N.S. government says deficit down by $219M for 2024-25 fiscal year
John Lohr revealed the new projected Nova Scotia deficit on Dec. 20, 2024. (Source: Jonathan MacInnis/CTV News Atlantic)
The Nova Scotia government is forecasting a deficit of $247.5 million for the 2024-2025 fiscal year, which is down $219.9 million from its prediction earlier this year.
Finance and Treasury Board Minister John Lohr presented the deficit update on Friday, according to a news release from the province. Last March the government forecasted a $467.4 million deficit when it tabled the budget.
Revenue is projected to be $16.5 billion, which is an increase of $642 million from the budget estimate. The province credits this change to increases in tax revenues, investment income and recoveries.
Total expenses are expected to reach $16.5 billion, which is up by $440.6 million from the budget projections. The province says it spent extra money on health care, affordability, economic growth and support for families.
The government is also spending $253 million in additional appropriations for 10 departments.
More to come…
For more Nova Scotia news, visit our dedicated provincial page.
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