News release

Public Accounts for 2021-2022 Released

Finance and Treasury Board

The Province released the public accounts for the 2021-22 fiscal year ending March 31, 2022, today, September 9.

“Nova Scotia’s positive fiscal position at the end of 2021-22 reflects our province’s strong economic recovery coming out of the COVID-19 pandemic. That said, we know real challenges still exist, such as skilled labour shortages and unprecedented price increases that are driving up costs worldwide,” said Allan MacMaster, Minister of Finance and Treasury Board. “We are addressing those challenges as we continue to make much-needed investments in priority areas such as healthcare and housing and provide supports to vulnerable Nova Scotians.”

The Province reported a surplus of $350.9 million for the year ended March 31, 2022, compared with a budgeted deficit of $584.9 million. This reported surplus is an increase of $243.2 million from the final forecasted surplus of $107.7 million.

Total consolidated revenues were $14.1 billion, an increase of $1.3 billion from the budget estimate, due mainly to changes in tax revenues, offshore licence forfeitures, investment income, as well as federal recoveries and other federal transfers.

Total consolidated expenses were $13.7 billion, an increase of $386.3 million from the budget estimate, mainly due to increased support for healthcare services during the pandemic, other COVID-19 supports to aid in recovery efforts, additional municipal transfers, and university infrastructure funding.

At year end, net debt was $16.6 billion. The net debt to GDP ratio for 2021-22 decreased to 32.2 per cent from 35 per cent.

The auditor general provided an unmodified opinion on the province’s consolidated financial statements for the fiscal year ended March 31, 2022.

Quick Facts:

  • 2021-22 additional appropriations being reported since the last forecast update totalled $71.0 million and were for five departments, two offices, and one statutory capital item
  • 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
  • this is the 22nd consecutive year that the public accounts received an unmodified auditor’s opinion

Additional Resources:

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

Mandate letter of the Minister of Finance and Treasury Board: https://novascotia.ca/exec_council/letters-2021/ministerial-mandate-letter-2021-ECO,-FTB-GA-LR.pdf