# EDGAR Filing Document

**Accession Number:** 0000842639
**File Stem:** 0001193125-25-233448
**Filing Date:** 2025-10
**Character Count:** 215852
**Document Hash:** 1d33db01f595495aa00f44a1b10df246
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-233448.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0001193125-25-233448

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20240331

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251007

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROVINCE OF NOVA SCOTIA
- **CENTRAL INDEX KEY:** 0000842639
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-25297
- **FILM NUMBER:** 251379850

**BUSINESS ADDRESS:**
- **STREET 1:** CANADIAN CONSULATE GENERAL
- **STREET 2:** 1251 AVE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** 2127682400

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1723 HOLLIS STREET
- **STREET 2:** PO BOX 187 HALIFAX
- **CITY:** NOVA SCOTIA CANADA B3J 2N3
- **PROVINCE COUNTRY:** A5

**FORM 18-K/A** 

**For Foreign Governments and Political Subdivisions Thereof** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Amendment No. 1** 

**to** 

**ANNUAL REPORT** 

**of** 

**PROVINCE OF NOVA SCOTIA CANADA** 

**(Name of Registrant)** 

**Date of end of last fiscal year: March 31, 2024** 

**SECURITIES REGISTERED\*** 

**(As of close of fiscal year)** 

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| | | |
|:---|:---|:---|
| **Title of issue** | **Amounts as to**<br> **which registration**<br> **is effective** | **Names of**<br> **exchanges on**<br> **which registered** |
| N/A | N/A | N/A |

---

**Names and addresses of persons authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**Yves Poirier** 

**Consul and Chief Representative** 

**Department of Finance Canada – New York** 

**Canadian Consulate General** 

**466 Lexington Avenue** 

**New York, New York 10017** 

---

| | |
|:---|:---|
| **DAVID H. LANDAU**<br> **Ellenoff Grossman & Schole LLP**<br> **1345 Avenue of the Americas, 11<sup>th</sup> Floor,**<br> **New York, New York 10105** | **KELLIANN DEAN**<br> ***Deputy Minister of Finance & Treasury Board***<br> **Province of Nova Scotia**<br> **P.O. Box 187**<br> **Halifax, Nova Scotia B3J 2N3** |

---

\* The Registrant filed this annual report on a voluntary basis.

------

The undersigned registrant hereby amends its Annual Report on Form 18-K for the fiscal year ended March 31, 2024, to add the following exhibits:

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| | |
|:---|:---|
| 99.1 | Public Accounts for the fiscal year ended March 31, 2025, pages 69 to 139 |
| 99.2 | Consent of the Auditor General |

---

ii

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| (1) | [Public Accounts, 2024-2025, pages 69 to 139](d63675dex991.htm) |
| (2) | [Consent of the Auditor General](d63675dex992.htm) |

---

iii

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to its Annual Report to be signed on its behalf by the undersigned, its authorized agent, as of the 7th day of October 2025.

---

| | |
|:---|:---|
| Province of Nova Scotia | Province of Nova Scotia |
| By: | /s/ Shannon York |
|  | Managing Director, Liability<br> Management & Treasury Services |

---

iv

## Exhibit 99.1

**Consolidated Financial Statements** 

**Statement of Responsibility** 

**for the Consolidated Financial Statements** 

**of the Province of Nova Scotia** 

Responsibility for the integrity, objectivity, and fair presentation of the consolidated financial statements of the Province of Nova Scotia rests with the government. These financial statements are prepared on behalf of the Minister and Deputy Minister of Finance and Treasury Board by the Controller in accordance with Canadian public sector accounting standards.

The consolidated financial statements include a Consolidated Statement of Financial Position, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Debt, Consolidated Statement of Remeasurement Gains and Losses, Consolidated Statement of Cash Flow, and notes and schedules to the consolidated financial statements. They present fairly, in all material respects, the financial position and the results of operations for the year ended March 31, 2025.

Management maintains a system of internal accounting and administrative controls, which give consideration to costs, benefits and risks, in order to provide reasonable assurance that transactions are appropriately authorized and executed in accordance with prescribed legislation and regulations, assets are safeguarded, and financial records are properly maintained. In preparing the consolidated financial statements, the Controller obtains financial information from the departments, funds, agencies, and Crown-controlled corporations as necessary.

Under the mandate in Section 19 of the Auditor General Act, the Auditor General of Nova Scotia provides an independent opinion on the consolidated financial statements prepared by the government.

Approved by:

Kelliann Dean

Executive Deputy Minister of Finance and Treasury Board

Rob Bourgeois, CPA, CA Controller

Halifax, Nova Scotia

September 19, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 99.1** 

------

---

| | |
|:---|:---|
| Auditor General of Nova Scotia | ![LOGO](g63675g07g07.jpg) |

---

**Independent Auditor's Report** 

To the Members of the Legislative Assembly of Nova Scotia:

**Report on the Audit of the Consolidated Financial Statements** 

**Opinion** 

I have audited the consolidated financial statements of the Province of Nova Scotia, which comprise the consolidated statement of financial position as at March 31, 2025, and the consolidated statement of operations and accumulated deficits, consolidated statement of changes in net debt, consolidated statement of remeasurement gains and losses, and consolidated statement of cash flow for the year then ended, and notes and schedules to the consolidated financial statements, including a summary of significant accounting policies.

In my opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Province of Nova Scotia as at March 31, 2025, and the consolidated results of its operations, consolidated changes in its net debt, consolidated remeasurement gains and losses, and its consolidated cash flows for the year then ended in accordance with Canadian public sector accounting standards.

**Basis for Opinion** 

I conducted my audit in accordance with Canadian generally accepted auditing standards. My responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audit of the Consolidated Financial Statements* section of my report. I am independent of the Province of Nova Scotia in accordance with the ethical requirements that are relevant to my audit of the consolidated financial statements in Canada, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

------

**Key Audit Matters** 

Key audit matters are those matters that, in my professional judgment, were of most significance in my audit of the consolidated financial statements of the Province of Nova Scotia for the year ended March 31, 2025. In applying my professional judgment to determine key audit matters, I considered those matters that are complex, have a high degree of uncertainty, or are important to the public because of their significance.

The key audit matters were addressed in the context of my audit of the consolidated financial statements of the Province of Nova Scotia as a whole, and in forming my opinion thereon. I do not provide a separate opinion on these matters.

---

| | |
|:---|:---|
| KEY AUDIT MATTER | HOW WE ADDRESSED THIS MATTER |
| **Major tax revenues (PIT, CIT, HST)**<br>Major tax revenues include personal income tax (PIT), corporate income tax (CIT), and harmonized sales tax (HST) and were determined to be a key audit matter because:<br>• Major tax revenues are material and are based on management's best estimates using statistical models and assumptions; and<br>• Significant uncertainty is present in these estimates, as they involve forecasting future economic and tax filing data since there is a delay in when the Province receives actual results (i.e. once personal tax returns are filed).<br>Major tax revenues are disclosed in:<br>• Note 1, Financial Reporting and Accounting Policies; and<br>• Schedule 1, Revenue.<br>| We concluded that major tax revenues are fairly stated, in all material respects, and are disclosed appropriately in accordance with Canadian public sector accounting standards.<br>**The matter was addressed by:**<br>• Obtaining an understanding of the systems, processes, and controls over major tax revenues, and assessing the appropriateness of the method used to make the estimate.<br>• Performing variance analysis over significant balances including retrospective review to assess the accuracy of previous estimates made and potential impact to current year results.<br>• Testing the underlying data used in the various tax revenue estimation models and reviewing evidence to support the key assumptions.<br>• Reviewing the estimate for indications of management bias.<br>• Engaging the services of an auditor's specialist to assist with the audit of these complex estimates of major tax revenues. |

---

![LOGO](g63675g14o61.jpg)

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| | |
|:---|:---|
| KEY AUDIT MATTER | HOW WE ADDRESSED THIS MATTER |
| **Pension, retirement and other obligations**<br>Pension, retirement, and other obligations are a key audit matter because:<br>• The Province's liability is material and is determined by an actuarial expert;<br>• Significant uncertainty exists as the liability is based on detailed actuarial assumptions which are subject to change in the future; and<br>• Amounts recorded in the financial statements may materially change as assumptions vary.<br>Pension, retirement, and other obligations are disclosed in:<br>• Note 1, Financial Reporting and Accounting Policies; and<br>• Note 5, Pension, Retirement and Other Obligations. | We concluded that pension, retirement, and other obligations are fairly stated, in all material respects, and are disclosed appropriately in accordance with Canadian public sector accounting standards.<br>**The matter was addressed by:**<br>• Obtaining an understanding of the systems, processes, and controls used to value the liability and assessing the appropriateness of the method used.<br>• Reviewing the valuation of the liability, including key assumptions, for indications of management bias.<br>• Testing the underlying employee data used in the valuation of the Province's liability and reviewing evidence to support the key assumptions used.<br>• Relying on the work of the Province's consulting actuary. |

---

![LOGO](g63675g79l16.jpg)

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| | |
|:---|:---|
| KEY AUDIT MATTER | HOW WE ADDRESSED THIS MATTER |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities for contaminated sites**<br>Liabilities for contaminated sites are a key audit matter because:<br>• The liabilities are subject to significant uncertainty, are material and are estimates of the future costs required to complete the necessary clean-up of the Province's contaminated sites;<br>• The Province identified 203 contaminated and other environmental sites which are at various stages of evaluation. A liability of $614 million has been recorded for 103 sites; and<br>• In the future, as additional environmental investigations are completed and more information becomes available, the Province may need to revise current estimates and account for additional liabilities related to these sites.<br>Liabilities for contaminated sites are disclosed in:<br>• Note 1, Financial Reporting and Accounting Policies; and<br>• Note 11, Contaminated Sites.<br>| &nbsp;&nbsp;&nbsp;&nbsp; We concluded that liabilities for contaminated sites are fairly stated, in all material respects, and are disclosed appropriately in accordance with Canadian public sector accounting standards.<br>**The matter was addressed by:**<br>• Obtaining an understanding of the systems, processes, and controls relating to identifying and evaluating contaminated sites, and assessing the appropriateness of the method used to estimate the liability.<br>• Reviewing the Province's estimate of the liabilities for contaminated sites for indications of management bias.<br>• Assessing the reasonability of clean-up costs for contaminated sites, including changes to the Province's estimated costs to clean up Boat Harbour.<br>• Assessing the Province's accounting for liabilities associated with the clean up of abandoned mine sites based on the criteria for recognition in accordance with Canadian public sector accounting standards.<br>• Reviewing the Province's disclosure of the uncertainty associated with this liability to ensure it is appropriate in accordance with Canadian public sector accounting standards.<br>|

---

![LOGO](g63675g29d40.jpg)

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| | |
|:---|:---|
| KEY AUDIT MATTER | HOW WE ADDRESSED THIS MATTER |
| **Accounting for Long-term Care Facilities**<br>Liabilities for Long-term Care Facilities are a key audit matter because:<br>• The Province provides significant financial assistance to long- term care homes to facilitate the construction and development of their facilities, enabling them to provide healthcare services to Nova Scotians. Loans to long-term care service providers are significant to the Province's financial statements, and the facilities serve an important function in providing necessary services to Nova Scotians.<br>• The relationship between the Province and the long-term care service providers is complex. There are a large number of service providers operating in facilities fully financed by the Province. An accounting assessment of these relationships in 2024-25 resulted in a change in accounting to adjust the loans receivable from long-term care service providers and record the related long-term care facilities as tangible capital assets.<br>• A significant level of effort was involved to assess these relationships and determine that the accounting for the loans receivable and related tangible capital assets was appropriate in accordance with Canadian public sector accounting standards.<br>Changes to the accounting for Long-term Care Facilities are disclosed in:<br>• Note 2, Accounting Changes; and<br>• Schedule 3, Loans and Investments. | The assessment determined that a direct funding relationship existed between the Province and the Long-term Care service providers and that the Province benefits and bears many of the risks associated with control of the facilities used to provide those services. As a result, loans to long-term care service providers recorded within the Department of Growth and Development totaling $879.9M were expensed and the corresponding long-term care facilities recorded as Tangible Capital Assets totaling a net book value of $798.4M. These adjustments were made retroactively on the Province's financial statements.<br>We concluded that loans receivable and tangible capital assets related to long-term care facilities are fairly stated, in all material respects, and are disclosed appropriately in accordance with Canadian public sector accounting standards.<br>**The matter was addressed by:**<br>• Obtaining an understanding of the various agreements and substance of the arrangements between the Province and Long-Term Care Facilities funded by the Province, including the accounting implications.<br>• Analyzing the application of relevant accounting standards and substance of the transactions to draw correct conclusions on the most appropriate accounting treatment.<br>• Assessing the Province's accounting for loans and the associated long-term care facilities based on the criteria for recognition in accordance with Canadian public sector accounting standards. |

---

![LOGO](g63675g56j63.jpg)

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**Other Information** 

Management is responsible for the other information. The other information comprises the information included in Volume 1 of the Public Accounts of Nova Scotia, but does not include the consolidated financial statements and my auditor's report thereon, which I obtained prior to the date of this auditor's report, and the Form 18-K Securities and Exchange Commission filing, which is expected to be made available to us after that date.

