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MB budget report

The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting. Manitoba's Public Accounts show a positive balance of $3.

The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.

Manitoba's Public Accounts show a positive balance of $3.5 million and a reduced reliance on the Fiscal Stabilization Fund (FSF) for the 2002-03 fiscal year under the terms of balanced budget legislation. For 2002-03, the province will draw only $22.3 million from the FSF, which will allow it to continue making its annual $96.4 million payment towards the reduction of debt and pension liabilities. "My colleagues and the public service worked very hard to reduce expenditures after we learned of the challenges of significant reductions in equalization and personal income taxes," Finance Minister Greg Selinger said. "In total, expenditures were just 0.2 per cent above budgeted levels and the result was a lower than anticipated draw from the fiscal stabilization fund of $22.3 million." The annual report was for the year ending March 31, 2003. This is the third year of the newly restructured presentation which focuses attention on the summary results of government operations. At the same time, public accounts still report on compliance with balanced budget legislation including the third consecutive contribution of $96 million towards debt and pension obligations as well as stewardship over the operating fund and special funds of government. "Total expenditures for 2002-03 tracked very closely to projections in Budget 2002," said Selinger. "Hard work across all departments has enabled us to successfully manage a number of significant fiscal challenges arising throughout the year." On March 31, 2003, there was $235.5 million in the province's Fiscal Stabilization Fund.