HALIFAX - Nova Scotia's NDP government released its 2011-12 budget Tuesday afternoon.
Here are highlights from the plan:
• Deficit of $389.6 million is projected in a $9.3 billion spending program.
• Provincial debt was reduced from an estimated $14 billion to $13 billion as of March 31 because of $447.2 million surplus from 2010-11 fiscal year that was put toward the debt.
• The government will spend $30 million on student bursaries and implement a maximum debt cap of $28,560.
• The province is holding the line on spending in two major expenditure areas, with $3.7 billion slated for health and education getting slightly less money at $1.1 billion.
• There will be $11 million in personal tax relief as the government increases basic personal exemption for the 2011 taxation year by $250, which means the amount earned before paying taxes rises to $8,481 from $8,231.
• Small business tax rate falls by half a percentage point to four per cent, costing the government $5.9 million in 2012-13, which means up to $4,000 in annual savings for small business owners.
• The province will spend $4.4 million to fund the eye drug Lucentis.
• Capital spending includes $560 million for roads, bridges, schools and health-care facilities, including $83.6 million for new schools in Bedford, Lunenburg and Yarmouth.
• The province will open at least four collaborative emergency centres in rural areas, which stream patients to get faster care.