My opinion on the consolidated financial statements does not cover the other information and I do not and will not express any form of assurance conclusion thereon.

In connection with my audit of the consolidated financial statements, my responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or my knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work I have performed on the other information that I obtained prior to the date of this auditor's report, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

When I read the Form 18-K Securities and Exchange Commission filing, if I conclude that there is a material misstatement therein, I am required to communicate the matter to those charged with governance (the Minister and Deputy Minister of Finance and Treasury Board).

**Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements** 

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Province of Nova Scotia's ability to continue as a going concern, disclosing, as applicable, matters related to going concern assumption. The going concern basis of accounting has been used in the preparation of the consolidated financial statements, as the Province of Nova Scotia continues to operate as a going concern.

Those charged with governance are responsible for overseeing the Province of Nova Scotia's financial reporting process.

**Auditor's Responsibilities for the Audit of the Consolidated Financial Statements** 

My objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, I exercise professional judgment and maintain professional skepticism throughout the audit. I also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

![LOGO](g63675g17k70.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Province of Nova Scotia's internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Province of Nova Scotia's ability to continue as a going concern. If I conclude that a material
uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit
evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Province of Nova Scotia to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall presentation, structure, and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Province of Nova Scotia to express an opinion on the consolidated financial statements. I am responsible for the direction, supervision, and performance of the group audit. I remain solely responsible for my audit opinion.

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the Province's financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my auditor's report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

![LOGO](g63675g34c47.jpg)

**Kim Adair, FCPA, FCA, ICD.D** 

**Auditor General of Nova Scotia** 

Halifax, Nova Scotia

September 19, 2025

![LOGO](g63675g17k70.jpg)

------

**Consolidated Financial Statements** 

**Statement 1** 

**Province of Nova Scotia** 

**Consolidated Statement of Financial Position** 

**As at March 31, 2025** 

*($ thousands)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  |  | *(as restated)* |
|  **Financial Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and Short-Term Investments | 1564477 | 1198979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Receivable (Note 17) | 1759739 | 1961330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories for Resale | 3602 | 3991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans Receivable (Schedule 3) | 2112167 | 2014448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (Schedule 3) | 1545590 | 1510522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in Government Business Enterprises (Schedule 6) | 298459 | 450417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Financial Assets (Note 13) | 15518 | 39437 |
|  | 7299552 | 7179124 |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Advances and Short-Term Borrowings | 1061696 | 1114439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Payable and Accrued Liabilities | 2920319 | 2777301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Revenue (Note 4) | 384304 | 364982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Interest | 223430 | 187323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension, Retirement and Other Obligations (Note 5) | 3007946 | 3002024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Retirement Obligations (Note 10) | 600488 | 591982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities for Contaminated Sites (Note 11) | 613978 | 600276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unmatured Debt (Schedules 4 and 5) | 19309590 | 17631906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Financial Obligations (Note 13) | 21401 | 9103 |
|  | 28143152 | 26279336 |
|  **Net Debt** | (20843600) | (19100212) |
|  **Non-Financial Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible Capital Assets (Schedule 7) | 11960417 | 9989399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories of Supplies | 140550 | 124402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 54525 | 62664 |
|  | 12155492 | 10176465 |
|  **Accumulated Deficits** | (8688108) | (8923747) |
|  **Accumulated Deficits are comprised of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Operating Deficits | (8716436) | (8981224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Remeasurement Gains | 28328 | 57477 |
|  | (8688108) | (8923747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting Changes (Note 2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted Assets (Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingencies and Contractual Obligations/Rights (Note 12) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Private Partnerships (P3s) (Note 14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust Funds Under Administration (Note 15) |  |  |

---

*The accompanying notes and schedules are an integral part of these Consolidated Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

![LOGO](g63675g58h63.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Statement 2** 

**Province of Nova Scotia** 

**Consolidated Statement of Operations** 

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Adjusted<br>Estimate**<br>**2025** | **Actual**<br>**2025** | **Actual**<br>**2024** |
| **Revenue (Schedule 1)** |  |  | *(as restated)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Provincial Sources** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Revenue | 8346226 | 9302801 | 8485067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Provincial Revenue | 1750426 | 2187934 | 1837427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income from Government Business Enterprises (Schedule 6) | 473933 | 490867 | 478369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | 171828 | 231652 | 184209 |
|  | 10742413 | 12213254 | 10985072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Federal Sources** | 6101148 | 6007425 | 5519298 |
|  **Total Revenue** | 16843561 | 18220679 | 16504370 |
|  **Expenses (Schedule 2)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Education | 821246 | 859641 | 849569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture | 58716 | 59658 | 72642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communities, Culture, Tourism and Heritage | 175208 | 244034 | 210638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cyber Security and Digital Solutions | 276224 | 241493 | 225679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education and Early Childhood Development | 2442637 | 2440009 | 2282490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergency Management | 39809 | 51551 | 118246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 37873 | 43738 | 30367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environment and Climate Change | 143590 | 148313 | 155556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and Treasury Board | 67690 | 68683 | 71257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fisheries and Aquaculture | 16252 | 13246 | 13775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Development | 444926 | 503132 | 481471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Wellness | 5988264 | 6359221 | 5789190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Justice | 468465 | 486485 | 452975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labour, Skills and Immigration | 219581 | 214949 | 205891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Affairs | 396515 | 314508 | 341783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Resources | 104447 | 117532 | 161025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opportunities and Social Development | 1576904 | 1610816 | 1386676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service | 338590 | 201742 | 177160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Works | 717744 | 788528 | 722487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seniors and Long-Term Care | 1173003 | 1295527 | 1250913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Nova Scotia | 161216 | 215028 | 217493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring Costs | 659765 | 661765 | 184829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension Valuation Adjustment (Note 5) | 33102 | (16151) | 51467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refundable Tax Credits | 126316 | 155907 | 125224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Loss on Disposal of Crown Assets |  | 2023 | 3139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt Servicing Costs (Note 7) | 822863 | 874513 | 780687 |
|  **Total Expenses (Note 8)** | 17310946 | 17955891 | 16362629 |
|  **Provincial Surplus (Deficit)** | (467385) | 264788 | 141741 |
|  **Accumulated Operating Deficits, Beginning of Year** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As Previously Reported |  | (8899163) | (9042776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting Changes (Note 2) |  | (82061) | (80189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **As Restated** |  | (8981224) | (9122965) |
|  **Accumulated-Operating Deficits, End of Year** |  | (8716436) | (8981224) |

---

*The accompanying notes and schedules are an integral part of these Consolidated Financial Statements* 

------

**Consolidated Financial Statements** 

**Statement 3** 

**Province of Nova Scotia** 

**Consolidated Statement of Changes in Net Debt** 

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Adjusted<br>Estimate**<br>**2025** | **Actual**<br>**2025** | **Actual**<br>**2024** |
|  |  |  | *(as restated)* |
|  **Net Debt, Beginning of Year** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As Previously Reported | (18516207) | (18516207) | (17743504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting Changes (Note 2) |  | (584005) | (463585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As Restated | (18516207) | (19100212) | (18207089) |
|  **Changes in the Year** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provincial Surplus (Deficit) | (467385) | 264788 | 141741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and Transfers of Tangible Capital Assets | (1629269) | (2589440) | (1593480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of Tangible Capital Assets | 581129 | 611531 | 541196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposals of Tangible Capital Assets |  | 6891 | 3438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Use (Acquisitions) of Inventories of Supplies |  | (16148) | 33686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Use (Acquisitions) of Prepaid Expenses |  | 8139 | (16599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Remeasurement Losses |  | (29149) | (3105) |
|  **Total Changes in the Year** | (1515525) | (1743388) | (893123) |
|  **Net Debt, End of Year** | (20031732) | (20843600) | (19100212) |

---

*The accompanying notes and schedules are an integral part of these Consolidated Financial Statements* 

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Statement 4** 

**Province of Nova Scotia** 

**Consolidated Statement of Remeasurement Gains and Losses** 

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Accumulated Remeasurement Gains, Beginning of Year** | 57477 | 60582 |
|  **Unrealized Gains (Losses) During the Year** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Investments in an Active Market | (3275) | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Financial Instruments | (36172) | (6183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Comprehensive Loss from Government Partnership Arrangements | 182 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Comprehensive Loss from Government Business Enterprises (Schedule 6) | 6411 | 771 |
|  | (32854) | (4870) |
|  **Realized Gains (Losses) Reclassified to the Statement of Operations During the Year** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Investments in an Active Market | 3800 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Instruments | (46) | (543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designated Fair Value Financial Instruments | (49) |  |
|  | 3705 | 1765 |
|  **Net Remeasurement Losses For the Year** | (29149) | (3105) |
|  **Accumulated Remeasurement Gains, End of Year** | 28328 | 57477 |
|  **Accumulated Remeasurement Gains comprised of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Investments in an Active Market | 2195 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Financial Instruments | (6183) | 30084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Comprehensive Loss from Government Partnership Arrangements | (552) | (734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Comprehensive Income from Government Business Enterprises | 32868 | 26457 |
|  | 28328 | 57477 |

---

*The accompanying notes and schedules are an integral part of these Consolidated Financial Statements* 

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**Consolidated Financial Statements** 

**Statement 5** 

**Province of Nova Scotia** 

**Consolidated Statement of Cash Flow** 

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  |  | *(as restated)* |
|  **Operating Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provincial Surplus | 264788 | 141741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Remeasurement Losses for the Year | (29149) | (3105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinking Fund and Public Debt Management Fund Earnings | (25856) | (24369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of Premiums and Discounts on Unmatured Debt | 16322 | 15245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income from Government Business Enterprises (Schedule 6) | (490867) | (478369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit Distributions from Government Business Enterprises | 642825 | 445053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of Tangible Capital Assets (Schedule 7) | 611531 | 541196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Disposal of Tangible Capital Assets | 4361 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Other Items (Note 9) | 367805 | (194201) |
|  | 1361760 | 445952 |
|  **Investing Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of Loans Receivable | 369590 | 372770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances and Investments | (491443) | (607962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-offs | 38841 | 145662 |
|  | (83012) | (89530) |
|  **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of Tangible Capital Assets | (2589440) | (1593480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Disposal of Tangible Capital Assets | 2530 | 677 |
|  | (2586910) | (1592803) |
|  **Financing Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures and Other Debt Issued | 2598318 | 1517863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of Debentures and Other Long-Term Obligations | (924658) | (499706) |
|  | 1673660 | 1018157 |
|  **Cash Inflows (Outflows)** | 365498 | (218224) |
|  Cash Position, Beginning of Year | 1198979 | 1417203 |
|  Cash Position, End of Year | 1564477 | 1198979 |
|  Cash Position Represented by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and Short-Term Investments | 1564477 | 1198979 |

---

*The accompanying notes and schedules are an integral part of these Consolidated Financial Statements*

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**1.** **Financial Reporting and Accounting Policies** 

The Province's consolidated financial statements are prepared in accordance with Canadian public sector accounting standards using the following significant accounting policies:

**a)** **Government Reporting Entity** 

The government reporting entity (GRE) includes government components within the General Revenue Fund, other governmental units (GUs), government business enterprises (GBEs), and the Province's share of government partnership arrangements (GPAs). GUs and GBEs are government-controlled entities. Control is the power to govern financial and operating policies of another organization with the expected benefits or risks from the other organization's activities. Control exists even if the government chooses not to exercise it, as long as the ability to govern remains. Control must exist at the financial statement date without the need to amend legislation or agreements. GPAs represent entities for which decision making and significant risks and benefits are shared with other parties outside of the GRE.

