Second Budget 2023-24 Update

The second forecast update on Budget 2023-24: More Healthcare, Faster reflects historic investments in healthcare, costs to respond to this year’s flooding and wildfires and supports for seniors and vulnerable citizens.

Finance and Treasury Board Minister Allan MacMaster presented the update today, December 18. The government is forecasting a smaller deficit of $264.3 million for the 2023-24 fiscal year, a $14.6-million improvement from the $278.9-million deficit presented in March.

“Budget 2023-24 is on track. We are focused on transforming healthcare and providing solutions to build a healthy economy and healthier communities," said Minister MacMaster. “With increased revenues due in part to a growing population, we have been able to invest more into priority areas like housing, seniors care and targeted supports for Nova Scotians in need.”

Finance and Treasury Board provides budget updates to the public every September, December and as a final forecast with the following year’s budget. The final report on the budget is presented through public accounts the following summer.

Nova Scotians can help shape the next provincial budget, and future budgets, by taking part in a public consultation. The deadline for submissions is January 26.

Quick Facts:

• revenue is projected to be $14.8 billion, up $492.7 million (net) from the budget estimate, mainly because of increases in provincial income tax revenues, investment income and recoveries
• expenses are projected to be $15.3 billion, up $440.2 million from the budget estimate, mainly because of expenses related to healthcare, targeted supports and debt servicing costs
• additional appropriations totalling $154.3 million are required for seven departments

Additional Resources:

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

Budget 2023–24: More Healthcare, Faster: https://novascotia.ca/budget/

Budget consultation: https://novascotia.ca/budget-engagement