TORONTO, March 21, 2013 /CNW/ - "Budget 2013 continues to balance fiscal restraint with targeted areas of growth in the Canadian economy," according to John Moore, PwC Partner and Federal Practice Leader. "From creating skilled jobs to supporting manufacturing sectors to building core infrastructure, this year's budget provides clear direction on the Government's investment priorities over the next five to ten years."
Moore continues, "Continued modernization of the public service is evident in the Government's plans to reduce travel costs through the use of advanced teleconferencing technologies, and to standardize information technology systems across departments and agencies to avoid redundancy and duplication."
Shamshad Madhok, Head of PwC's Federal Infrastructure and Project Finance practice (IPF), added "The Government continues to recognize the important role infrastructure will play in growing Canada's economy. With $53 billion allocated over ten years to municipalities, provinces, and territories, and additional $17 billion for First Nations and federal infrastructure projects, this represents a significant long-term commitment to Provincial-Territorial-Municipal Infrastructure. The Government is not only increasing spending on infrastructure, but it is also creating more flexible, innovative funds."
Highlights of the new funding commitments include:
- The Community Improvement Fund: $32.2 billion over ten years for municipalities, in the form of annual, indexed payments.
- The New Building Canada Fund: $14 billion over ten years for major economic infrastructure, in the form of project grants.
- The Renewed P3 Canada Fund: $1.25 billion over ten years in the form of grants for projects delivered as Public Private Partnerships."
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SOURCE: PwC Management Services LP
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