Trust funds that are administered by the Province but not controlled are excluded from the GRE and disclosed in Note 15.

**b)** **Principles of Consolidation** 

A government component is not a separate entity but is an integral part of government, such as a department, agency, or public service unit within the General Revenue Fund, or a special purpose fund. A GU is a government organization that is not a GBE, GPA, or government component. GUs include certain boards, commissions, service organizations, and government not-for-profit entities. Government components and GUs are consolidated on a line-by-line basis after adjusting their accounting policies to be consistent with those described in Note 1 d). Significant inter-organization balances and transactions are eliminated.

A GBE is a self-sustaining organization with the delegated financial and operating authority whose principal activity and source of revenue are to sell goods and services outside of the Province's GRE. GBEs are accounted for on the modified equity basis, without adjusting accounting principles to conform with those of the Province. Total net assets of all GBEs are reported as Investment in Government Business Enterprises on the Consolidated Statement of Financial Position. Total net income from all GBEs is reported separately as revenue on the Consolidated Statement of Operations.

A GPA is a contractual arrangement between the government and a party or parties outside of the GRE. The partners have clearly defined common goals, make a financial investment, share control of decision making, and share, on an equitable basis, the significant risks and benefits of the government partnership. Government business partnerships are self-sustaining GPAs with the delegated financial and operating authority whose principal activity and source of revenue are to sell goods and services outside of the Province's GRE. The Province accounts for its interest in GPAs and government business partnerships using the modified equity method.

A listing of the organizations within the Province's GRE is provided in Schedule 10.

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**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**1.** **Financial Reporting and Accounting Policies *(continued)*** 

**c)** **Presentation of Estimates** 

Annually, the Province prepares the Estimates, which are presented to the House of Assembly for the fiscal year commencing April 1. The Estimates form the basis of the *Appropriations Act* and are prepared primarily for managing and overseeing the General Revenue Fund based upon the government's policies, programs, and priorities. Consolidation impacts are summarized in the Estimates and included on a net basis as Consolidation and Accounting Adjustments.

For consolidation purposes, the 2024-25 Estimates, tabled on February 29, 2024, were adjusted line-by-line by grossing up the associated revenues and expenses with those of the Province's governmental units. This classification provides proper comparability in these consolidated financial statements.

**d)** **Significant Accounting Policies** 

**Revenue** 

Revenue is recorded on an accrual basis in the fiscal year when the events giving rise to the revenue occurs. Revenue from transactions with no performance obligations is recognized when the authority to claim or retain an economic inflow is in place and the events giving rise to the revenue have occurred. Revenue from transactions with performance obligations is recognized when those performance obligations have been satisfied. The following are typical performance obligations in relation to the Province's general revenues:

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| | | | |
|:---|:---|:---|:---|
| **Key Revenue Stream** | **Common Performance**<br> **Obligations** | **Recognition** | **Examples** |
| Registry of Motor Vehicles | Provide rights | At point of sale | Drivers Licence / Vehicle<br>Permit |
| Licences |  |  | Insurance Agents License /<br>Direct Sellers License |
| Incorporation Fees |  |  | Certificate of Incorporation /<br>Certificate of Registration |
| Vital Statistics |  |  | Birth Certificate / Marriage<br>Certificate |
| Royalties | Provide rights | Over production<br>contract | Royalties on Minerals<br>Petroleum Royalties |
| Recoveries | Qualifying / eligible expenses for recovery | When recovery<br>conditions are<br>satisfied | Federal funding agreements,<br>RCMP policing costs |
| Tuition and Memberships | Provision of access / instruction | As access and /<br>or instruction is<br>provided | NSCC Courses<br>Art Gallery of Nova Scotia<br>Memberships |
| Fines | None | When collectible<br>under the Act | Statutory fines |

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**1.** **Financial Reporting and Accounting Policies *(continued)*** 

Revenue from personal and corporate income taxes, as well as harmonized sales taxes, is recorded in the year in which the taxable event occurs based on estimates using statistical models. These estimates consider certain non-refundable tax credits and other adjustments from the federal government. Adjustments to tax revenues recognized in prior years, as a result of actual or more current economic data and federal government information, are recorded in the current year. Non-refundable personal and corporate income tax credits are tax concessions (relief of taxes owing) that reduce corresponding tax revenues. Refundable personal and corporate income tax credits are transfers made through the tax system (financial benefits other than relief of taxes owing) and are recorded as expenses.

Government transfers received for operating purposes are recognized in the period during which the transfer is authorized and all eligibility criteria (if any) are met, except when and to the extent that the transfer stipulations create an obligation that meets the definition of a liability. Transfers meeting the definition of a liability are recorded as deferred revenue and recognized as revenue as the stipulations are satisfied.

Government transfers received for capital purposes and contributed assets are recognized as revenue in the period the tangible capital assets are acquired. Capital transfers received in advance of project completion are recorded as deferred revenue and recognized as revenue as the related eligible expenditures are incurred.

Investment income includes interest, amortization of premiums or discounts using the effective interest method, and realized fair value gains and losses on portfolio investments.

**Expenses** 

Expenses are recorded on the accrual basis in the fiscal year when the events giving rise to the expenses occur and are reported in more detail in Note 8, Expenses by Object.

Grants and other government transfers are recognized as expenses in the period at the earlier of: 1) transfer being authorized and recipient meeting all eligibility criteria, and 2) time of payment.

Provisions are made for probable losses on certain loans, investments, loan guarantees, accounts receivable, advances, forgivable loans, and contingent liabilities when it is likely that a liability exists and the amount can be reasonably determined. At least annually, provisions are updated as estimates are revised.

Debt servicing costs include interest on debentures issued, pension, retirement and other obligations, capital leases, long-term debt from Public Private Partnership (P3) arrangements, amortization of premiums and discounts using the effective interest method, and realized fair value gains and losses on derivatives and foreign currency transactions. Debt servicing costs are recorded net of interest revenue associated with repurchased Province of Nova Scotia debentures.

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**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**1.** **Financial Reporting and Accounting Policies *(continued)*** 

**Financial Assets** 

Cash and Short-Term Investments are recorded at cost, which approximates market value, and include cash on hand, demand deposits, R-1 (low, middle, high) rated federal and provincial government bills or promissory notes, bankers' acceptances, term deposits, and commercial paper. Terms of investments are generally 1 to 90 days. The weighted average interest rate of short-term investments was 2.72 per cent at year-end.

Accounts Receivable are recorded at the principal amount less valuation allowances.

Inventories for Resale are held for sale in the ordinary course of operations and are recorded at the lower of cost and net realizable value.

Loans Receivable are recorded at cost less adjustments for concessionary assistance and any prolonged impairment in value. Investments not traded on an active market, including the Public Debt Management Fund, are recorded at amortized cost using the effective interest method less adjustments for concessionary assistance and any prolonged impairment in value. Concessionary assistance consists of subsidies provided by the Province and is recognized as an expense at the loan issuance or investment date. Loans usually bear interest at approximate market rates and normally have fixed repayment schedules. Any write-down, due to loss in value, reflected in a loan or investment is not reversed if there is a subsequent increase in value. Any write-off must be approved by Governor in Council.

Equity investments traded on an active market are measured at fair value. Unrealized changes in fair value are recognized in the Consolidated Statement of Remeasurement Gains and Losses until they are realized and then reclassified to the Consolidated Statement of Operations.

Derivative financial instruments, including embedded derivatives, are recorded at fair value.

Fair value is the estimated amount for which a financial instrument could be exchanged between willing parties in an arm's length transaction based on the current market conditions. Fair value measurements are classified using the Fair Value Hierarchy:

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| | |
|:---|:---|
| **Level 1** | Quoted prices (unadjusted) in active markets for identical assets or liabilities |
| **Level 2** | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) |
| **Level 3** | Inputs for the asset or liability that are not based on observable market data (unobservable inputs) |

---

Financial assets are assessed for impairment on an annual basis. When a decline is determined to be other than temporary, the amount of the loss is recorded in the Consolidated Statement of Operations, and any applicable unrealized gain or loss is adjusted through the Consolidated Statement of Remeasurement Gains and Losses.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**1.** **Financial Reporting and Accounting Policies *(continued)*** 

**Liabilities** 

Bank Advances and Short-Term Borrowings are recorded at cost, which approximates market value, and have initial maturities of one year or less. The weighted average interest rate of short-term Canadian dollar borrowings was 2.77 per cent at year-end.

Deferred Revenue is recorded when funds received are externally restricted for a stated purpose, such as a specific program or the purchase of tangible capital assets. Deferred revenue is recognized as revenue as the stipulations are met, funds are used for their intended purpose, or related eligible capital expenditures are incurred.

Pension, Retirement and Other Obligations include various employee future benefit plans, where the Province is responsible for the provision of benefits. Liabilities for these plans are calculated using the projected benefit actuarial method using accounting assumptions that reflect the Province's best estimates. This actuarial method attributes the estimated cost of benefits to the periods of employee service. The net liability represents accrued employee benefits less the market-related value of plan assets (if applicable) and the balance of unamortized experience gains and losses. Market-related values are determined in a rational and systematic manner, recognizing asset market value gains and losses over a five-year period.

Asset Retirement Obligations are recognized when there is a legal obligation to incur retirement costs in relation to a tangible capital asset, the past transaction or event giving rise to the liability has occurred, the Province expects to give up future economic benefits, and a reasonable estimate of the amount can be made. These liabilities include direct costs related to asset retirement activities, including post-retirement operation, maintenance, and monitoring that are integral to the retirement of the tangible capital asset. They are measured based on the best estimate of the expenditures required to complete the retirement activities using the information available at year-end.

Upon initial recognition, asset retirement costs are capitalized as part of the carrying amount of the related tangible capital assets. These capitalized costs are amortized on the same basis as the related tangible capital assets, and any accretion expense is recognized in the Consolidated Statement of Operations. Asset retirement costs related to unrecognized tangible capital assets or tangible capital assets no longer in productive use are expensed immediately.

Carrying amounts of asset retirement obligations are reviewed at each financial reporting date. Changes to the liabilities arising from revisions to either the timing or the amount of the original estimate of undiscounted cash flows are recognized as an increase or decrease to the carrying amounts of the related tangible capital assets.

