December Update on Budget 2019-20

The second update on Budget 2019-20 continues to forecast a balanced budget.

Finance and Treasury Board Minister Karen Casey presented the update today, Dec. 19. The projected surplus is $36.9 million, up $3.2 million from budget day.

“Budget 2019-20 remains on track to be our fourth consecutive balanced budget,” said Ms. Karen Casey. “Maintaining a strong financial position enables us to deliver the programs and services that matter to Nova Scotians and to sustain these in years to come.”

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.

Quick Facts:

• total revenue is projected to be up $245.3 million from budget, mainly due to the one-time federal contribution to Boat Harbour remediation, a one-time flow-through federal payment to municipalities from the gas tax in Municipal Affairs and Housing, increased revenue from provincial taxes and positive prior year adjustments
• overall expenses are projected to be up $247.5 million from budget, mainly due to increased expenses in the departments of Health and Wellness, Service Nova Scotia and Internal Services, Community Services and Municipal Affairs and Housing for the flow-through federal payment to municipalities from the gas tax
• additional appropriations are needed in seven departments and agencies and for tangible capital assets, the pension valuation adjustment and restructuring costs totalling $138.2 million
• debt servicing costs are revised down by $17.4 million

Additional Resources:

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

Budget 2019-20: https://novascotia.ca/budget/