Prince Edward Island government forecasts $98 million deficit in annual budget

CHARLOTTETOWN — Prince Edward Island’s budget forecasts a deficit this fiscal year of about $97.6 million with money for a new medical school.

The operating budget presented by Finance Minister Jill Burridge includes $3.09 billion in spending with $2.99 billion in revenues for the 2023-24 fiscal year.

Last year’s budget had forecasted $2.7 billion in spending, $2.6 billion in revenues and a deficit of about $92 million.

The government is investing about $22 million this fiscal year to establish a medical school at the University of Prince Edward Island, which it says will help address a shortage of health-care workers.

To ease the housing crisis, the government says it will spend $25 million to develop construction-ready lots.

It says it will spend $350,000 to support the diversification of crops to prepare for climate change, and to explore controlled-environment and indoor farming.

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