Liabilities for Contaminated Sites are recognized when an existing environmental standard is exceeded, the Province is directly responsible or accepts responsibility, the Province expects to remediate and give up future economic benefits, and a reasonable estimate of the amounts can be made. Contaminated sites are a result of any chemical, organic, radioactive material, or live organism being introduced directly or via the air into soil, water, or sediment that exceeds an environmental standard. These liabilities include the costs directly attributable to remediation activities, including costs related to post-remediation operation, maintenance, and monitoring that are an integral part of the remediation strategy. They are measured based on the best estimate of the expenditures required to

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**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**1.** **Financial Reporting and Accounting Policies *(continued)*** 

complete the remediation. The carrying amounts of liabilities for contaminated sites are reviewed at each financial reporting date and updated as additional information is available. Any revisions to the amounts previously recognized are accounted for in the period in which the revisions are made.

Unmatured Debt is comprised of debentures and various loans in Canadian and foreign currencies, capital leases, and long-term debt related to Public-Private Partnership (P3) assets. Premiums and discounts, as well as underwriting commissions, relating to the issuance of debentures are included in the item's opening carrying value. Debt is recorded at amortized cost using the effective interest method, net of repurchased Province of Nova Scotia debentures. Under P3 arrangements, the Province uses private sector partners to design, build, finance, and maintain certain infrastructure assets. Assets procured through P3s are recognized as tangible capital assets, and the related long-term obligations are recognized as other unmatured debt in these consolidated financial statements as the assets are constructed.

Unrealized Foreign Exchange Translation Gains and Losses result when assets and liabilities denominated in foreign currencies are translated into Canadian dollars at the rate of exchange in effect at March 31<sup>st</sup>. Unrealized foreign exchange translation gains and losses are recognized in the Consolidated Statement of Remeasurement Gains and Losses. Once settled, the realized foreign exchange gains and losses are recognized in the Consolidated Statement of Operations and the unrealized balances are reversed from the Consolidated Statement of Remeasurement Gains and Losses.

Contingent Liabilities, including provisions for losses on loan guarantees, are potential obligations that may become actual liabilities when one or more future events occur or fail to occur. If the future event is likely, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense is recorded. If the likelihood is not determinable or an amount cannot be reasonably estimated, the contingency is disclosed in the notes to the consolidated financial statements. In cases where an accrual is made, but exposure exists beyond the amount accrued, this excess exposure would also be disclosed, unless the impact is immaterial or the disclosure would have an adverse effect on the outcome of the contingency.

**Net Debt** 

Net Debt is the difference between the Province's liabilities and financial assets, which is the accumulation of all past annual surpluses and deficits, net changes in remeasurement gains and losses, and cumulative net acquisitions of non-financial assets.

**Non-Financial Assets** 

Tangible Capital Assets have useful lives extending beyond the accounting period, are held for use in the production and supply of goods and services, and are not intended for sale in the ordinary course of operations. They are recorded at gross historical cost (or estimated cost when the actual cost is unknown) and include all costs directly attributable to the acquisition, design, construction, development, installation, and betterment of the tangible capital asset, as well as interest related only to the financing of P3 assets during construction. Cost also includes the estimated cost of legally required activities to retire a tangible capital asset. Tangible capital assets include land, land improvements, buildings, major equipment and software, vehicles, ferries, roads, highways, and bridges.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**1.** **Financial Reporting and Accounting Policies *(continued)*** 

Tangible capital assets are written down when conditions indicate that they no longer contribute to the Province's ability to provide services, or when the value of future economic benefits associated with the tangible capital assets are less than their net book value. Net write-downs are accounted for as amortization expense and are not reversed.

Contributed tangible capital assets received are recorded at their fair market value on the date of contribution, except in circumstances where the value cannot be reasonably determined, in which case they are recognized at nominal value. Tangible capital assets do not include intangibles or assets acquired by right, such as forests, water, and mineral resources, or works of art and historical treasures. Tangible capital assets are amortized to expense over the useful lives of the assets. The amortization methods and rates applied by the other governmental units are not adjusted to the methods and rates used by the General Revenue Fund.

Inventories of Supplies are held for consumption or use by the Province in the course of its operations and are recorded at the lower of cost and current replacement cost.

Prepaid Expenses are cash disbursements for goods or services, other than tangible capital assets and inventories of supplies, that will provide economic benefits in one or more future periods. The prepaid amount is recognized as an expense in the year the good or service is used or consumed.

Purchased intangible assets, which are non-physical assets acquired through an arm's length exchange transaction between willing parties, are recognized as non-financial assets. This excludes software, which is recognized as a tangible capital asset.

**Accumulated Deficits** 

Accumulated Deficits are the difference between the Province's Net Debt and non-financial assets. This represents the cumulative balance of net surpluses and deficits arising from the operations of the Province and accumulated remeasurement gains and losses.

**e)** **Measurement Uncertainty** 

Measurement uncertainty exists in determining certain amounts included in these consolidated financial statements. Many items are measured using management's best estimates based on assumptions that reflect the most probable set of economic conditions and planned courses of action. Uncertainty exists whenever estimates are used because actual results may differ materially from the Province's estimates.

Material measurement uncertainty exists in the estimation of tax revenues, pension, retirement and other obligations, asset retirement obligations, liabilities for contaminated sites, and the value of tangible capital assets.

Personal Income Tax (PIT) revenue of $4.74 billion (2024 – $4.13 billion), Corporate Income Tax (CIT) revenue of $1.11 billion (2024 – $744.9 million), and Harmonized Sales Tax (HST) revenue of $2.74 billion (2024 – $2.88 billion), see Schedule 1, may be subject to future revisions based on changes to key tax revenue inputs. Changes to tax revenue inputs can be based on new or revised information, possible differences between the

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**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**1.** **Financial Reporting and Accounting Policies *(continued)*** 

estimated and actual economic growth, and other assumptions used in statistical modelling to accrue these revenues. When these changes affect revenue estimates of prior years, they are classified as prior years' adjustments (PYAs), see Note 6. Revisions to tax revenue inputs and variances in actual experience can result in significant estimate changes. Some of the key variable inputs related to tax revenues include, but are not limited to, the following:

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| | | |
|:---|:---|:---|
| **Personal Income Tax** | **Corporate Income Tax** | **Harmonized Sales Tax** |
| Personal taxable income levels<br>Provincial taxable income yield<br>Tax credits uptake | National corporate taxable income levels as provided by Finance Canada<br>Nova Scotia's share of national taxable income<br>Tax credits uptake | Personal consumer expenditure levels<br>Provincial GDP<br>Rebate levels<br>Residential housing investment |

---

Pension, Retirement and Other Obligations of $3.01 billion (2024 – $3.00 billion), see Note 5, are subject to uncertainty because actual results may differ significantly from the Province's long-term assumptions about plan members, return on investment of pension fund assets, health care cost trend rates for retiree benefits, the Province's long-term cost of borrowing, and other economic conditions.

Asset retirement obligations of $600.5 million (2024 – $592.0 million), see Note 10, require estimates regarding the useful lives of the affected tangible capital assets, amount of regulated materials, and expected retirement costs, including the timing and duration of those retirement costs.

Liabilities for contaminated sites of $614.0 million (2024 – $600.3 million), see Note 11, may differ significantly from anticipated remediation plans once the actual nature and extent of the remediation activities, methods, and site contamination are known.

The net book value of tangible capital assets of $11.96 billion (2024 – $9.99 billion, as restated), see Schedule 7, is subject to uncertainty because of differences between estimated and actual useful lives.

Other areas requiring the use of management estimates include allowances for doubtful accounts and the valuation of loans receivable and investments.

**f)** **Future Changes in Accounting Standards** 

The Public Sector Accounting Board (PSAB) has issued: *The Conceptual Framework for Financial Reporting in the Public Sector* and PS 1202, *Financial Statement Presentation,* effective April 1, 2026. These standards will replace the existing conceptual framework and financial reporting model, PS 1000, *Financial Statement Concepts*, and PS 1100, *Financial Statement Objectives*, along with PS 1201, *Financial Statement Presentation*. These new standards have not been applied in preparing these statements but are expected to significantly impact the presentation of the consolidated financial statements.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**2.** **Accounting Changes** 

Accounting changes were made during the year that have the following impacts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *($ thousands)* | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Net Debt<br>April 1,<br>2024** | **Accumulated**<br>**Deficits<br>April 1,**<br>**2024** | **Provincial<br>Surplus** | **Net Debt<br>April 1,<br>2023** | **Accumulated**<br>**Deficits<br>April 1,<br>2023** |
|  Adjustment to Loans Receivable | (584005) | (82061) | (1872) | (463585) | (80189) |

---

*<u>Adjustment to Loans Receivable</u>* 

During the year, the relationship between the Province and its long-term care (LTC) service providers was reassessed. The assessment determined that a direct funding relationship existed with those that have been provided with mortgages from the Province and that the Province benefits and bears certain risks associated with control of the corresponding facilities. As a result, it was determined all loans receivable to LTC service providers recorded within the Department of Growth and Development should have been expensed and the corresponding long-term care facilities should have been recorded as tangible capital assets within the Department of Seniors and Long-Term Care. Consequently, financial assets were overstated, and non-financial assets were understated, inadvertently, dating back to 2004. The Province has recorded this adjustment retroactively. As a result, the opening accumulated deficits increased by $80.2 million, opening net debt increased by $463.6 million, and the provincial surplus decreased by $1.9 million.

**3.** **Restricted Assets** 

As at March 31, 2025, assets of $122.0 million (2024 – $113.3 million) were designated for restricted purposes by external parties. Restricted cash and short-term investments totaled $13.1 million (2024 – $16.7 million), comprised of: $7.6 million for endowment and scholarship funds (2024 – $4.5 million), $4.8 million for gas market development as part of the Nova Scotia Market Development Initiative Fund (2024 – $4.6 million), $0.6 million for the Independent Production Fund (2024 – $0.8 million), $nil for future investments of the Nova Scotia First Fund (2024 – $5.0 million), and $nil for Nova Scotia Health Authority (NSHA) research and other purposes (2024 – $1.7 million).

Restricted investments totaled $108.9 million (2024 – $96.6 million), comprised of: $72.2 million for NSHA research and other purposes (2024 – $65.9 million) and $36.7 million for endowment funds (2024 – $30.7 million).

Externally restricted inflows not spent by year-end create a liability that will be settled by using the restricted assets for their intended purposes. The restricted assets described in this note are segregated from other assets and will be used as prescribed in a future period.

------

**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**4.** **Deferred Revenue** 

---

| | | |
|:---|:---|:---|
| *($ thousands)* | **2025** | **2024** |
|  Annapolis Valley Regional Centre for Education | 2900 | 3193 |
|  Build Nova Scotia | 2532 | 2480 |
|  Canada – Affordable Housing Fund | 8247 | 9000 |
|  Canada – CMHC National Housing Strategy | 38452 | 32630 |
|  Canada – CMHC Social Housing Agreement | 2340 | 12226 |
|  Canada Community-Building Fund (formerly Federal Gas Tax Fund) | 5429 | 7419 |
|  Canada – COVID-19 Proof of Vaccination Fund | 6438 | 6438 |
|  Canada – Nova Scotia Canada-Wide Early Learning and Child Care Agreement | 82876 | 68028 |
|  Canada – Nova Scotia Home and Community Care and Mental Health and Addictions Services Funding Agreement | 2375 | 4050 |
|  Conseil scolaire acadien provincial | 3347 | 4500 |
|  Halifax Regional Centre for Education | 7431 | 6630 |
|  Izaak Walton Killam Health Centre – Capital, Research, and Other Restricted Funds | 37342 | 36536 |
|  Nova Scotia Community College | 46983 | 42550 |
|  Nova Scotia Health Authority – Capital, Research, and Other Restricted Funds | 67468 | 67646 |
|  Nova Scotia School Lunch Program | 3032 |  |
|  Perennia Food and Agriculture Incorporated | 4133 | 2268 |
|  Public Archives of Nova Scotia | 3644 | 3296 |
|  Resource Recovery Fund Board Inc. – Unearned Revenue from Container Deposits, Paint Levies, and Tire Deposits | 23779 | 23097 |
|  Seniors Pharmacare | 15254 | 15680 |
|  Social Infrastructure Fund | 2315 | 2315 |
|  Other Externally Restricted Funds | 17987 | 15000 |
|  **Total Deferred Revenue** | 384304 | 364982 |

---

**5.** **Pension, Retirement and Other Obligations** 

The Province provides its employees a variety of pension, retirement, post-employment, compensated absences (accumulated sick leave), and special termination benefits. Most plans are unfunded and are economically dependent on the Province. Except as otherwise noted, the cost of benefits is recognized in the periods the employee provides service. For benefits that do not vest or accumulate, a liability is recognized when an event occurs that obligates the Province to pay benefits.

