Nova Scotia’s deficit has grown significantly.
The province is forecasting to be in the red by 241.2-million dollars, an increase of 118.6-million from September.
Minister Randy Delorey says the financial situation is weak after a drop in tax revenue.
“Provincial tax revenues will be down $79.5-million, led by a 9.1 per cent reduction in corporate income taxes. HST, fuel and tobacco taxes will also be down.”
Total revenues are forecast to be $9.8 billion for 2015-16, down $135-million from April when the budget was released.
Delorey says the province has to discipline its spending if they are going to reach a sustainable fiscal position.
