Thanks Bill. My memory says this government took a significant financial hit at the end of its first fiscal year to start the accrual process for OPEBs (Other Post Employments Benefits). It was something like $200M and created a huge deficit for the year. But we were told this was the right thing to do and not to worry it was a non cash flow item. Retirements allowances are one of the OPEBs. Now in this budget they accruals have ceased !!!!! And this helps create a surplus. WOW
This is a government of concepts.
A concept that a ferry from Yarmouth to the US would produce wonderful things for the economy. Given it has had more impact on the economy of Maine then NS one has to ask how that concept is working.
A concept that legislation of reducing union representation would produce wonderful things. We went through that painful exercise and given the only winner was the external “arbitrator/ expert” one has to ask how that concept is going.
A concept that legistrated wage freezes/ increases for union members would be accepted by the unions and translate into substantial savings. Given no new contracts have been signed to reflect that concept one has to ask not only how the concept is going but what is reflected in the budget. How convenient it would be to present a budget that reflects the concept but not the probable reality.
A concept that seniors were weak and vulnerable and would accept a concept of Pharmacare needs to be self sustaining. How is that concept going.
Bill B, I am confused by the following :” That said, the government has clearly labelled fiscal soundness as a core commitment. One of the key contributors to improving results is the cessation of accruals of public sector retirement allowances, a benefit virtually unknown in the private sector.”
Your comment clearly indicated cessation of the accrual not the cessation of the benefit. As long as the benefit continues we, the taxpayers, continue to pay. It is just a matter of when it gets recognized in the provinces transactions. So I am left wondering how is this is an example of fiscal soundness.
The real, unanswered question is what happened to the reserve that was set up in the accrual process in past years. That is probably $10s of millions, maybe even more!!! That needs an answer. Perhaps another concept that by ceasing the accrual the government can hide the fact that the benefit continues. The handling of the reserve from past years can be used to hide the true situation regarding the budget. Another concept????
The more I read about the budget the more I become concerned. I do NOT have confidence that we are in fact “getting there” . There are many “oddities” in the budget, I am just not sure they are accounting related as much as concept/ planned red herrings designed to confuse and hide. Just another concept put forward by the government .
Thanks Barry.The benefits already credited in past years have been reserved for . The cost is less this year because the reserve would have increased if future accruals had not ceased.
Yes, the final outcome with the unions is still a big unknown which could scupper the progress
Decentralization of medical services seems like an obvious thing to do in Nova Scotia and would have some advantages for sure. However be careful what you wish for as there are unintended consequences of doing this for sure as well. Care that is convenient and nearby maybe just that but there is no guarantees of the quality of care that will be given or received in public or private facilities. This will require very careful monitoring and given the time lines presented and high probabilities of administrative, and health care provider turnovers, not to mention political, there is a high probability that these plans will not turn out to be what is suggested and more consolidation will be needed to balance the dispersion of care! Good luck to the Province with this one. I think they think they are trying to do the right thing, but time will tell if such is the case or not!
This ‘Budget’ seems to be not much more than a collection of ‘pipe dreams’ despatched with ‘fingers crossed’ from ‘Fairyland’ in hopes that nobody will notice before heading for The Polls again…The Hospital ideas sound fairly reasonable but the proof of that pudding will be in the eating, provided that ‘the table’ actually ever gets set..
Thanks Bill. My memory says this government took a significant financial hit at the end of its first fiscal year to start the accrual process for OPEBs (Other Post Employments Benefits). It was something like $200M and created a huge deficit for the year. But we were told this was the right thing to do and not to worry it was a non cash flow item. Retirements allowances are one of the OPEBs. Now in this budget they accruals have ceased !!!!! And this helps create a surplus. WOW
barry h | April 24, 2016 |
This is a government of concepts.
A concept that a ferry from Yarmouth to the US would produce wonderful things for the economy. Given it has had more impact on the economy of Maine then NS one has to ask how that concept is working.
A concept that legislation of reducing union representation would produce wonderful things. We went through that painful exercise and given the only winner was the external “arbitrator/ expert” one has to ask how that concept is going.
A concept that legistrated wage freezes/ increases for union members would be accepted by the unions and translate into substantial savings. Given no new contracts have been signed to reflect that concept one has to ask not only how the concept is going but what is reflected in the budget. How convenient it would be to present a budget that reflects the concept but not the probable reality.
A concept that seniors were weak and vulnerable and would accept a concept of Pharmacare needs to be self sustaining. How is that concept going.
Bill B, I am confused by the following :” That said, the government has clearly labelled fiscal soundness as a core commitment. One of the key contributors to improving results is the cessation of accruals of public sector retirement allowances, a benefit virtually unknown in the private sector.”
Your comment clearly indicated cessation of the accrual not the cessation of the benefit. As long as the benefit continues we, the taxpayers, continue to pay. It is just a matter of when it gets recognized in the provinces transactions. So I am left wondering how is this is an example of fiscal soundness.
The real, unanswered question is what happened to the reserve that was set up in the accrual process in past years. That is probably $10s of millions, maybe even more!!! That needs an answer. Perhaps another concept that by ceasing the accrual the government can hide the fact that the benefit continues. The handling of the reserve from past years can be used to hide the true situation regarding the budget. Another concept????
The more I read about the budget the more I become concerned. I do NOT have confidence that we are in fact “getting there” . There are many “oddities” in the budget, I am just not sure they are accounting related as much as concept/ planned red herrings designed to confuse and hide. Just another concept put forward by the government .
Barry H | April 24, 2016 |
Thanks Barry.The benefits already credited in past years have been reserved for . The cost is less this year because the reserve would have increased if future accruals had not ceased.
Yes, the final outcome with the unions is still a big unknown which could scupper the progress
Bill
Bill | April 24, 2016 |
“Slowly” discovering free enterprise as a replacement for the collectivist construct of our fiscal past? Merit over Marx ? Sounds promising.
Gordon a.... | April 23, 2016 |
Decentralization of medical services seems like an obvious thing to do in Nova Scotia and would have some advantages for sure. However be careful what you wish for as there are unintended consequences of doing this for sure as well. Care that is convenient and nearby maybe just that but there is no guarantees of the quality of care that will be given or received in public or private facilities. This will require very careful monitoring and given the time lines presented and high probabilities of administrative, and health care provider turnovers, not to mention political, there is a high probability that these plans will not turn out to be what is suggested and more consolidation will be needed to balance the dispersion of care! Good luck to the Province with this one. I think they think they are trying to do the right thing, but time will tell if such is the case or not!
Allan Purdy | April 22, 2016 |
This ‘Budget’ seems to be not much more than a collection of ‘pipe dreams’ despatched with ‘fingers crossed’ from ‘Fairyland’ in hopes that nobody will notice before heading for The Polls again…The Hospital ideas sound fairly reasonable but the proof of that pudding will be in the eating, provided that ‘the table’ actually ever gets set..
Bob MacKenzie | April 22, 2016 |