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N.S. ends year with $350M surplus; largest turnaround in history

By Steve MacArthur Sep 9, 2022 | 11:17 AM

Finance Minister Allan MacMaster

It’s the largest turnaround in Nova Scotia’s history.

Our province finished the year with a $350 million dollar surplus after predictions suggested a deficit of $584 million dollars.

It’s a swing in fortunes of $936 million. It’s the result of changes in tax revenues, offshore licence forfeitures, investment income, as well as federal recoveries and other federal transfers.

Finance Minister Allan MacMaster says it reflects our strong recovery coming out COVID-19, but adds labour shortages, health care and housing remain challenges.

“Nova Scotia’s positive fiscal position at the end of 2021-22 reflects our province’s strong economic recovery coming out of the COVID-19 pandemic. That said, we know real challenges still exist, such as skilled labour shortages and unprecedented price increases that are driving up costs worldwide,” said MacMaster. “We are addressing those challenges as we continue to make much-needed investments in priority areas such as healthcare and housing and provide supports to vulnerable Nova Scotians.”

Total consolidated expenses were $13.7 billion, an increase of $386.3 million from the budget estimate, mainly due to increased support for healthcare services during the pandemic, additional municipal transfers, and university infrastructure funding.

At year end, net debt was $16.6 billion.


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