{"id":15893,"date":"2020-07-29T15:38:45","date_gmt":"2020-07-29T18:38:45","guid":{"rendered":"https:\/\/thelaker.ca\/?p=15893"},"modified":"2020-07-29T15:38:45","modified_gmt":"2020-07-29T18:38:45","slug":"government-projects-852-m-deficit-as-a-result-of-covid19-impact","status":"publish","type":"post","link":"https:\/\/staging-z.thelaker.ca\/?p=15893","title":{"rendered":"Government projects $852 m deficit as a result of COVID19 impact"},"content":{"rendered":"\n

HALIFAX:<\/strong> The first update on Budget 2020-21 shows the COVID-19 pandemic is having a significant impact on the province’s fiscal forecast.

Finance and Treasury Board Minister Karen Casey presented the update today, July 29. <\/p>\n\n\n\n

Government is forecasting a deficit of $852.9 million for the 2020-21 fiscal year, a $907.9 million change from the $55 million surplus anticipated in February.

“Our strong economy was an advantage entering this pandemic. However, we cannot diminish or underestimate the magnitude of what we are facing as a province and as a country,” said Ms. Casey. “We will put in the hard work and exercise the fiscal management needed to return the province to a position of economic strength, while continuing to support Nova Scotians.”<\/p>\n\n\n\n

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Additional appropriations are required for nine departments for a total of $443.4 million, with the majority of expenses related to protecting Nova Scotians and sustaining the economy during the COVID-19 pandemic.This is in addition to the $228.2 million in additional appropriations for projects to help stimulate the economy previously announced in June.

Quick Facts:\u00a0
— total revenue is projected to be $11.06 billion, down $532.1 million from budget, mainly due to decreased revenue from HST and Corporate Income Tax
— overall expenses are projected $12.09 billion, up $470.3 million, mainly due to increased expenses related to the COVID-19 response
— debt servicing costs are revised down by $21.9 million from budget
— federal funding for the Safe Restart program and associated expenses will be included in the next forecast update once the agreement is finalized<\/p>\n\n\n\n

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Additional Resources:

Budget 2020-21: https:\/\/novascotia.ca\/budget\/<\/a>\u00a0

Nova Scotian information on COVID-19 https:\/\/novascotia.ca\/coronavirus<\/a>\u00a0

Government of Canada: https:\/\/canada.ca\/coronavirus<\/a>

Government of Canada information line 1-833-784-4397 (toll-free)<\/p>\n\n\n\n

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HALIFAX: The first update on Budget 2020-21 shows the COVID-19 pandemic is having a significant impact on the province’s fiscal forecast. Finance and Treasury Board Minister Karen Casey presented the update today, July 29. Government is forecasting a deficit of $852.9 million for the 2020-21 fiscal year, a $907.9 million change from the $55 million […]<\/p>\n","protected":false},"author":2,"featured_media":15894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,957],"tags":[1284,1285,196,2],"class_list":["post-15893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-news","tag-budget","tag-deficit","tag-east-hants","tag-fall-river"],"_links":{"self":[{"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/wp\/v2\/posts\/15893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15893"}],"version-history":[{"count":0,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/wp\/v2\/posts\/15893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging-z.thelaker.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}