**a)** **Description of Obligations** 

**Pension Benefit Plans** 

The Province participates in multiple funded pension plans. The Nova Scotia Public Service Superannuation Plan (PSSP) and the Nova Scotia Teachers' Pension Plan (TPP)

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![LOGO](g63675g58h63.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**5.** **Pension, Retirement and Other Obligations *(continued)*** 

are defined benefit plans with plan assets primarily composed of Canadian and foreign equities, government and corporate bonds, debentures, secured mortgages, and real estate. These plans are jointly funded with the Province matching contributions from employees. Retirement benefits paid are based on an employee's length of service, rate of pay, and inflation adjustments.

The PSSP operates under the responsibility of the Public Service Superannuation Plan Trustee Inc. (PSSPTI). PSSPTI is a body corporate comprised of 13 board members – six represent the Province as the employer, six represent the employees, and an independent chairperson. The Province's responsibility regarding this plan is limited to its pension expense for employer contributions paid to the PSSP, which are equal to the employee contributions. The contribution rate is set by PSSPTI pursuant to the legislated funding policy and is set for a five-year cycle.

As at March 31, 2025, the PSSP was 106.8 per cent funded. Indexing is based on a funded health review occurring every five years. The most recent funded health review for the period from January 1, 2021 to December 31, 2025 was completed in 2019-20. Based on the PSSP's December 31, 2019 funding ratio of 98.5 per cent, no indexing will be paid during the following five-year cycle and no changes to contributions will be made. The Province's employer contributions to the PSSP in 2025 were $111.6 million (2024 –

$105.5 million).

The TPP operates under the responsibility of the Teachers' Pension Plan Trustee Inc. (TPPTI). TPPTI is a body corporate comprised of nine board members – four nominated by the Nova Scotia Teachers' Union (NSTU), four nominated by the Province, and one Chair agreed to by both parties. Under a joint governance structure, the Province and NSTU membership equally share all surpluses and deficits of the plan. The Province accounts for one-half of all components of the accrued benefit liability associated with this plan in these consolidated financial statements. In addition, the Province recognizes one-half of the components associated with the net benefit plan expense associated with this plan. As at March 31, 2025, the total accrued benefit liability associated with this plan was $748.0 million (2024 – $817.5 million).

As at December 31, 2024, the TPP was 81.1 per cent funded. The *TPP Regulations* stipulate that when the most recent actuarial valuation shows an actuarial deficit of more than 10.0 per cent, no indexing shall be provided to those pensioners under the variable indexing provision (those who retired on or after August 1, 2006, and those who retired prior to August 1, 2006 but elected to participate in the variable indexing provision). In accordance with Regulation 27C(1), the Province contributed an additional $44.5 million to the TPP in 2025 (2024 – $87.0 million) based on the present value of the forgone indexing as determined by the TPP's actuary. The Province's total contributions to the TPP in 2025 were $185.3 million (2024 – $209.4 million).

During the year, the weighted average actual rate of return on TPP plan assets was 6.95 per cent (2024 – 7.86 per cent). The total market value of plan assets at March 31, 2025 was $6.3 billion (2024 – $5.9 billion). The liability recorded in 2025 for the TPP was based on the most recent actuarial valuation performed at December 31, 2023, extrapolated to March 31, 2025.

------

**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**5.** **Pension, Retirement and Other Obligations *(continued)*** 

The Province is also a participating employer of the Nova Scotia Health Employee's Pension Plan (NSHEPP), a multiemployer defined benefit pension plan, funded by employer and employee contributions. As at December 31, 2024, the NSHEPP was 107.0 per cent funded. As the Province does not sponsor this plan, the annual net benefit plan expense is limited to the amount of required contributions provided for employees' services rendered during the year. The most recent actuarial valuation was performed on July 1, 2024 and extrapolated to December 31, 2024, which indicated a funding surplus of $0.8 billion (2024 – $2.2 billion). The Province's contributions to this plan in 2025 were $166.6 million (2024 – $152.2 million).

The Province is responsible for the Pension Plan for the Non-Teaching Employees of the Nova Scotia Education Entities, providing pension benefits to the non-teaching employees of the participating Regional Centres for Education (RCEs) and the Conseil scolaire acadien provincial (CSAP). The Province fully accounts for the accrued benefit asset and net benefit plan expense of this plan. The most recent actuarial valuation was performed on December 31, 2022 and extrapolated to March 31, 2025. As at December 31, 2022, the plan was 114.2 per cent funded, and the total market value of the plan assets at March 31, 2025 was $276.7 million (2024 – $247.8 million). Employer contributions in 2025 were $7.4 million (2024 – $6.5 million).

The Province has several other unfunded defined benefit pension plans. The liabilities for these other plans recorded in 2025 were based on the most recent actuarial valuations performed between December 31, 2022 and December 31, 2024 and extrapolated to March 31, 2025.

**Special Termination Benefits** 

The Province offered early retirement incentive programs to members of the PSSP and TPP in 1986 and 1994, respectively. Qualified members were offered additional years of pensionable service if they elected to retire early. The cost of these benefits was accrued in the year the employee accepted the early retirement option and continue to be calculated using actuarial valuations.

The 2025 liabilities for these termination benefits were based on the most recent actuarial valuations performed at December 31, 2022 and extrapolated to March 31, 2025.

**Post-Employment Benefits** 

The Province sponsors two unfunded post-employment benefit plans: a Self-Insured Workers' Compensation Plan and retirement health benefits, some of which contain a life insurance provision. Retirement health benefits vary depending on the negotiated collective agreements. The Province pays 65.0 per cent and 100.0 per cent of the cost of retirement health benefits for the PSSP and TPP retirees, respectively.

For the Self-Insured Workers' Compensation Plan, the amount recorded in these consolidated financial statements represents the actual amount of benefits paid during the year plus the actuarial estimate of future payments based on claims ongoing at year- end.

The 2025 liabilities for these post-employment benefit plans were based on the most recent actuarial valuations performed between June 30, 2023 and December 31, 2024 and extrapolated to March 31, 2025.

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![LOGO](g63675g58h63.jpg)

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**5.** **Pension, Retirement and Other Obligations *(continued)*** 

The Province also participates in the Nova Scotia Public Service Long Term Disability Plan (LTD Plan). The Province does not sponsor the LTD Plan, as a result, the Province does not account for any net position of the LTD Plan in these consolidated financial statements. The LTD Plan is managed and administered, under joint trusteeship, by a Board of Trustees appointed by the two plan sponsors: five nominated by the Province, five nominated by the Nova Scotia Government and General Employees Union (NSGEU), and one Chair agreed to by both sponsors. The LTD Plan is funded equally by employer and employee contributions. The most recent actuarial valuation was performed at December 31, 2024, and indicated a funded ratio of 115.4 per cent. The Province's contributions to this plan in 2025 were $9.7 million (2024 – $8.6 million).

**Accumulated Sick Leave Benefits** 

The Province's RCEs and CSAP, health authorities, and Nova Scotia Community College (NSCC) collective agreements contain sick leave provisions that accumulate but do not vest. The Province measures and records a liability associated with the accumulated sick leave benefits (ASLBs) anticipated to be used in future years. The Province's ASLBs are unfunded, meaning there are no assets set aside to cover the related costs of these benefits in the future.

Due to the nature of these benefits, a liability and expense are measured using actuarial valuations to estimate their financial value. An actuarial assumption is developed to reflect the probability of employees using ASLB "banked days". This involves a detailed analysis of several years of data to determine historical usage. A historical usage pattern is not based on the data group as a whole but takes into account a number of specific factors such as, but not limited to, gender, age, and type of contract or job functions, each of which may impact the anticipated amount of accumulated sick leave time to be taken in the future. As a result, the anticipated usage assumption may involve a number of criteria and circumstances that then must be applied to the data in coordination with other actuarial assumptions such as the discount rate, retirement age assumptions, future salary increases, mortality rates, etc.

The liabilities for ASLBs recorded in 2025 were based on the most recent actuarial valuations performed between June 30, 2023 and March 31, 2024 and extrapolated to March 31, 2025.

**Retirement Allowances** 

The Province sponsors retirement allowance plans for which benefits are paid upon retirement based on an employee's length of service and rate of pay. These retirement allowance plans were discontinued for unionized staff and non-union civil servant/ management employees on April 1, 2015 and August 11, 2015 (discontinuation dates), respectively, and no new members will be admitted into the plans. Effective April 1, 2020, service accumulation ceased for public service awards for those entitled to receive a service award under the *Public Service Award Regulations* made under the *Provincial Court Act*. Any remaining retirement allowances will be paid upon retirement based on accumulated service as of the discontinuation dates and salary upon retirement.

The liabilities for these retirement allowance plans recorded in 2025 were based on the most recent actuarial valuations performed between March 31, 2022 and July 31, 2024 and extrapolated to March 31, 2025.

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**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**5.** **Pension, Retirement and Other Obligations *(continued)*** 

**b)** **Summary of Balances** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **2025** | **2024** |
| *($ thousands)* | **Teachers'<br>Pension<br>Plan** | **Other<br>Pension<br>Plans** | **Total<br>Pension<br>Benefits** | **Retirement<br>Health<br>Benefits** | **Other<br>Benefits** | **Total<br>Other<br>Benefits** | **Total** | **Total** |
|  Projected Benefit Obligation, Beginning of Year | 3418244 | 693886 | 4112130 | 1551304 | 356541 | 1907845 | 6019975 | 5862834 |
|  Current Benefit Cost | 77275 | 23867 | 101142 | 51284 | 43188 | 94472 | 195614 | 189946 |
|  Interest Cost | 218605 | 30566 | 249171 | 51944 | 11774 | 63718 | 312889 | 297285 |
|  Actuarial Losses (Gains) | 51743 | (11626) | 40117 | (252217) | (14312) | (266529) | (226412) | 681 |
|  Benefit/Premium Payments | (228230) | (43117) | (271347) | (32625) | (39587) | (72212) | (343559) | (332331) |
|  Other | 1527 | 2052 | 3579 | (149) | (121) | (270) | 3309 | 1560 |
|  Plan Amendments |  | 3676 | 3676 |  |  |  | 3676 |  |
|  **Projected Benefit Obligation, End of Year** | 3539164 | 699304 | 4238468 | 1369541 | 357483 | 1727024 | 5965492 | 6019975 |
|  Market Related Value of Plan Assets, Beginning of Year | 2967260 | 330287 | 3297547 |  |  |  | 3297547 | 3153662 |
|  Expected Return on Plan Assets | 190775 | 19711 | 210486 |  |  |  | 210486 | 202239 |
|  Actuarial Gains (Losses) | 32184 | 14661 | 46845 |  |  |  | 46845 | (9766) |
|  Benefit Payments | (228230) | (43154) | (271384) |  |  |  | (271384) | (265203) |
|  Other | 1527 | (810) | 717 |  |  |  | 717 | 888 |
|  Employer Contributions | 92655 | 40966 | 133621 |  |  |  | 133621 | 145404 |
|  Employee Contributions | 70652 | 10180 | 80832 |  |  |  | 80832 | 70323 |
|  **Market Related Value of Plan Assets, End of Year** | 3126823 | 371841 | 3498664 |  |  |  | 3498664 | 3297547 |
|  Net Benefit Plans Deficiency, End of Year | 412341 | 327463 | 739804 | 1369541 | 357483 | 1727024 | 2466828 | 2722427 |
|  Unamortized Net Actuarial Gains (Losses) | (38361) | 38598 | 237 | 466399 | 50406 | 516805 | 517042 | 265239 |
|  Valuation Allowance |  | 24076 | 24076 |  |  |  | 24076 | 14358 |
|  **Accrued Benefit Liability, End of Year** | 373980 | 390137 | 764117 | 1835940 | 407889 | 2243829 | 3007946 | 3002024 |

