19 Sep 2019/20 Budget Update
The first update on Budget 2019-20 shows Nova Scotia remains on track for another balanced budget.
Minister of Finance and Treasury Board Karen Casey presented the update today, Sept. 19. The projected surplus is $30.8 million, down $2.8 million from budget day.
“Managing our finances and having balanced budgets has provided a strong fiscal foundation to build upon,” said Finance and Treasury Board Minister Karen Casey. “We are following the plan outlined in Budget 2019-20, which invests in areas that directly benefit Nova Scotians, such as health care, education and youth, economic growth and communities.”
Finance and Treasury Board provides budget updates to the public three times a year in September, December and as a final forecast with the following year’s budget. A budget’s final report is presented through Public Accounts in the summer.
— Budget 2019-20 is on track to be the fourth consecutive balanced budget
— total revenue is projected to be up $119.8 million, mainly due to a federal contribution to Boat Harbour remediation and a flow-through federal payment to municipalities from the gas tax
— overall expenses are projected to be up $129.7 million, mainly due to increased expenses in Health and Wellness, Community Services and the flow-through federal payment to municipalities from the gas tax
— additional appropriations are needed in eight departments and agencies and for tangible capital assets, totalling $169.7 million
— debt servicing costs are revised down by $13.7 million