As history has demonstrated, the fluctuations can be extensive and in the case of a negative fluctuation the resulting impact on the Province's financial picture can be devastating. That is 46 percent lower than originally forecast. This has also permitted us to ease some of the pressure for further reductions in key areas of government service. We will continue to be guided by the priorities of Islanders in planning these expenditures. Mr. Speaker, I am also pleased to report to the Assembly and to Islanders that this Budget does not contain any tax increases.
Government is mindful of the importance of holding the line on taxes.
That has also meant holding the line on increased expenditures. We are still facing deficits and dealing with a high level of debt, so it is far too early to begin discussions on where to reinvest any fiscal dividend that may result from meeting that challenge. It appears that there is no end to the possible areas of increased expenditure. Our government is faced with new or additional requests almost on a daily basis. While recognizing the value of those requests, our priority is to maintain necessary existing services, before contemplating expansion into new areas.