Some eye popping figures in the latest financial update from our province.

Nova Scotia raked in more than $1 billion in new revenue compared to budget projections, flipping our bottom line from a negative into a  positive.

The province is seeing the benefits of population growth, but the finance minister is cautious about the challenges it presents in terms of housing, health care and education.

“Over the past year, Nova Scotia has continued to experience growth and the changes that come with it,” said Allan MacMaster, Minister of Finance.

Our province is now reporting a surplus of $143.6 million after projecting a deficit of $278.9 million.

It’s a positive swing of $422.5 million.

However, more money is being spent as it comes in. Spending increased by $643 million, or 4.1 per cent, from the budget forecast.

The government points to using it for increased support in key areas including:

• Health investments, including compensation and other operating cost increases to improve access to care for Nova Scotians
• Support for municipal infrastructure projects and disaster assistance following floods and wildfires
• Initiatives to reduce homelessness, provide heating assistance and improve food security.

“Our government has continued to focus on offering solutions and making investments, like healthcare, housing and affordability measures, while also responding quickly to extreme weather events.” explained MacMaster.

At year end, net debt was $18.5 billion.