Economy By The Workers
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John Lohr, the Nova Scotia finance minister, gives his first release on the 2024-20 funds at a press conference on Friday, December 20, 2024 in Halifax.
THE CANADIAN PRESS/Keith Doucette.
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The budget for the current fiscal year is projected to be$ 247.5 million, which is an improvement of virtually$ 220 million from what was originally projected in the budget for February of last year. Finance Minister John Lohr claims in an update that the gap has been reduced because the government anticipates collecting$ 62 million more in revenue, primarily from statewide taxes, for the fiscal year 2024-2019. But, Lohr says revenue growth may be offset by an increase in charges of$ 440.6 million from the budget measure, mainly due to spending on health care and cost-of-living assistance programs. When well, the federal government’s temporary suspension of the integrated sales revenue is expected to cost the state about$ 82 million. However, the government spent another$ 253 million on actions that weren’t included in February’s budget — meaning the spending wasn’t approved by the government — on such things as local movie production provides and health employment contracts. Trending Then
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Lohr, who took over the banking investment when the new Progressive Conservative government’s case was announced last year following the municipal election on November 26, gave the first budget update that was presented. This report by The Canadian Press was first published Dec. 20, 2024.
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