First Budget 2022-23 Update

The first update on Budget 2022-23 shows the government’s commitment to making key investments in priority areas such as healthcare, education, seniors, and improving roads and community infrastructure.

Finance and Treasury Board Minister Allan MacMaster presented the update today, September 29. The government is forecasting a deficit of $554.2 million for the 2022-23 fiscal year, a $48-million increase from the $506.2-million deficit presented in March.

“We have been upfront that as a government, we will continue to invest in the areas that matter most to Nova Scotians, including healthcare, education, long-term care and a sustainable future,” said Minister MacMaster. “We remain focused on making investments that have lasting value and advancing solutions that improve the lives of Nova Scotians.”

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. The final report on the budget is presented through public accounts in the summer.

Quick Facts:

• total revenue is projected to be $12.7 billion, up $71.8 million from the budget estimate, mainly due to increases in investment income, HST revenue and revenue from federal sources
• departmental expenses are projected to be $12.5 billion, up $97.1 million from the estimate, mainly due to increased expenses related to COVID-19 testing (some of the costs are recoverable from the federal government), additional investments in government priority areas and new funding for federally recoverable programming
• additional appropriations totalling $221.5 million are required for eight departments

Additional Resources:

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

Budget 2022-23: Solutions for Healthcare, Solutions for Nova Scotians: https://novascotia.ca/budget/

NOTE: The first paragraph and Minister MacMaster's quote were updated September 29.