First Budget 2025-26 Update, Public Accounts for 2024-25 Released

The Province issued its first public update for Budget 2025-26 today, September 22, and released the public accounts for the 2024-25 fiscal year ending March 31, 2025.

Budget 2025-26 Update

The government continues to focus on healthcare spending and affordability measures for families, seniors and the most vulnerable Nova Scotians. Those items, along with investments in hospitals and other healthcare projects, public housing and schools has led the Province to project a deficit of $1.2 billion for 2025-26. This is up from a projected $697 million when the budget was tabled in February.

“Nova Scotians told us that fixing healthcare and helping people afford the increased cost of living are important. We promised to help, and that’s what we are doing,” said John Lohr, Minister of Finance and Treasury Board. “Unfortunately, the global economic environment right now is challenging, and Nova Scotia is not immune. We need to continue to strengthen our economy so we can continue to afford the programs and services Nova Scotians rely on.”

Public Accounts for 2024-25

The Province reported a surplus of $264.8 million for the 2024-25 fiscal year, up from the budgeted deficit of $467.4 million, and received an unmodified opinion on its financial statements from the auditor general for the 25th consecutive year.

Key things to note include:

• Nova Scotia’s initial $203-million payment in the settlement of a lawsuit against tobacco companies, received August 29, was recorded in the 2024-25 fiscal year
• it was determined the Province must put long-term care facilities on its books as tangible capital assets; this accounting adjustment increased net debt by $879.9 million in 2024-25 and reduced loans receivable by the same amount.

Quick Facts:

• 16 departments and other entities required 2024-25 year-end additional appropriations totalling $668.7 million
• in the first quarter of 2025-26, 12 departments and other entities required additional appropriations totalling just more than $1 billion; of that, $490 million is associated with the long-term care accounting adjustment
• also today, government entities released reports on compensation of more than $100,000 for individuals as required by the Public Sector Compensation Disclosure Act
• the Province 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

Additional Resources:

Public accounts documents: https://beta.novascotia.ca/public-accounts

Budget 2025-26: Unlocking Our Potential: https://novascotia.ca/budget/

News release – Nova Scotia to Recoup Hundreds of Millions from Tobacco Settlement: https://news.novascotia.ca/en/2025/03/07/nova-scotia-recoup-hundreds-millions-tobacco-settlement