The province ended the 2021-2022 fiscal year in the black.
Finance Minister and Inverness MLA Allan MacMaster (Communications Nova Scotia photo)
Figures released this morning by Finance Minister and Inverness MLA Allan MacMaster show the province posted a surplus of $350.9 million . Government had projected a $584.9 million deficit in last year’s budget.
That was later updated to a forecasted surplus of $107.7 million.
Revenues were up $1.3 billion from the budget estimate, mainly due to increases in tax revenues, offshore license forfeitures, investment income and federal transfers.
Expenses were $386.3 million higher than projected, due mainly to increased healthcare expenses during the pandemic, other COVID-19 supports to aid in recovery efforts, additional municipal transfers and university infrastructure funding.