Public Accounts for 2020-21 Released

Government released the public accounts for the 2020-21 fiscal year ending March 31, 2021, today, Sept. 16.

“This has been a challenging time for many Nova Scotians, as well as small businesses, retailers and tourism operators across our province,” said Allan MacMaster, Minister of Finance and Treasury Board. “As we work toward rebuilding our economy, we will continue to focus on our recovery and keeping Nova Scotians safe.”

The province reported a deficit of $341.6 million for the year ended March 31, 2021. This was $396.6 million lower than the estimated surplus of $55.0 million.

Total consolidated revenues were $12.29 billion, a decrease of $177.8 million from the budget estimate, due mainly to changes in tax revenue, recoveries and federal transfer payments.

Total consolidated expenses were $12.63 billion, an increase of $218.8 million from the budget estimate, mainly due to increased support for health-care services during the pandemic and other COVID-19 supports to aid in recovery efforts.

At year end, net debt was $16.40 billion. The net debt to GDP ratio for 2020-21 was 36.0 per cent.

The auditor general provided an unmodified opinion on the province’s consolidated financial statements for the fiscal year ended March 31, 2021.

Quick Facts:

• 2020-21 additional appropriations being reported since the last forecast update totalled $32,311,000 and were for three departments and offices, assistance to universities, and government contributions to benefit plans
• government responded to COVID-19 with close to $940 million in gross operating and capital spending in the 2020-21 fiscal year
• the annual public accounts report the actual financial results at the end of the fiscal year in comparison to the budget approved at the beginning of the year, as well as the prior fiscal year
• the public accounts are presented in three volumes: the consolidated financial statements of the province and financial information of departments; financial statements of Crown corporations and funds; and departmental details about salaries, payments to suppliers, travel and other expenses
• also today, government entities released compensation over $100,000 for individuals as required by the Public Sector Compensation Disclosure Act

Additional Resources:

The three-volume set of documents is available at: https://beta.novascotia.ca/public-accounts