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63 Tax Memo 1 (1980)

handle is hein.journals/taxmmo63 and id is 1 raw text is: Provincial Finances, 1980 (Including Details of Budget Tax Changes) This memo provides highlights of the 1980 provincial budgets and the 1978- 79 provincial public accounts, together with Statistics Canada material on pro- vincial and local public finances. This up-dates the main provincial data shown in our biennial publication Pro- vincial and Municipal Finances, last issued in 1979. The first part of the Memo contains summaries of the ten provincial budgets; highlights of rev- enue, expenditure, and debt; and de- tails on the tax changes introduced and subsequently enacted. The tables in the first section are based on information contained in bud- get speeches, estimates, and public accounts, adjusted by the Foundation to a roughly comparable basis. Suffi- cient data are not available to make the detailed adjustments necessary for full interprovincial comparability or for aggregation of the figures to arrive at national totals. The discussion and tables in the second part of the Memo are based on material contained in Statistics Canada publications on provincial and local government finance. The original data have been adjusted by Statistics Canada to eliminate differences in the account- ing systems within each province. While the results provide complete compar- ability across the country, the differ- ences between revenue and expendi- ture cannot be compared with, or used in place of, the surplus or deficit figures shown in the budget statements. This section provides an analysis of revenue by source and expenditure by function that cuts across the traditional pro- vincial concepts of departmental or agency organizations. PROVINCIAL BUDGETS The threat of a U.S. recession had in- fluenced the 1979 provincial budgets but the recession was repeatedly post- poned. Thus planning for a downturn in the economy became even more impor- tant in preparing forecasts for the 1980- 81 fiscal year. In addition, uncertainty about the domestic price of petroleum and natural gas had to be taken into account when the 1980 provincial bud- gets were being prepared. All budgets were brought down after the federal election but before agree- ment was reached between the federal government and producing provinces. Thus producing provinces could not estimate their revenue from petroleum and natural gas production. Consuming provinces, on the other hand, could not estimate the effects of price in- creases on inflation and overall produc- tion levels, so that their estimates of Tax Memo No.63 July 1980 Canadian Tax Foundation L Association Canadienne d'Etudes Fiscales

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