Mr. Speaker, without additional one-time corporate tax collections, we expect our revenues to drop in 2002-2003 to $856 million, while operating expenses will increase to $868 million, leaving us with an operating deficit of $12 million.

Operating expenditures are budgeted to be $64 million higher than the current year's main estimates. This is a substantial increase and reflects both the need to keep pace with higher costs and greater program demands and the need to make critical investments in our economy, in our communities and in our people.