Province Projects Surplus with December Forecast Update

Minister of Finance and Treasury Board Karen Casey presented the second update to Budget 2018-19 today, Dec. 19, with a projected surplus of $27.3 million. It is down $2.1 million from the budget estimate of $29.4 million.

"Nova Scotia continues to project a balanced budget for 2018-19. Sticking to our fiscal plan has allowed us to respond to volatility in revenue streams and increased demand for services,” said Ms. Casey. “We are committed to sustaining balanced budgets and strong fiscal health for the province, so that we can continue to deliver the programs and services Nova Scotians need.”

Highlights of the forecast update include:

• total revenue is projected to be up $51.6 million from budget to $10.86 billion
• prior years' adjustments for provincial revenue sources are forecast to be negative $19.4 million
• revenue from an excise tax on recreational cannabis has been revised down by $6.3 million primarily due to the later legalization date
• expenses have been revised up $57.9 million from budget and, with consolidation adjustments, are $10.84 billion
• additional appropriations are needed, totalling $64.9 million, for health-care services, health-related information technology projects, transportation, community and infrastructure projects and funding for universities.

For more information, see the Department of Finance and Treasury Board website at https://beta.novascotia.ca/budget-forecast-updates .