July 31, 2014 10:05 am

Nova Scotia deficit climbed to $679M last year, net debt reached all-time high

HALIFAX – New figures show Nova Scotia’s deficit ballooned to $678.9 million in 2013-14 as the provincial government released the audited accounts for the last fiscal year.

The numbers put the province’s deficit at nearly $200 million more than what was forecast in December.

The government attributes the change to lower-than-expected revenues, higher departmental expenses and a one-time $318.3-million pension adjustment.

The province’s net debt also climbed, reaching an all-time high of $14.8 billion.

The Liberals came to power in October of last year, taking over from the previous NDP government partway through the fiscal year ending March 31.

In April, Finance Minister Diana Whalen said the government planned to spend $9.9 billion in the 2014-15 fiscal year, with a projected deficit of $279 million.

Read the Nova Scotia 2014 public accounts Vol. 1 below:

(Full details are available on the government’s website.)

© The Canadian Press, 2014

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