Health and Wellness underspent by $31 million
The McNeil government released the public accounts for the 2015-16 fiscal year on August 9, saying it included funds to keep class sizes small in grades P-4 and support math and literacy; increase home care funding; expand the caregiver support program; provide no-interest student loans for university students and to fund and more orthopedic surgeries.
The deficit was $10.7 million, $86.9 million lower than the budgeted deficit of $97.6 million. Finance department staff said this is due to higher than expected revenues from income taxes, provincial recoveries, net income from government business enterprises, and other revenues.
The department of Health and Wellness underspent budget estimates by $31 million, more than all other underspent departments combined.
"We are working to manage revenues and control the expenses we can so we can invest in the things that are important to Nova Scotians, such as health care and education," said Randy Delorey, Finance and Treasury Board Minister. "Over the years government has continued to keep a close eye on expenses. The 2015-16 public accounts demonstrate that we are on the right track and continue to move toward a sustainable, balanced budget."
Total consolidated revenues were $10.9 billion, an increase of $164.6 million from budget estimate, primarily due to higher than expected revenues from income taxes, external recoveries, interest income, and federal transfers.
Total consolidated expenses were $10.9 billion, an increase of $77.7 million from estimates. The increases were due in part, said the Department, by savings from delays in projects and lower than expected requests for certain services.
Year-end additional appropriations total $43.1 million, mainly due to funds required for the remediation of Boat Harbour, by-elections that were held in three ridings, pension valuation adjustments and operational increases. Total additional appropriations for the year were $128.3 million.
Net debt was $15.1 billion. Net Debt-to-GDP for 2015-16 was 37.9 per cent.
The news release said that Auditor General Michael Pickup has provided an unqualified opinion of the public accounts for the fiscal year ended March 31, 2016. "In his opinion, the 2015-16 financial statements fairly present the consolidated financial position of the province in accordance with Canadian generally accepted accounting principles for the public sector."
The documents are online at www.novascotia.ca/finance .
