HALIFAX – Nova Scotia reinforced its commitment to strong fiscal management during “continuing economic uncertainty” in the first budget update of 2015-2016 on Monday.
The provincial budget forecast update came on Monday and addressed an expected deficit of $122.5-million, which is an increase of $25-million from the budget estimate of $97.6-million.
The province says the increase in debt is likely due to the slow growth in provincial tax revenue, along with high costs of the past winter and home care.
Finance and Treasury Board Minister Randy Delorey said the province will, “continue to be diligent in our spending and fiscal management to maintain our fiscal plan and achieve a balanced budget in 2016-2017.”
He also said that the province will continue to make tough decisions to manage spending and focus strategic investments to areas like education, home care and reducing wait times in accessing health care.
The update also indicated four departments that needed additional funding, the two biggest being Health and Wellness and Transportation and Infrastructure Renewal, which received appropriations totaling 13.2-million dollars.
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