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First Budget 2023-24 Update

by ahnationtalk on September 28, 202354 Views

September 28, 2023

The first update on Budget 2023-24: More Healthcare, Faster reflects historic investments in healthcare, settled workforce agreements and the cost of responding to emergencies, including wildfires and flooding.

Finance and Treasury Board Minister Allan MacMaster presented the update today, September 28. The government is forecasting a deficit of $402.7 million for the 2023-24 fiscal year, a $123.8-million increase from the $278.9-million deficit presented in March.

“We continue to deliver on this year’s budget that invests in transforming healthcare,” said Minister MacMaster. “Nova Scotians have also faced unprecedented natural disasters this year, and the support we provided to people, businesses and communities is reflected in this update.”

Finance and Treasury Board provides budget updates to the public every September, December and as a final forecast with the following year’s budget. The final report on the budget is presented through public accounts the following summer.

Quick Facts:

  • total revenue is projected to be $14.6 billion, including $232.3 million in new revenue and a $178.7-million accounting adjustment in net income, for an overall revenue increase of $411 million
  • expenses are projected to be $15.2 billion, up $363 million from the budget estimate, mainly because of additional investments in healthcare and keeping nursing home and hospital beds open, settled workforce contracts and disaster response
  • additional appropriations totalling $623.2 million are required for 10 departments, one office, debt servicing and refundable tax credits

Additional Resources:

September forecast update: https://beta.novascotia.ca/budget-forecast-updates

Budget 2023–24: More Healthcare, Faster: https://novascotia.ca/budget/

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