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**5.** **Pension, Retirement and Other Obligations *(continued)*** 

**c)** **Net Benefit Plans Expense** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **2025** | **2024** |
| *($ thousands)* | **Teachers'<br>Pension<br>Plan** | **Other<br>Pension<br>Plans** | **Total<br>Pension<br>Benefits** | **Retirement<br>Health<br>Benefits** | **Other<br>Benefits** | **Total<br>Other<br>Benefits** | **Total** | **Total** |
|  Current Benefit Cost | 77275 | 23867 | 101142 | 51284 | 43188 | 94472 | 195614 | 189946 |
|  Employee Contributions | (70652) | (10180) | (80832) |  |  |  | (80832) | (70323) |
|  Employer Contributions \* | 92655 |  | 92655 |  |  |  | 92655 | 104707 |
| (Gain) Loss on Curtailment |  |  |  |  |  |  |  |  |
|  Plan Amendments |  | 3676 | 3676 |  |  |  | 3676 |  |
|  Amortization of Net Actuarial Losses (Gains) | 23422 | (4016) | 19406 | (20483) | (20418) | (40901) | (21495) | 11213 |
|  Other |  | 2357 | 2357 | (234) | (121) | (355) | 2002 | 80 |
|  Increase in Valuation Allowance |  | 6080 | 6080 |  |  |  | 6080 | 6080 |
|  Interest Cost | 218605 | 30566 | 249171 | 51944 | 11774 | 63718 | 312889 | 297285 |
|  Expected Return on Plan Assets | (190775) | (19711) | (210486) |  |  |  | (210486) | (202239) |
|  Employer Contributions to Multi-Employer Plans |  | 278213 | 278213 |  | 9675 | 9675 | 287888 | 266264 |
|  **Net Benefit Plans Expense** | 150530 | 310852 | 461382 | 82511 | 44098 | 126609 | 587991 | 603013 |
|  **Recorded as:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fringe Benefits Expense | 140828 | 289199 | 430027 | 24854 | 46858 | 71712 | 501739 | 456500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension Valuation Adjustment | (18128) | 10798 | (7330) | 5713 | (14534) | (8821) | (16151) | 51467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Pension Interest Cost | 27830 | 10855 | 38685 | 51944 | 11774 | 63718 | 102403 | 95046 |
|  **Net Benefit Plans Expense**  | 150530 | 310852 | 461382 | 82511 | 44098 | 126609 | 587991 | 603013 |

---

\* *This represents one-half of the employer contributions made by the Province to the TPP. Included in the figures above are one-half of all transactions associated with the TPP to reflect the Province's share of this plan under joint trusteeship.*

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**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**5.** **Pension, Retirement and Other Obligations *(continued)*** 

**d)** **Plan Composition** 

The table below shows the composition of the plan balances and net benefit plans expense.

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| | | | | |
|:---|:---|:---|:---|:---|
| *($ thousands)* | **2025** | **2024** | **2025** | **2024** |
|  | **Accrued<br>Benefit<br>(Asset)<br>Liability** | **Accrued<br>Benefit<br>(Asset)<br>Liability** | **Net<br>Benefit<br>Plans<br>Expense** | **Net<br>Benefit<br>Plans<br>Expense** |
|  **Pension Benefits** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Superannuation Plan \* |  |  | 111612 | 105472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teachers' Pension Plan | 373983 | 408761 | 150529 | 154928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Employees Pension Plan \* |  |  | 166601 | 152172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Educational Non-Teaching Plans | (6494) | (6206) | 6998 | 9581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Members of the Legislative Assembly Pension Plan | 126608 | 119399 | 13140 | 8538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Pension Plan | 88151 | 97372 | (70) | (3318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary Pensions | 181869 | 183667 | 12572 | 10083 |
|  **Total Pension Benefits** | 764117 | 802993 | 461382 | 437456 |
|  **Other Benefits** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Superannuation Plan Health Benefits | 325877 | 325232 | 6106 | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teachers' Pension Plan Health Benefits | 1094864 | 1054295 | 59399 | 68072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Sector Retirement Health Benefits | 280335 | 273649 | 12814 | 20051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Retirement Health Benefits | 134864 | 132794 | 4190 | 4389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Self-Insured Workers' Compensation Plan | 160979 | 163587 | 14125 | 47735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Long Term Disability Plan \* |  |  | 9675 | 8620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Sick Leave Benefits | 217904 | 217561 | 20836 | 12398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Allowances | 29006 | 31913 | (536) | (764) |
|  **Total Other Benefits** | 2243829 | 2199031 | 126609 | 165557 |
|  **Pension, Retirement and Other Obligations** | 3007946 | 3002024 | 587991 | 603013 |

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*\** *Province does not sponsor these plans; the annual net benefit plan expense is limited to the employer contributions paid by the Province.* 

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![LOGO](g63675g58h63.jpg)

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**5.** **Pension, Retirement and Other Obligations *(continued)*** 

**e)** **Actuarial Assumptions** 

The significant assumptions used to measure the Province's benefit plan obligations are:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Pension<br>Benefits** | **Other**<br>**Benefits** | **Pension<br>Benefits** | **Other**<br>**Benefits** |
|  Long-term inflation rate | 2.00% | 2.00% | 2.00% | 2.00% |
|  Expected real rate of return on plan assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPP | 4.41% |  | 4.46% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NSECSB | 4.07% |  | 3.73% |  |
|  Rate of compensation increase | 0.0% - 3.5 | 1.5% - 3.0 | 0.0% - 3.5 | 1.5% - 3.0 |
|  Discount rates: | + merit | + merit | + merit | + merit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPP | 6.50% |  | 6.55% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NSECSB | 6.15% |  | 5.80% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Plans |  | 3.67% |  | 3.18% |

---

**Other Assumptions** 

• 7.0 per cent annual rate increase in the cost per person of covered health care benefits for 2024-25, decreasing to an ultimate rate of 4.0 per cent per annum over 20 years

• 7.0 per cent annual rate increase in the cost per person of covered prescription drugs for 2024-25, decreasing to an ultimate rate of 4.0 per cent per annum over 20 years

Actuarial assumptions are reviewed and assessed on an annual basis, taking into account various changing conditions and reflecting the Province's best estimate of performance over the long term.

The net unamortized actuarial gains (losses) are amortized on a straight-line basis over the expected average remaining service life (EARSL) of the related employee groups ranging from 6.0 to 16.0 years. The Province's weighted-average EARSL is 14.7 years.

**f)** **Sensitivity Analysis** 

Changes in actuarial assumptions can result in significantly different estimates of the projected benefit obligations. The table below indicates the possible changes to these obligations for the more significant benefit plans as a result of slightly different key actuarial assumptions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
| *($ thousands)* | **Pension**<br>**Benefits** | **Pension**<br>**Benefits** | **Other**<br>**Benefits** | **Other**<br>**Benefits** | **Total** | **Total** |
|  Possible change in obligations due to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Discount Rate – 0.5% Decrease | 216979 | 5.9% | 196840 | 10.5% | 413819 | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Salary Growth Rate – 1.0% Increase | 129918 | 3.5% | 13635 | 0.7% | 143553 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Health Care Cost Trend Rate – 1.0% Increase | n/a | n/a | 382269 | 20.4% | 382269 | 6.9% |

---

The sensitivity analyses are based on a change in one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.

------

**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**6.** **Prior Years' Adjustments (PYAs)** 

PYAs resulting from measurement uncertainty, see Note 1 e), reflect updates to the Province's forecasts and revisions to information obtained from the federal government relating to prior years. The current year revenues and corresponding PYAs are reported in Schedule 1 as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ thousands)* | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Current** | **PYA** | **Total** | **Current** | **PYA** | **Total** |
|  **Provincial Sources** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Income Tax | 4471232 | 272059 | 4743291 | 3951415 | 175981 | 4127396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Income Tax | 942496 | 163933 | 1106429 | 673756 | 71108 | 744864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmonized Sales Tax | 2667054 | 70145 | 2737199 | 2615601 | 266835 | 2882436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleum Royalties |  | 55324 | 55324 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions Capital Tax <sup>1</sup> | 75056 | 14692 | 89748 | 70505 | 18556 | 89061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large Corporations Tax <sup>1</sup> |  | (94) | (94) |  | (3084) | (3084) |
|  |  | 576059 |  |  | 529446 |  |
|  **Federal Sources** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada Health Transfer | 1357718 | 1173 | 1358891 | 1357400 | 4980 | 1362380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada Social Transfer | 440804 | (631) | 440173 | 433520 | 2389 | 435909 |
|  |  | 542 |  |  | 7369 |  |

---

*<sup>1</sup>* *Included in Other Tax Revenue in Schedule 1* 

**7.** **Debt Servicing Costs** 

---

| | | |
|:---|:---|:---|
| *($ thousands)* | **2025** | **2024** |
|  CDN$ Denominated Debt | 681891 | 591413 |
|  Pension, Retirement and Other Obligations | 102403 | 95046 |
|  Capital Leases | 7392 | 7797 |
|  Public Private Partnerships (P3s) | 9950 | 6132 |
|  Other Debt | 56572 | 65673 |
|  Amortization of Premiums and Discounts on Unmatured Debt | 16322 | 15245 |
|  Amortization of Foreign Exchange Gains | (17) | <u>(619</u>) |
| **Total Debt Servicing Costs** | 874513 | 780687 |

---

Debt servicing costs have been offset with associated interest revenue of $0.2 million (2024 – $0.3 million) on repurchased debt instruments.

For the year ended March 31, 2025, total debt servicing costs for the Province's government business enterprises were $9.5 million (2024 – $8.0 million).

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**8.** **Expenses by Object** 

---

| | | |
|:---|:---|:---|
| *($ thousands)* | **2025** | **2024** |
|  |  | *(as restated)* |
| Grants and Subsidies | 6452072 | 5981871 |
| Salaries and Employee Benefits | 6439690 | 5785127 |
| Operating Goods and Services | 2984448 | 2713478 |
| Professional Services | 589458 | 553326 |
| Amortization | 611531 | 541196 |
| Debt Servicing Costs | 874513 | 780687 |
| Other | 4179 | 6944 |
| **Total Expenses by Object** | 17955891 | 16362629 |

---

**9.** **Cash Flow — Net Change in Other Items** 

---

| | | |
|:---|:---|:---|
| *($ thousands)* | **2025** | **2024** |
|  Decrease (Increase) in Accounts Receivable | 201591 | (221307) |
|  Decrease in Inventories for Resale | 389 | 203 |
|  Decrease in Bank Advances and Short-Term Borrowings | (52743) | (69539) |
|  Increase (Decrease) in Accounts Payable and Accrued Liabilities | 143018 | (9916) |
|  Increase (Decrease) in Deferred Revenue | 19322 | (838) |
|  Increase in Accrued Interest | 36107 | 25324 |
|  Increase in Pension, Retirement and Other Obligations | 5922 | 20101 |
|  Increase (Decrease) in Asset Retirement Obligations | 8506 | (16196) |
|  Increase in Liabilities for Contaminated Sites | 13702 | 60880 |
| (Increase) Decrease in Inventories of Supplies | (16148) | 33686 |
|  Decrease (Increase) in Prepaid Expenses | 8139 | (16599) |
|  **Total Net Change in Other Items** | 367805 | (194201) |

---

**10.** **Asset Retirement Obligations** 

The Province owns and operates various assets that are subject to asset retirement obligations. As at March 31, 2025, a total liability for asset retirement obligations of $600.5 million (2024 – $592.0 million) has been recorded in these consolidated financial statements. The Province has not set aside assets designated for settling asset retirement obligations.

