Last week, provincial finance minister and Inverness MLA Allan MacMaster provided an update on the provincial budget.
MacMaster said expenses are up, which he said is largely due to healthcare, which he noted is important and something to which the government is committed. When asked about the deficit, MacMaster said the government is forecasting a deficit just over $650 million and it increased by about $186 million, largely due to extra costs in health care.
Inverness MLA and Finance Minister Allan MacMaster . (Communications Nova Scotia photo)
A release from the province states total revenue is projected to be $15.9 billion, with an overall revenue increase of $10.2 million, while expenses are projected to be $16.8 billion, up $242.7 million from the budget estimate, due to additional investments in healthcare, increased participation in programs for seniors, and disaster response.
Tax revenues are forecast to drop by about $70 million compared to the estimate in the spring. He said the drop is not a large amount, but the fact that is down is a change. MacMaster said with population and tax revenue increases in the province, he feels the tax revenue decrease is a sign of what people are seeing across the country, which is a slowing of the economy, less spending, and less economic activity.