New figures show grappling with the COVID-19 pandemic has had a significant impact on the Nova Scotia government’s bottom line. Finance Minister and Inverness MLA Allan MacMaster
Inverness MLA and Finance Minister Allan MacMaster. (PC Party photo)
released final figures from the 2020-21 fiscal year that ended on March 31st.
The province posted a deficit of $341.6 million dollars. When the budget was tabled by the previous Liberal government in March of last year, before the pandemic began, it had projected a surplus of $55 million.
MacMaster says government’s response to the pandemic amounted to $940 million in gross operating and capital spending. The province was helped with $413 million in federal government supports.
MacMaster says the figures announced today won’t affect the plans the PC’s campaigned on during the election.
Total consolidated expenditures amounted to $12.63 billion. At year end net debt was $16.40 billion. The net debt to GDP ratio for 2020-21 was 36 per cent.