HALIFAX: The second update on Budget 2022-23 shows strong economic activity has increased revenue, allowing Nova Scotia to invest more in priority areas and support Nova Scotians with the cost of living.
Finance and Treasury Board Minister Allan MacMaster presented the update today, December 20. The government is forecasting a deficit of $142.6 million for the 2022-23 fiscal year, a $363.6-million improvement from the $506.2-million budget deficit presented in March.
“This is a difficult time for many families, and we are helping Nova Scotians in a world that has become much more expensive and strengthening the programs they value,” said Minister MacMaster.
“Stronger-than-expected economic activity has improved our fiscal situation, allowing us to provide more targeted support to people in need and invest in healthcare, long-term care, housing, and infrastructure and local roads today and over the coming months.”
Finance and Treasury Board provides budget updates to the public three times a year, in September, December and as a final forecast with the following year’s budget.
The final report on the budget is presented through public accounts in the summer.
Quick Facts:
— total revenue is projected to be $14.0 billion, up $1.3 billion from the budget estimate, due to increases in all key revenue sources, including corporate and personal taxes and HST
— departmental expenses are projected to be $13.4 billion, up $949.5 million from the estimate, mainly due to additional investments in government priority areas
— additional appropriations totalling $768.4 million are required for 16 departments
Additional Resources:
December forecast update and additional appropriations fact sheet: https://beta.novascotia.ca/budget-forecast-updates
