Nova Scotia generated $144M surplus last fiscal year; budget predicted $279M deficit

HALIFAX – Nova Scotia generated $422.5 million more in revenue last fiscal year compared to what was originally estimated in the budget.

In the fiscal year ending March 31, 2024, the province earned a surplus of $143.6 million, when the government had predicted the year would end in a deficit of $278.9 million.

The province’s public accounts released today show that the surplus is due to higher-than-expected income and sales tax revenue, net income from government business enterprises, and federal transfers.

Government revenues were $16.5 billion, a rise of $1.1 billion or 6.9 per cent higher than what was budgeted.

Total government expenses were $16.4 billion, a rise of $643 million or 4.1 per cent higher than the original estimate, with extra spending on health care, housing, response to extreme weather events, and affordability measures.

Net debt was $18.5 billion at the end of the fiscal year, $772.7 million higher than the previous year.

This report by The Canadian Press was first published July 26, 2024.

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