------

**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**10.** **Asset Retirement Obligations *(continued)*** 

The Province's estimates for the decommissioning of assets at retirement are based on engineering reports developed using available data such as environmental reports, building management reports, and internal data and records, which were supplemented as required by the past experience of internal experts in relation to these types of regulated materials. Given the nature of these obligations, significant measurement uncertainty exists in both the amount and timing of the estimates (Note 1e).

These estimates have been measured on an undiscounted basis and consist of several types of asset retirement obligations as follows:

*Asbestos Abatement* 

Many provincially owned buildings are known or expected to contain asbestos, which represents a health hazard upon demolition of the building. The Province is legally required to perform abatement activities upon renovation or demolition of these buildings. Abatement activities include handling and disposing of the asbestos in a prescribed manner when it is disturbed. The estimated total liability for asbestos abatement is $473.5 million (2024 – $465.6 million).

*Lead* 

The provincially owned buildings are also known or expected to contain lead-based materials such as drywall, plaster, painted wood, pipe insulation, and flooring materials, which represent health hazards upon handling of those materials. The Province is legally required to dispose of these materials in a regulated manner. The estimated total liability related to the proper disposal of lead-containing materials is $119.4 million (2024 – $118.7 million).

*Underground Fuel Storage Tanks* 

According to legislation, the Province is required to decommission provincially owned underground fuel storage tanks in a prescribed manner at the time of their replacement or at the end of their useful life. The estimated total liability related to the decommissioning of underground fuel storage tanks is $1.3 million (2024 – $1.4 million).

*Other* 

The Province has a number of other regulated building materials, such as mercury, polychlorinated biphenyls (PCBs), and refrigerants, as well as gravel pits that arise due to contractual obligations. The estimated total liability related to these other materials is $6.3 million (2024 – $6.3 million).

Amortization is calculated on a declining balance basis for most assets with asset retirement obligations of the General Revenue Fund. Amortization is generally calculated on a straight-line basis for most assets with asset retirement obligations of the governmental units. Amortization rates are identified in Schedule 7.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**10.** **Asset Retirement Obligations *(continued)*** 

The tables below show the continuity of Asset Retirement Obligations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ thousands)* | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  |  | **Fuel** | **Medical** |  |  |
|  | **Asbestos** | **Lead** | **Tanks** | **Equipment** | **Other** | **Total** |
|  Balance, Beginning of Year | 465618 | 118731 | 1395 |  | 6238 | 591982 |
|  Liabilities Incurred During Year |  |  |  |  |  |  |
|  Liabilities Settled During Year | (2213) | (442) | (120) |  |  | (2775) |
|  Changes in Estimated Costs | 10083 | 1112 |  |  |  | 11195 |
|  Accretion Expense |  |  |  |  | 86 | 86 |
|  **Balance, End of Year** | 473488 | 119401 | 1275 |  | 6324 | 600488 |
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  |  | **Fuel** | **Medical** |  |  |
|  | **Asbestos** | **Lead** | **Tanks** | **Equipment** | **Other** | **Total** |
|  Balance, Beginning of Year | 466069 | 123028 | 6440 | 5490 | 7151 | 608178 |
|  Liabilities Incurred During Year | 640 | 160 |  |  | 75 | 875 |
|  Liabilities Settled During Year | (1160) | (374) | (318) | (590) |  | (2442) |
|  Changes in Estimated Costs | 42 | (4089) | (4728) | (4900) | (1036) | (14711) |
|  Accretion Expense | 27 | 6 | 1 |  | 48 | 82 |
|  **Balance, End of Year** | 465618 | 118731 | 1395 |  | 6238 | 591982 |

---

**Asset Retirement Obligations and the associated Tangible Capital Asset Class:** 

---

| | | |
|:---|:---|:---|
| *($ thousands)*<br> **Asset Type and Class** | **Asset**<br>**Net Book Value** | **ARO**<br>**Liability** |
|  Buildings and Land Improvements | 163028 | 554094 |
|  Other |  | 2342 |
|  Unrecorded Assets |  | 44052 |
|  **Total** | 163028 | 600488 |

---

**11.** **Liabilities for Contaminated Sites** 

Various provincially owned sites throughout the province are known to be or are at risk of being contaminated. Studies are ongoing to assess the nature and extent of damage to develop remediation plans. Provisions for these costs are recorded when it is determined a liability exists and a reasonable estimate of the remediation costs can be made. As at March 31, 2025, a total liability for contaminated sites of $614.0 million (2024 – $600.3 million) has been recorded in these consolidated financial statements.

The Province's estimates for remediation are based on environmental studies, engineering reports, and if appropriate, extrapolation techniques similar to those used for other contaminated sites with which the Province was involved. These estimates have been

------

**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**11.** **Liabilities for Contaminated Sites *(continued)*** 

measured on an undiscounted basis. The Province has identified and continues to track approximately 203 sites in total. Of these, 103 were identified as sites where action is likely and for which a liability was recorded, including the following:

*Boat Harbour in Pictou County* 

A liability of $405.7 million (2024 – $384.4 million) has been recognized for the remediation of effluent on site. At this stage in the process, the Province continues to test and refine its current remediation strategy, and as a result, there remains significant measurement uncertainty related to this estimate.

The federal government has committed to reimbursing the Province for up to $100.0 million in eligible remediation costs incurred on this project. This federal commitment has not been reflected as part of the Boat Harbour remediation liability but has been disclosed as a contractual right in Note 12 e) and is expected to result in revenue in future periods as the remediation is completed.

*Sydney Steel Corporation (SYSCO) including Sydney Tar Ponds/Coke Ovens Site* 

A liability of $49.8 million (2024 – $55.7 million) has been recognized for future decommissioning, demolition, and remediation of SYSCO's and adjacent sites, including the long-term maintenance and monitoring of the Sydney Tar Ponds/Coke Ovens site expected until 2039.

*Abandoned Mine Sites* 

The Province is responsible for the risk management and potential remediation of certain historic abandoned mines that exist on Crown land. For most of these mine sites, the companies that caused the contamination no longer exist. The mining operations were primarily comprised of gold and other metals, coal, gypsum, and limestone. The risk of contamination at these sites primarily comes from mine tailings and other possible contaminants that were left on site.

A liability of $144.0 million (2024 – $145.8 million) has been recognized for the remediation of abandoned mine sites. The Province has identified seven former mine sites (five gold, one coal, one celestite) where contamination is known to exceed an environmental standard. A liability of $90.3 million (2024 – $89.2 million) has been recognized for these seven sites. A liability of $53.5 million (2024 – $56.6 million) has also been recognized for the remaining 53 former mine sites based on the Province's assessment of risk using past experience and assessments performed on other similar sites. While remediation is expected in the future, further testing and evaluation is required to determine the extent of contamination and possible site management options. These liabilities will be revised when the extent of future remediation is known, and the future costs can be more precisely measured.

At year-end, detailed site assessments were underway for five additional former gold mine sites located on Crown lands where contamination is expected to exceed an environmental standard. The Province will continue to provide notification in accordance with the *Contaminated Sites Regulations* as required.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**11.** **Liabilities for Contaminated Sites *(continued)*** 

*Other Contaminated Sites* 

A liability of $14.5 million (2024 — $14.4 million) has been recognized for various other contaminated sites associated with highway maintenance, commercial, and industrial operations.

For the remaining 100 identified sites, no liability for remediation has been recorded either because they have a minimal risk of requiring future remediation or the extent of contamination and possible remediation activities are unknown. They are at various stages of contamination evaluation, and studies will continue to assess the nature and extent of contamination to develop remediation plans and record a liability, if necessary. For the sites with minimal contamination, the Province does not expect to give up any future economic benefits as there is likely no significant environmental impact or risks to human health.

**12.** **Contingencies and Contractual Obligations/Rights** 

**a)** **Contingent Liabilities** 

**Lawsuits** 

The Province is involved in various legal proceedings arising from government activities. These disputes have resulted from breaches of contract, damages suffered by individuals or property, and related elements. These claims include items with pleading amounts and items where an amount is not specified. While the total amount claimed in these actions may be significant, their outcomes are not certain.

When a loss due to a lawsuit is likely to occur and the amount can be reasonably estimated, the amount is recorded as an accrued liability and an expense. The accrued liability for pending litigation in process as at March 31, 2025 was $222.7 million (2024 – $130.9 million).

**Guarantees** 

Guarantees by the Province are authorized by various acts of legislature and provided through specific agreements and programs to repay promissory notes, bank loans, lines of credit, mortgages, and other securities. Provisions for losses on guarantees are recorded when it is likely that a loss will occur. The amount of the loss provisions represents the Province's best estimate of future payments. Estimates take into consideration the nature of the loan guarantees, loss experience, and current conditions. The provisions are reviewed on an ongoing basis and changes in the provisions are recorded as expenses in the year they become known. Details on guarantees authorized, utilized, and accrued are presented in Schedule 8.

**Other Contingent Liabilities** 

The Province also has contingent liabilities in the form of indemnities. The Province's potential liability, if any, cannot be determined at this time.

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**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**12.** **Contingencies and Contractual Obligations/Rights *(continued)*** 

**b)** **Contingent Gains** 

The Province may receive funds in the future from recoveries of various types of claims paid out and other agreements pending the occurrence of certain events. Recoveries are recorded once the contingent events occur, are measurable, and collectability is reasonably assured.

On April 6, 2023, the Province issued an order for Nova Scotia Power Incorporated (NSPI) to pay a $10.0 million penalty for not meeting its renewable electricity targets under the *Renewable Electricity Regulations*. NSPI has requested the Nova Scotia Utility and Review Board to overturn the imposed penalty. The Court decision is expected by November 2025. Pending the decision of the appeal, this $10.0 million penalty has not been recognized in these consolidated financial statements.

