Nova Scotia released public accounts for the 2019-20 fiscal year last week. The province’s growing economy and strong fiscal foundation helped lessen the financial impact of COVID-19 in the 2019-20 year.
The province reported a surplus of $2.3 million for the year ended March 31, 2020. This was $31.3 million lower than the estimated $33.6 million.
- Total consolidated revenues were $12.34 billion, an increase of $454.1 million from the budget estimate mainly due to changes in tax revenue, recoveries and federal transfer payments.
- Total consolidated expenses were $12.34 billion, an increase of $485.5 million from the budget estimate mainly due to COVID-19 relief funding, demand for various health-care and other social services, and additional funding required for the remediation of Boat Harbour. This was a result of updated cost estimates provided by engineering experts after preliminary testing on site.
The three-volume set of documents are online at https://beta.novascotia.ca/public-accounts