OneNS and the 2019-20 Nova Scotia Budget – Cumberland Chamber of Commerce

Good afternoon,

Earlier today the Province introduced the 2019-20 Nova Scotia Budget. Please find at the end of this email a summary of the key, new One Nova Scotia related investments included.

Also of note, Budget 2019-20 highlights the focus Nova Scotians have together placed on “our collective plan to increase our population and strengthen our economy” over the last five years, as well as several areas of progress relating to One Nova Scotia:

Our population is at a historic high. For the first time in a generation, population growth is nearing the national average.
Employment grew, on average in 2018, at the most substantial annual rate since 2004. As of February 2019 (which had the lowest unemployment rate on record since 1976 when the current Labour Force Survey was first published), Nova Scotia had eight straight months of employment gains.
For the first time in three decades, more youth are moving to Nova Scotia than are moving out.
Disclosed raised venture capital increased by 347 per cent from 2013 to 2018, a higher growth rate than the national average.
Record numbers of new immigrants have made Nova Scotia home, and more international students are choosing to stay than at any time in our history.
Nova Scotia’s seafood exports have more than doubled since 2012. Tourism revenues and visitor numbers are substantial. Craft breweries and the wine industry are growing.
Exports have diversified to new destinations and products. Non-energy exports have risen 40.4 per cent (2010–2017), enough to offset the decline in oil and gas, while exports to the growing Chinese market have increased by 118 per cent (since 2014).
Government has balanced the budget since 2016. The net debt to GDP ratio continues to decline. As a result of strong fiscal management, Nova Scotia has among the top four credit ratings in Canada.

The 2019-20 Budget Documents provide additional information on investments in these and other areas such as healthcare and communities.

OneNS Related Investments in Budget 2019-20

DEMOGRAPHICS

Goal 2: International Immigration

$620,000 increase for the Office of Immigration to process the increasing number of applications and continue marketing the province as a great destination to potential newcomers

ECONOMIC GROWTH

Goal 4: Business Start-ups

$500,000 increase for incubators and accelerators that support start-up companies, for a total of $1.5 million
$3 million as part of the three-year Building Tomorrow Fund to promote innovation and new product development for fisheries, aquaculture, and agriculture producers

Goal 5: Value of Exports & Goal 6: Firms Participating in Export Trade

$850,000 additional funding for NSBI to expand and enhance export development programming that supports Nova Scotia businesses, including the Export Growth Program

Goal 7: Labour Force Participation Rate

$30,000 for a third year to deliver workshops and coaching that expand the entrepreneurial culture among older adults, as part of SHIFT: Nova Scotia’s Action Plan for an Aging Population
$1 million to continue to offer ACCESS-Ability grants for businesses to make accessibility-related improvements and work toward a barrier-free province
$7.2 million to continue community transportation projects
$10.2 million to expand pre-primary classes, for a total of $34 million this year — by September 2020 every four-year-old in Nova Scotia will have access to a free, pre-primary, early learning opportunity
$15 million increase, for a two-year total of $30 million, to continue implementing recommendations from the Commission on Inclusive Education
$20 million in continued funding for smaller class sizes and additional supports put in place following recommendations from the Council to Improve Classroom Conditions
$1.4 million increase, for a total of $12 million, to complete the reinstatement of the Reading Recovery program to all elementary schools by September 2019, giving our youngest students access to focused support to help improve their reading

Goal 8: Employment Rates First Nations and African Nova Scotians & Goal 9: Youth Employment & Goal 10: Post-Secondary Education and Training

