Public Accounts for 2022-23 Released

The Province released the public accounts for the 2022-23 fiscal year ending March 31, 2023, today, September 12.

“Nova Scotia’s growing population and rebounding economy in 2022 had a positive effect on the Province’s finances,” said Allan MacMaster, Minister of Finance and Treasury Board. “Over the past year, our government focused on what matters most to Nova Scotians, including healthcare, housing and affordability. We responded quickly to hurricane Fiona and invested in communities across the province. We will continue to invest in Nova Scotians.”

The Province reported a surplus of $115.7 million compared with an estimated deficit of $506.2 million when Budget 2022-23 was introduced in March 2022. This reported surplus is an increase of $375.1 million from the final forecasted deficit of $259.4 million.

Total consolidated revenues were $15.6 billion, an increase of $2.0 billion from the budget estimate, due mainly to changes in tax revenues, recoveries, federal transfers, net income from government business enterprises and investment income. This total includes $928.6 million in one-time revenue from previous years.

Total consolidated expenses were $15.5 billion, an increase of $1.3 billion from the budget estimate, mainly due to increased support for:

• transformational changes to healthcare
• initiatives under Action for Health, the Province’s strategic plan to improve healthcare
• grants for new healthcare programs at three universities
• retention incentives for healthcare workers
• off-oil programming
• expansions of the Seniors Care Grant and Heating Assistance Rebate Program.

At year end, the net debt was $17.8 billion. The net debt to GDP ratio for 2022-23 was 31.7 per cent, an improvement from 33.1 per cent a year ago.

The Province’s net debt now includes $608.2 million in estimated asset retirement costs due to the adoption of a new accounting standard.

Quick Facts:

• 2022-23 additional appropriations being reported since the last forecast update in March totalled $94.1 million
• 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
• 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
• for the 23rd consecutive year, the auditor general has provided an unmodified opinion on the Province’s consolidated financial statements

Additional Resources:

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

Budget 2022-23: Solutions for Healthcare, Solutions for Nova Scotians: https://beta.novascotia.ca/documents/budget-documents-2022-2023