Continued Fiscal Discipline Having Positive Impact on Province's Bottom Line

The province's latest budget update forecasts an improved bottom line.

Finance Minister Graham Steele released the 2011-12 fiscal update today, March 20. Nova Scotia's deficit is now forecast to be $260.8 million, an improvement of $128.8 million from the budget estimate.

"To get back to balance, we have continued to exercise restraint and good fiscal management," said Finance Minister Graham Steele. "When we close the books on 2011-12, I expect departmental spending will come in under budget for the third year in a row. That hasn't happened for at least 45 years."

Forecast highlights include:

• Total revenues, including net income from government business enterprises, are forecast to be $8.9 billion, up $7.1 million from budget
• Total expenses, and consolidation and accounting adjustments, are forecast to be $9.2 billion, $121.7 million lower than budget
• Departmental spending is forecast to be $72.2 million under budget
• Gross debt servicing costs are expected to drop by $47.4 million from budget to $838.1 million.

Mr. Steele reaffirmed the government's commitment to present a balanced budget next year, in 2013, as planned.