is, looking forward decades — like 10 years, 20 years, in Ontario's case — I think that would be a wonderful thing to do here," said Bevan-Baker.   

Finance officials said they typically like to release a fall fiscal update before Christmas, but said that simply wasn't possible this year. 

They said they hope to release the update early in 2025.