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N.S. financial update shows year had lower surplus, bigger debt than expected

<br />HALIFAX - Nova Scotia's NDP government says it has inherited a lower surplus and a higher debt than originally projected by the previous Tory government.


HALIFAX - Nova Scotia's NDP government says it has inherited a lower surplus and a higher debt than originally projected by the previous Tory government.

Financial statements released today show a surplus of $19.7 million, according to generally accepted accounting principles, down almost $400 million from projections for the fiscal year that ended on March 31.

Meanwhile, the province's net direct debt, the difference between the province's liabilities and financial assets, is $12.3 billion, about $208 million higher than expected.

Finance Minister Graham Steele, whose party came to power during a spring election, says the previous Tory government lacked a “plan B” when the recession hit.

He says the result was that expenses and spending continued, while expected revenues didn't materialize.

 
 
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