Nova Scotia's deficit smaller than predicted
Tax revenues higher than budgeted, deficit lower.
Net debt stands at $15 billion
The Nova Scotia government finished last year in a stronger financial position than predicted, thanks largely to tax revenues that were higher than budgeted.
The government released its audited financial statements on Thursday for the fiscal year that ended March 31, 2015.
The deficit is $143.7 million, lower than the $279 million that was budgeted.
The variance is due largely to an additional $228 million in provincial revenues from sales tax and income tax. The province's total spending was $92.7 million more than projected.
The province's net debt stands at $15 billion.
By the numbers:
- Total Nova Scotia revenues: $10.6 billion
- Total Nova Scotia expenses: $10.8 billion
- Year-end deficit: $143.7 million
- Net debt: $15 billion