$2 million for a pilot program called the Technology Advantage Program that will bring together high school, college, and the IT sector through a partnership with NSCC and IBM
Within its existing budget, the Nova Scotia Apprenticeship Agency will increase its START Program grant by $5,000 to employers who hire apprentices from underrepresented groups, bringing the total amount available to $30,000 over the term of an apprentice’s training
$500,000 to provide funding to municipalities to create employment in their communities, particularly for youth, through the new Community Works Program
$350,000 provided to Clean Foundation to support 73 internships across the province this summer to do research, manage events, develop leadership skills and innovative ideas, and take on projects that help the environment
$3.6 million increase to the university operating grant, as the province prepares to enter another multi-year MOU with these post-secondary institutions
Eligible Nova Scotia students studying at our province’s universities will no longer have to repay their Nova Scotia student loan if they complete their undergraduate degree within five years, regardless of the amount owing. The Student Loan Program will also phase out upfront grants for Nova Scotia students studying out of the province in programs that are available here.

Goal 11: Universities Research and Development & Goal 12: Research and Development Partnerships

$800,000 to support the on-going operation of post-secondary sandboxes
$200,000 increase for the Productivity and Innovation Voucher program to connect Nova Scotia companies with local universities to drive innovation and global competitiveness

Goal 13: Venture Capital

$3 million to create the Venture Capital Tax Credit to encourage Nova Scotian businesses and individuals to support funds that invest in new and growing businesses in the province
$12 million for the Innovation Equity Tax Credit to allow individuals and Nova Scotia companies to make direct equity investments in small and medium-sized Nova Scotia businesses

Goal 14: Tourism Expansion

$2 million this year to continue to make progress on revitalising the province’s tourism icons: Peggy’s Cove, Halifax Waterfront, the Cabot Trail, Bay of Fundy, Annapolis Royal, and Lunenburg Waterfront
$1.5 million in the Culture Innovation Fund to support projects that improve social well-being through art, culture, heritage, and sport

Goal 15: Fisheries and Agriculture Exports & Goal 16: Domestic Markets for Agriculture Products

$415,000 to support Nova Scotia’s Canadian Fish and Seafood Opportunities Fund to build on the province’s export success by marketing and delivering premium quality seafood products around the world
$200,000 increase for year three of Atlantic Fisheries Fund, for a total 2019–20 investment of $8.5 million — over the seven years of the program with the federal government and Atlantic partners, Nova Scotia’s investment will total nearly $38 million
$3 million to continue to work with federal partners on the Canadian Agricultural Partnership, which includes the Small Farm Acceleration Program, for a total 2019–20 federal-provincial investment of $7.4 million
$2 million this year to continue support for the Vineyards and Wineries Investment Program

General Economic Growth: Innovation and Competitiveness

$2.5 million increase to Develop Nova Scotia’s budget to deliver on its new provincial mandate, including managing a plan to deliver better access to high-speed internet in underserviced areas
$5 million to double the Innovation Rebate Program to encourage private sector investments in innovation and productivity projects
$60 million for an accelerated capital cost allowance tax incentive to allow Nova Scotia businesses to recover the cost of capital investments more quickly, which will help them remain competitive with the United States
$2 million increase for Invest Nova Scotia to fund projects that will increase economic competitiveness and productivity in sectors and communities, for a total of $6 million

GOVERNANCE AND SUSTAINABILITY

Goal 18: Municipal Sustainability

$578,000 for a Municipal Innovation Program to support municipal modernisation and increased collaboration between municipalities with project-based funding
$7 million in provincial contributions for green infrastructure funding to help transition communities to a clean economy as part of the Investing in Canada Infrastructure Plan
$238,000 for a new Climate Adaptation Leadership Program to enhance Nova Scotia’s readiness for climate change, with additional funding from Natural Resources Canada

Goal 19: Province’s Fiscal Health

4th year of balanced budgets
Projected $33.6 million surplus
“The One Nova Scotia Commission set a goal of 30 per cent net debt to GDP ratio by 2024. We are trending in the right direction and moving toward that goal. We reduced our ratio from 38.2 per cent in March 2014 to 35 per cent last year, and now project it to fall to 33.8 per cent by the end of 2019–20.” (Budget Address 2019-20)