Second Budget 2024-25 Update

The second update on Budget 2024-25: Building Nova Scotia, Faster shows continued focus on significant investments in healthcare and affordability measures that help support families, seniors and a healthy economy.

Finance and Treasury Board Minister John Lohr presented the update today, December 20. The government is forecasting a deficit of $247.5 million for the 2024-25 fiscal year, a $219.9-million improvement from the $467.4-million deficit presented in September.

“Nova Scotians have made it clear that they want government to continue our work and keep investing in what matters to them most," said Minister Lohr. “We continue to manage provincial finances and support Nova Scotians with affordability measures that are making a difference, like the school lunch program and home-care supports for seniors and their families.”

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:

• revenue is projected to be $16.5 billion, up $642.0 million from the budget estimate, mainly because of increases in provincial tax revenues, investment income and recoveries
• total expenses are projected to be $17.0 billion, up $440.6 million from the budget estimate, mainly due to additional investments in healthcare, and targeted supports to address affordability, grow the economy and support families
• additional appropriations totalling $253.0 million are required for 10 departments

Additional Resources:

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

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