HALIFAX — Nova Scotia’s projected deficit for the 2021-22 fiscal year has shrunk to $445 million from the forecast of $585 million presented in the March provincial budget.
Officials said in a budget update today the $140 million improvement on the deficit is due in part to a projected increase in total revenue to $12.1 billion, up from $11.7 billion forecast in March.
Revenues are expected to get a boost from what officials project will be higher compensation for employees, resulting in more personal taxes paid to the province.
Finance Minister Allan MacMaster also announced just over $80 million in new spending, with the largest amounts going to initiatives in the health and municipal affairs departments.
MacMaster says $32 million will go to the new Senior’s Care Grant, which is aimed at helping the province’s elderly stay in their homes.
Another $32 million will be spent to increase grants given to municipalities whose service costs exceed their ability to pay for the services.
This report by The Canadian Press was first published Sept. 29, 2021.
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This story was produced with the financial assistance of the Facebook and Canadian Press News Fellowship.
The Canadian Press