Nova Scotia Budget Report 2016

“WORKING TOGETHER FOR A STRONGER NOVA SCOTIA”

On April 19, 2016, the Honourable Randy Delorey presented his first budget as Nova Scotia’s Finance and Treasury Board Minister. With a focus on economic growth, youth, education and responsible fiscal management, provincial finances have strengthened with surpluses predicted for each year of the government’s four-year fiscal plan.

The deficit reported for 2015-16 is $71 million, coming in a little lower than the deficit of $98 million that was forecast last year. The government is forecasting a surplus of $127 million for 2016-17. This surplus includes a one-time revenue amount of $110 million made up of federal and municipal contributions for the convention centre in Halifax. This surplus amount will be used towards provincial debt, providing the fiscal capacity to launch a multi-year redevelopment of the QEII Health Sciences Centre. Excluding this one-time revenue amount, the budget's net position is $17 million for 2016-17.

Highlights

• Deficit of $71 million projected for 2015-16 fiscal year
• Surplus of $127 million forecast for 2016-17 fiscal year (net position of $17 million)
• Amount for Young Children tax credit maintained
• No income tax or HST rate increases

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