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19 Tax Memo 1 (1958)

handle is hein.journals/taxmmo19 and id is 1 raw text is: TAX No. 19 MEMO November, 1958 PROVINCIAL FINANCES, 1958-59 Estimated revenues and expenditures of the ten provincial governments for the cur- rent year will be $2,051 million and $2,293 million respectively. The excess of expendi- tures (exclusive of provisions for debt retire- ment of about $68 million) over revenues will approximate $174 million. This excess is equivalent to about 8.5 per cent of revenues. Compared with the previous year these figures show increases of $39 million (2 per cent) for revenues and $180 million (9 per cent) for expenditures. The small increase in revenues is predicated upon a low level of economic activity while the large advance in expenditures represents a con- tinuation of the high rate of growth of recent years. Taxes will account for $942 million and the federal-provincial tax-sharing arrange- ments for approximately $390 million of anticipated revenues. Together these two sources will provide 65 per cent of the total, with taxes accounting for 46 per cent. Planned expenditures for transportation and communications (99 per cent highways) will require $630 million, for education $523 million, and for health and social welfare $503 million. These outlays will account for 28 per cent, 23 per cent and 22 per cent respectively of the total provincial budgets. Additonai covies of this Memo Since 1953-54 total revenues of provincial governments have increased by $717 million, or about 54 per cent, and expenditures by $969 million, or about 77 per cent. As sources of revenue taxes are relatively more important in the current year than they were in 1953-54, and conversely, the fiscal arrangements are now. less significant. Together these two sources are relatively more important in the current year than they were in 1953-54. Privileges, licences and permits and revenues from liquor now pro- vide a smaller share of the total. Of the major expenditures, outlays for education have increased most since 1953-54, whereas outlays for debt charges have declined relatively. Provincial payments to local authorities -specific and non-specific-on an estimated basis total $462 million and $63 million respectively. Of the sum for specific pur- poses $346 million (75 per cent) are accounted for by education and $80 million (17 per cent) by transportation and communications. Together these amounts approximate one-quarter of provincial budgets and in individual provinces range from a high of one-third to a low of one- eighth. The above are the highlights of the more detailed report on provincial finances for 1958-59 presented in the following pages. may be obtained on reaues:. TAX FOUNDATION CANADIAN

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