Financial framework: the CAQ figures its new commitments at $30 billion

Financial framework: the CAQ figures its new commitments at $30 billion

UPDATE DAY

SAINT-JÉRÔME – The CAQ puts the cost of its new promises at $30 billion by 2026-2027. The financial framework unveiled Saturday morning by François Legault and Eric Girard provides for a deficit, after payment to the Generations Fund (FDG), much larger than what was forecast in the pre-election report.  

As of 2022-2023, the deficit would reach $7.69 billion, whereas it was $6 billion less in the pre-election report validated by the Auditor General, unveiled on last month.

The following year, the balance after payment to the FDG would be in the red by $5 billion, while the deficit in 2023-2024 was $1.27 billion in the pre-election report. 

The CAQ is still aiming for a return to a balanced budget in 2027-28, while the budget balance, the previous year, would be negative by -2.1 billion dollars in 2026-27, after contribution to the FDG. < /p>

Economic Growth

As announced at the start of the election campaign, the Coalition Avenir Québec promises tax cuts totaling $7.5 billion. Excluding these revenues which the State would deprive itself of, the additional expenditure planned by François Legault's party totals $22 billion. 

La CAQ expects these tax cuts, combined with major investments of $3 billion in 5G and cellular telephony, to generate greater economic growth than expected last month. 

“We are convinced that we can exceed the expectations of economists,” wrote the outgoing finance minister, Eric Girard, in the document summarizing his party's financial framework for the next four years. 

Mr. Girard forecasts a total revenue increase of $3.3 billion between 2024 and 2027. 

As a result, contingencies would be cut by $1 billion a year for the last two fiscal years of the term. The reserves to offset economic risks would thus be $8 billion, instead of the $10 billion listed in the pre-election report. 

$7.5 billion more in the PQI

The major infrastructure projects that the CAQ wishes to launch will be expensive. François Legault's party plans to once again improve the Quebec Infrastructure Plan (PQI). From $142.5 billion in the last budget, it would increase to $150 billion, or $7.5 billion more. 

$15 million for private care

Improving the supply of private care that would be reimbursed with the sun card would not be without cost: as of 2024-2025, $5 million per year would be spent due to the increase in the number of medical procedures performed outside the public network. By the end of the mandate, the budgetary impact would be $15 million. 

The CAQ's financial framework also provides for: 

  • Stable funding for the major missions of the State with a growth in health spending of 4.5%, and 3.5% in education and higher education; 
  • An increase of $7.5 billion in investments in public infrastructure and maintenance of payments to the Generations Fund at nearly $3.0 billion per year; 
  • La continued reduction of the weight of net debt in relation to GDP so that it reaches 31% by 2032-33; 
  • Return the contribution to the Pension Plan of Quebec (RRQ) for workers aged 65 and over optional to counter the labor shortage, which could represent up to $3,000 per year; 

< p>More details to come…

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