HALIFAX – The Nova Scotia government issued a financial update Thursday that forecasts lower spending and a $54-million reduction in the projected deficit.
The second fiscal update for the 2014-15 budget forecasts a deficit of $220.6 million, down from the $274.5 million that was estimated in September.
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Finance Minister Diana Whalen says total revenues are forecast to be $9.7 billion, an increase of close to $100 million since the last fiscal update.
Whalen says the increase is due mostly to higher corporate income tax and petroleum royalty revenues.
In August, she introduced a mid-year spending reduction in a bid to meet budget goals.
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