The Province of Nova Scotia has released the public accounts for the 2022-2023 fiscal year that ran from March 31st, 2023 until September 12th, 2023.

Nova Scotia reported a surplus of $115.7 million compared with an estimated deficit of $506.2 million when Budget 2022-23 was introduced in March 2022. This reported surplus is an increase of $375.1 million from the final forecasted deficit of $259.4 million.

Total consolidated revenues were $15.6 billion, an increase of $2 billion due to tax revenue changes, recoveries, federal transfers, net income from government business enterprises and investment income.

Total consolidated expenses were $15.5 billion, an increase of $1.3 billion from the budget estimate. This was due to increased support for areas such as transformational changes to healthcare, off-oil programming, grants for new healthcare programs at three universities and more.

At years end, the net debt was $17.8 billion. The net debt to GDP ratio for 2022-23 was 31.7 percent, an increase from 33.1 percent last year.

-via Nova Scotia