Nova Scotia closed the books in fiscal year 2020-21, posting a pandemic-driven deficit of $ 341.6 million.
The figure represents a drop of $ 396.6 million from the surplus of $ 55 million forecast in the budget presented in February 2020, just before COVID-19 arrived.
Finance Minister Allan MacMaster says the province responded to the pandemic with about $ 940 million in capital and operating expenses during the fiscal year ending March 31, aided by $ 413 million in federal aid.
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MacMaster says total expenditures increased by nearly $ 219 million to $ 12.63 billion due to increased support for health care services during the pandemic and to support various sectors of the economy.
Additionally, total revenues decreased by $ 178 million due to lower tax revenues and federal transfer payments.
The province’s net debt is now $ 16.4 billion.
This Canadian Press report was first published on September 16, 2021.
© 2021 The Canadian Press
Reference-globalnews.ca