MacMaster said the overall figures for the year ending March 31 reflect the province’s stronger-than-anticipated economic recovery from the COVID-19 pandemic. Provincial expenses of $13.7 billion were up $386 million from the budget because of increased pandemic support for health care, additional transfers to municipalities and university infrastructure funding, he said. The minister said provincial revenues for the fiscal year were $14.1 billion, an increase of $1.3 billion over the budget due to higher tax revenues, the forfeiture of offshore gas licences and federal transfers.
“It was a nice surprise I can tell you,” MacMaster told reporters, adding that the final surplus number wasn’t known until just a few weeks ago. It allowed MacMaster to forecast a surplus of more than $108 million in his December update. MacMaster said the province got the first inklings of an improved fiscal picture last November when Statistics Canada provided additional information indicating increased revenues.
The Progressive Conservatives were elected in August 2021. HALIFAX - The 2021-22 fiscal year saw Nova Scotia record a “surprise” $350.9-million surplus after forecasting a deficit of $584.9 million in the March 2021 budget, Finance Minister Allan MacMaster said recently.Īccording to Finance Department officials, the $935.8-million swing from the figure forecast by the previous Liberal government is the largest in the province’s history.
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