Nova Scotia forecasts slightly smaller deficit of $274.5M for 2014-15
HALIFAX – The Nova Scotia government is forecasting a deficit of $274.5 million for this fiscal year, $4.5 million less than what was projected in the April budget.
Finance Minister Diana Whalen says in order to keep the government’s fiscal plan on course, she made mid-term adjustments that will reduce spending by about $30 million.
Whalen says the changes will cut department spending by one per cent and reduce civil service hiring over the rest of the 2014-15 fiscal year.
But she says there have also been a number of unexpected costs since April, including the completion of the loan for the Yarmouth-Maine ferry service.
She says while revenues are expected to increase by $6.8 million since the spring budget projections due to personal and corporate income taxes and petroleum royalties, challenges will remain and the government must remain frugal.
© 2014 The Canadian Press