Capital Budget investing in the future well-being of all Islanders

image of a person standing in front of a school bus

Finance Minister Darlene Compton

Today Premier Dennis King and Finance Minister Darlene Compton tabled government’s capital budget outlining $212 million in planned spending on vital infrastructure in 2022-2023 that will continue to build on commitments to support Islanders, now and in the future.

“Over the past 19 months, Islanders have showed incredible creativity and resiliency to pandemic challenges, which has allowed our province to be in an enviable economic position where we can focus on the future successes of this Island. Now, as we look ahead through this Capital Budget, we have an opportunity to work together on strategic economic spending in health care, education, housing and climate action.”

- Premier Dennis King

The total for the current five-year plan will see a record planned spending of over $840 million that will allow our Island to take action to become more environmentally sustainable, invest in the wellbeing of Islanders, and continue to build local communities and economies.

“Capital Budget 2022-2023 is following up on the commitments that we have made to Islanders, by investing in the future of our Island,” said Minister of Finance Darlene Compton. "We know that we must stay mindful of the challenges posed by COVID-19 and continue to offer supports to those who have been impacted most by the pandemic. This budget outlines our commitment to bringing our economy back to a position of growth, and investing in key infrastructure that will define our Island as we continue to offer the services that Islanders need, and deserve.”

Highlights within the Capital Budget include:

Investments in the wellbeing of Islanders:

$7.5M for ventilation systems to be upgraded across the remaining Island schools to ensure that all schools have mechanical ventilation.
$105.8M for the construction of the new Sherwood Elementary and Stratford High School, expansions and investments at École François-Buote and École Évangéline, and further renovations at Elliot River and Montague Schools.
$63.6M investment to introduce four new Medical Homes and Neighborhoods in Queens County, Summerside, and in Western and Eastern PEI.

Investments in our communities:

$60.7M million to invest in social housing over five years, including $35 million in new spending which will result in over 100 new units.
$1.7M to benefit families and seniors by investing in retrofitting and greening of provincial housing infrastructure.
Over $6 million to continue the province’s commitment to healthier communities through improvements to active transportation across the Island, including PEI’s Confederation Trail system.

Investments in our environment:

$40.3M will be invested to ensure that all new school buses will be electric, which is the first time the Province has committed to purchasing only electric school buses.
$2.5M will go towards a new buffer zone buy back and restoration project that will increase greenspaces and benefit Island ecosystems
$1M will support the province’s efforts in planting over one million trees a year, an important goal to reduce PEI’s greenhouse gas emissions.

For more information on planned expenditures outlined in the 2022-23 Capital Budget, please visit Capital Budget.

Media contact:
Kip Ready
Department of Finance
902-314-3407
kjready@gov.pe.ca

General Inquiries

Department of Finance
2nd Floor South, Shaw Building
95 Rochford Street
P.O. Box 2000
Charlottetown, PE, C1A 7N8

Phone: (902) 368-4040
Fax: (902) 368-6575

DeptFinance@gov.pe.ca