N.S. Facing $341-Million deficit, Debt Tops $16-Billion
HALIFAX – The province unsurprisingly spent a lot of money on health care over the last fiscal year. Updated figures from the government show the province is facing a deficit of $341-million with most of it spent on trying to get through Covid-19.
“This has been a challenging time for many Nova Scotians, as well as small businesses, retailers and tourism operators across our province,” said Allan MacMaster, Minister of Finance
and Treasury Board. “As we work toward rebuilding our economy, we will continue to focus on our recovery and keeping Nova Scotians safe.”
Total consolidated revenues were $12.2-billion, a decrease of $177.8-million from the budget estimate, due mainly to changes in tax revenue, recoveries and federal transfer payments.
Expenses were $12.6-billion, an increase of nearly $219-million from the budget estimate, mainly due to increased support for healthcare services during the pandemic and other Covid-19 supports to aid in recovery efforts.
At year-end, net debt was $16.40-billion while the net debt to GDP ratio for 2020-21 was 36.0 percent.
It’s the first financial update for the new PC government and first since the budget in March.
Steve MacArthur is the news director with CKHZ 103.5 in Halifax, a Huddle content partner.