First Budget 2024-25 Update

The first update on Budget 2024-25: Building Nova Scotia, Faster shows continued focus on supporting Nova Scotians and communities, improving healthcare and building a skilled workforce for more housing and a healthy economy.

Finance and Treasury Board Minister Allan MacMaster presented the update today, September 27. The government is forecasting a deficit of $654.0 million for the 2024-25 fiscal year, a $186.6-million increase from the $467.4-million deficit presented in March.

“We are closely managing the Province’s finances, following through on the commitments we made in the budget and adapting to changing circumstances,” said Minister MacMaster. “This past year, the government has made necessary investments to build more housing and fix healthcare while also dealing with cost pressures associated with infrastructure needs and support for people and businesses impacted by natural disasters.”

Finance and Treasury Board provides budget updates to the public every September, December and as a final forecast with the following year’s budget. The final report on the budget is presented through public accounts the following summer.

Quick Facts:

• total revenue is projected to be $15.9 billion, with an overall revenue increase of $10.2 million
• expenses are projected to be $16.8 billion, up $242.7 million from the budget estimate, due to additional investments in healthcare, increased participation in programs for seniors, and disaster response
• additional appropriations totalling $448.5 million are required for 13 departments, debt servicing and capital purchase requirements

Additional Resources:

September forecast update: https://beta.novascotia.ca/budget-forecast-updates

Budget 2024-25: Building Nova Scotia, Faster: https://novascotia.ca/budget/