Nova Scotia deficit projection rises by more than 70 per cent to record $1.2 billion – Halifax
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Nova Scotia is forecasting a record deficit of $1.2 billion for the current fiscal year.
The figure released today is a jump of $527.9 million from the $697.5-million deficit projected in February’s budget.
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Finance Minister John Lohr says the new estimate is concerning, but he stopped short of saying whether the government would need to tighten spending.
Lohr says population growth and consumer spending are slowing, leading to a $44.9-million drop in the province’s projected revenues.
Government spending, meanwhile, is up by $503 million more than forecast, primarily in the health sector.
Lohr says the province ended the last fiscal year with a surplus of $264.8 million, up from a projected deficit of $467.4 million.
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