HALIFAX — Premier Brian Tobin of Newfoundland and Labrador yesterday accepted the AIMS Silver Piggy Bank Award for his province’s record of improved fiscal management over the past five years. Newfoundland’s progress in this regard was documented in the Institute’s recent study of the fiscal position of the four Atlantic provinces, entitled Debtors’ Prison II: Shortening the Sentence. The Silver Piggy Bank, which denotes the second best fiscal performance in Atlantic Canada, was presented to the Premier by Hon. John Crosbie, a member of the AIMS Board of Directors.

The AIMS Golden Piggy Bank Award for the best managed province fiscally went to Prince Edward Island. That award was presented to Premier Pat Binns by the Institute’s President, Brian Lee Crowley, in a ceremony in Charlottetown on Wednesday, December 8, 1999. Also present was the author of Debtors’ Prison II, Mr. Roland Martin, AIMS Fellow in Public Finance.


Contact: Brian Lee Crowley, AIMS President, (902) 499-1998; [email protected]


The text of the media release from Premier Tobin’s office follows:

December 21, 1999
(Executive Council)

Premier accepts Silver Piggy Bank Award

Premier Brian Tobin today accepted the Silver Piggy Bank Award from the Atlantic Institute for Market Studies (AIMS). It was presented by John Crosbie, a member of the institute’s board of directors.

In its recent report, “Debtor’s Prison II: Shortening the Sentence,” AIMS noted that Newfoundland and Labrador has, over the past decade, become one of the best managed provinces financially in the country. The province’s overall financial performance earned it second place standing in the Atlantic region this year.

“I am delighted this province is being recognized for its commitment to strong financial management,” said Premier Tobin. “Because of careful management of our fiscal resources, we are now beginning to see results. For example, government has been able to announce personal income tax cuts effective January 1.”

“The report recognizes that the province has the best economic growth rate in the country and that it has managed its scarce resources very well in economically turbulent times,” said the premier. “In fact, AIMS noted that fiscal performance has been steady over the past four years with a track record of four budgetary surpluses.”

Prince Edward Island received the AIMS Golden Piggy Bank Award, the first place award. New Brunswick and Nova Scotia were ranked behind Newfoundland and Labrador, third and fourth respectively.

The Atlantic Institute for Market Studies (AIMS) is an independent, non-partisan, social and economic think tank which was founded by a group of Atlantic Canadians to broaden the debate about the realistic options available to build our economy.

Debtors’ Prison is the term the institute has chosen to describe the trap into which the region’s governments have fallen by accumulating far more debt than the economies of the four provinces can reasonably bear.

Media contact: Heidi Bonnell, Office of the Premier, (709) 729-3564.

1999 12 21 4:30 p.m.