N.S. government releases deficit projection [Video]

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…