Finance minister at odds with Parliamentary budget officer
Aging population will mean lower economic growth potential, smaller tax revenues
No new spending announcements in upcoming budget
Parliament suspended until March 3
Rising oil prices trim debt forecast
Major spending cuts required unless expenditures are reduced and revenues increased
Government has committed to 97% of this year’s stimulus spending
Province does not expect balanced budget until at least 2014
Steep fall-off in income taxes, corporate taxes and GST receipts
Province plans to be back into a surplus position by 2012-2013