09/16/2021 | Press release | Distributed by Public on 09/16/2021 08:43
Government released the public accounts for the 2020-21 fiscal year ending March 31, 2021, today, Sept. 16.
'This has been a challenging time for many Nova Scotians, as well as small businesses, retailers and tourism operators across our province,' said Allan MacMaster, Minister of Finance and Treasury Board. 'As we work toward rebuilding our economy, we will continue to focus on our recovery and keeping Nova Scotians safe.'
The province reported a deficit of $341.6 million for the year ended March 31, 2021. This was $396.6 million lower than the estimated surplus of $55.0 million.
Total consolidated revenues were $12.29 billion, a decrease of $177.8 million from the budget estimate, due mainly to changes in tax revenue, recoveries and federal transfer payments.
Total consolidated expenses were $12.63 billion, an increase of $218.8 million from the budget estimate, mainly due to increased support for health-care services during the pandemic and other COVID-19 supports to aid in recovery efforts.
At year end, net debt was $16.40 billion. The net debt to GDP ratio for 2020-21 was 36.0 per cent.
The auditor general provided an unmodified opinion on the province's consolidated financial statements for the fiscal year ended March 31, 2021.