HALIFAX — Nova Scotia has closed the books on the previous fiscal year that ended March 31, with a surplus of $115.7 million.

The figure is $621.9 million higher than the $506.2 million deficit estimated when the budget was tabled in March 2022.

Finance Minister Allan MacMaster says the large swing in fiscal fortune was mainly due to the province’s growing population and an economy that rebounded from COVID-19 restrictions.

Those factors increased government revenue by $2 billion from the budget estimate — to $15.6 billion — due to more money collected from personal and corporate income taxes, federal transfers and province-owned businesses.

MacMaster says spending increased to $15.5 billion, a figure that includes a record $1.7 billion in additional spending, mainly to assist people with the pressures caused by inflation.

The province’s net debt stood at $17.8 billion at the end of the fiscal year.

This report by The Canadian Press was first published Sept. 12, 2023.

The Canadian Press