**c)** **Contractual Obligations** 

As at March 31, 2025, the Province had contractual obligations as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *($ thousands)*<br> **Fiscal Year** | **General Revenue<br>Fund** | **Governmental**<br>**Units** | **Government**<br>**Business**<br>**Enterprises** | **Total**<br>**Contractual**<br>**Obligations** |
| 2026 | 3272210 | 457875 | 1569 | 3731654 |
| 2027 | 3126768 | 281449 |  | 3408217 |
| 2028 | 2775660 | 176928 |  | 2952588 |
| 2029 | 1789883 | 135468 |  | 1925351 |
| 2030 | 1289350 | 97955 |  | 1387305 |
|  2031 to 2035 | 5430064 | 175129 |  | 5605193 |
|  2036 to 2040 | 3038321 |  |  | 3038321 |
|  2041 to 2045 | 2858782 |  |  | 2858782 |
|  2046 and thereafter | 4789096 |  |  | 4789096 |
|  | 28370134 | 1324804 | 1569 | 29696507 |

---

These contractual obligations are comprised of $28,370.1 million from the General Revenue Fund, $1,324.8 million from governmental units, and $1.6 million from government business enterprises. Included are contractual obligations for the Department of Seniors and Long-Term Care of $15,663.4 million for service agreements with long-term care facilities, $7,070.8 million for the Department of Health and Wellness (DHW) for future commitments related to P3 arrangements (of which $3,384.7 million is for the capital portion and $3,686.1 million for the operating and maintenance portion), $1,437.4 million for the Department of Justice for the Royal Canadian Mounted Police (RCMP) policing services, $607.9 million for the Department of Public Works for various school, health, and other construction projects, $543.3 million for DHW relating to medical transportation services, and $507.1 million for the Department of Municipal Affairs for various funding commitments under the Investing in Canada Infrastructure Program.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**12.** **Contingencies and Contractual Obligations/Rights *(continued)*** 

**d)** **Operating Leases** 

As at March 31, 2025, the Province was contractually obligated under various operating leases. Future minimum annual lease payments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *($ thousands)*<br> **Fiscal Year** | **General Revenue**<br>**Fund** | **Governmental**<br>**Units** | **Government**<br>**Business<br>Enterprises** | **Total**<br>**Lease<br>Payments** |
| 2026 | 78284 | 41959 | 75 | 120318 |
| 2027 | 64131 | 37623 | 79 | 101833 |
| 2028 | 48271 | 30876 | 81 | 79228 |
| 2029 | 43435 | 26215 |  | 69650 |
| 2030 | 36377 | 23685 |  | 60062 |
|  2031 to 2035 | 41900 | 70137 |  | 112037 |
|  2036 to 2040 | 4000 | 11429 |  | 15429 |
|  2041 to 2045 | 2333 | 7006 |  | 9339 |
|  | 318731 | 248930 | 235 | 567896 |

---

**e)** **Contractual Rights** 

As at March 31, 2025, the Province had contractual rights as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *($ thousands)*<br> **Fiscal Year** | **General Revenue**<br>**Fund** | **Governmental**<br>**Units** | **Government**<br>**Business<br>Enterprises** | **Total<br>Contractual**<br>**Rights** |
| 2026 | 788308 | – |  | 788308 |
| 2027 | 620365 | – |  | 620365 |
| 2028 | 441148 | – |  | 441148 |
| 2029 | 254965 | – |  | 254965 |
| 2030 | 221286 | – |  | 221286 |
|  2031 to 2035 | 233250 | – |  | 233250 |
|  2036 to 2040 | 2381 | – |  | 2381 |
|  2041 to 2045 | 1389 | – |  | 1389 |
|  | 2563092 | – |  | 2563092 |

---

These contractual rights are comprised of $1,299.9 million for the Department of Education and Early Childhood Development for Early Learning and Child Care programs and other federal funding programs, $323.5 million for the Department of Municipal Affairs for various funding commitments under the Investing in Canada Infrastructure Program, $150.2 million for the Department of Public Works for various federal funding programs, including $100.0 million for the reimbursement of remediation costs associated with the Boat Harbour site in Pictou County as described in Note 11, $134.1 million for the Department of Growth and Development for federal funding initiatives under the National Housing Strategy, and $83.5 million for the Department of Health and Wellness for federal funding under the Working to Improve Health Care for Canadians program.

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**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**13.** **Risk Management and Financial Instruments** 

As a result of borrowing in both Canadian and foreign financial markets and being a party to financial instruments, the Province is exposed to credit risk, liquidity risk, and market risks (including interest rate risk and foreign exchange risk). The Province employs various risk management strategies and operates within fixed risk exposure limits to ensure exposure to risk is managed in a prudent and cost effective manner. A variety of strategies are used, including the use of derivative financial instruments (derivatives). Derivatives are financial contracts, the value of which is derived from underlying instruments. The Province uses derivatives to hedge and to mitigate foreign exchange risk and interest rate risk. The Province does not use derivatives for speculative purposes.

**Credit Risk** 

Credit risk exposure is attributed to the risk that a counterparty to a financial instrument will cause a financial loss to the Province. The Province's exposure is held in its cash, receivables, investments, and derivative financial instruments.

For certain loans, credit risk is managed through collateral security pledged by the borrowers and the appropriate provision for loan losses. Additionally, the risk of counterparty default is managed through evaluation of accounts receivable, loans receivable, and investment balances. When evaluation of these balances indicates a counterparty may be unable to fulfill their commitment, the Province recognizes an allowance for doubtful accounts or valuation allowance as required.

The use of derivatives introduces credit risk, which is the risk of a counterparty defaulting on contractual derivative obligations in which the Province has an unrealized gain. The Province manages its credit risk exposure from derivatives by, among other activities, dealing only with high credit quality counterparties and regularly monitoring compliance to credit limits. The Province's policy requires that a minimum credit rating for counterparties to derivative transactions be "A-" with a stable outlook as determined by the major credit rating agencies. The Province uses derivatives to manage the fixed and floating interest rate mix of its debt portfolio. Interest rate contracts include swap agreements and options on swaps. These contracts are used to vary the amounts and periods for which interest rates on borrowings are fixed or floating.

As at March 31, 2025, the Province has 30 interest rate swap contracts to convert certain interest payments from fixed to floating and from floating to fixed. These swaps have terms remaining of 0.25 years to 19.15 years, a notional principal value of $953.3 million and a mark to market value of ($5.9) million. Notional amounts represent the volume of outstanding derivative contracts and are not indicative of credit risk.

The table below presents the credit risk and maturity profile associated with the derivative financial instrument portfolio measured using observable market data at year-end.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**13.** **Risk Management and Financial Instruments (*continued*)** 

*($ thousands)* 

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| | | | |
|:---|:---|:---|:---|
| **Maturity**<br> **Date** | **Current**<br>**Currency** | **Current**<br>**Notional** | **Fair**<br>**Value<sup>1</sup>** |
|  **Derivative Financial Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | CDN$ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027 | CDN$ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028 | CDN$ | 108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2029 | CDN$ | 203309 | 5920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 | CDN$ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 and thereafter | CDN$ | 307839 | 9598 |
|  **Total** |  | 511256 | 15518 |
|  **Derivative Financial Obligations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | CDN$ | 8393 | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027 | CDN$ | 3890 | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028 | CDN$ | 1828 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2029 | CDN$ | 3887 | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 | CDN$ | 8353 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 and thereafter | CDN$ | 415676 | (21161) |
|  **Total** |  | 442027 | (21401) |

---

<sup>1</sup> Fair value is based on the Mark to Market, an indication of the swap's market value as at March 31, 2025. It is also the equivalent of the present value of future cash flows based on market conditions at March 31, 2025.

The Province's carrying amounts for financial assets best represent its maximum exposure to credit risk.

**Liquidity Risk** 

Liquidity risk is the risk that the Province will not be able to meet its financial commitments over the short term. To reduce liquidity risk, the Province maintains liquid reserves (cash and cash equivalents) at levels that will meet cash requirements in the near future and will give the Province flexibility in the timing of issuing debt. In addition, the Province has a short-term note program, uncommitted bank lines, and discretionary sinking funds as alternative sources of liquidity. This risk is also managed by distributing debt maturities over many years and having up to 50.0 per cent of long-term debt with a maturity of over 15.0 years.

**Market Risk** 

Interest rate risk is the risk that debt servicing costs will vary unfavourably due to fluctuations in interest rates. As at March 31, 2025, a one per cent increase or decrease in interest rates would result in a $6.5 million increase or decrease in operating results on floating financial instruments outstanding at the end of the fiscal year and fixed income securities maturing within 12 months. As discussed under Credit Risk, the Province uses derivatives to manage the fixed and floating interest rate mix of its debt portfolio.

Foreign exchange risk is the risk that the cash flows needed to repay the interest and principal on loans in foreign currencies will vary due to fluctuations in foreign exchange rates. As at March 31, 2025, the Province has no material foreign exchange exposure.

------

**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**13.** **Risk Management and Financial Instruments (*continued*)** 

**Fair Value** 

Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Financial instruments were measured using a commonly used valuation model that includes all factors market participants would consider in pricing a transaction and is consistent with economic methodologies for financial instruments. The following table presents the financial instruments recorded at fair value in the Consolidated Statement of Financial Position, classified using the fair value hierarchy described in Note 1 d).

---

| | | | |
|:---|:---|:---|:---|
| *($ thousands)*<br> **Fair Value Hierarchy** | **Fair**<br>**Value** | **Cost /**<br>**Amortized Cost** | **Total** |
|  **Cost/Amortized Cost** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 1145918 | 1145918 |
|  **Level 1** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 365884 |  | 365884 |
|  **Level 2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 33788 |  | 33788 |
|  | 399672 | 1145918 | 1545590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative Financial Assets | 15518 |  | 15518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative Financial Obligations | (21401) |  | (21401) |
|  **Total** | 393789 | 1145918 | 1539707 |

---

There have been no significant transfers between Level 1 and Level 2 of the fair value hierarchy. There were no fair value measurements classified as Level 3.

**14.** **Public Private Partnerships (P3)** 

The Province is party to three public private partnership (P3s) arrangements for the procurement of tangible capital assets:

*Highway 104 Sutherland's River Twinning Project* 

The Highway 104 Sutherland's River Twinning (H104 P3) Project is for the design, construction, financing, operation, and maintenance of a highway, including construction of new interchanges and bridges, between Sutherland's River, Pictou County and Antigonish. The private sector partner will operate and maintain the highway for 20 years post substantial completion. The project began construction in May 2020 and substantial completion was reached on August 31, 2023.

The H104 P3 monthly service payments are subject to deductions for availability and quality failures. The agreement allows for termination under limited circumstances including in the event of private sector partner default, relief event that causes any failure by a Party to perform any of its obligations as defined in the project agreement, force majeure, or at the Province's convenience. Both parties are to use commercially reasonable efforts to remedy any failures to perform.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**14.** **Public Private Partnerships (P3) *(continued)*** 

*Bayers Lake Community Outpatient Centre Project* 

The Bayers Lake Community Outpatient Centre (BLCOC) Project is for the design, construction, financing, operation, and maintenance of a healthcare facility. The private sector partner will maintain the facility for 30 years post substantial completion. The project began construction in November 2020 and substantial completion was reached on August 15, 2023. The facility opened for operation on November 20, 2023.

The BLCOC monthly service payments are subject to deductions for availability, service, quality, and system failures. The agreement allows for termination similar to the above noted for the H104 P3 arrangement.

*Halifax Infirmary Expansion Project Acute Care Tower* 

The Halifax Infirmary Expansion Project Acute Care Tower (HIEP ACT) Project is for the design, construction, financing, and maintenance of a healthcare facility. The private sector partner will maintain the facility for 30 years post substantial completion. The project closed in February 2025 and substantial completion is anticipated to occur in November 2030.

The HIEP ACT monthly service payments are subject to deductions for availability, service, quality, and system failures. The agreement allows for termination similar to the above noted for the H104 P3 arrangement.

The Province retains ownership of the tangible capital assets acquired under these P3 arrangements. Assets acquired are recognized at cost and amortized over their estimated useful lives using the declining balance method, as reported in Schedule 7. P3 liabilities are recognized at the same amount as the related asset and subsequently measured at amortized cost using the effective interest method. The liabilities are settled through future cash payments and are reported in Schedules 4 and 5. Operating and/or maintenance costs within the P3 arrangements have been recognized as expenses in the period to which they relate. Future commitments related to these P3 arrangements are disclosed in Note 12 (c).

**15.** **Trust Funds Under Administration** 

Trust fund assets solely administered by the Province are as follows:

---

| | | |
|:---|:---|:---|
| *($ thousands)* | **2025** | **2024** |
|  Nova Scotia Credit Union Deposit Insurance Corporation <sup>1</sup> | 55211 | 48126 |
|  Public Trustee <sup>2</sup> | 80840 | 81242 |
|  Miscellaneous Trusts <sup>3</sup> | 70507 | 67286 <sup>\*</sup> |
|  **Total Trust Funds Under Administration** | 206558 | 196654 |

---

<sup>1</sup> *Represents trust with December 31 year-end.*

<sup>2</sup> *Financial statements of these funds are available in Public Accounts* – *Volume 2.*

<sup>3</sup> *Miscellaneous trusts include a large number of relatively small funds.*

*\** *Amount was updated from the prior year based on the most current information.* 

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**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**15.** **Trust Funds Under Administration *(continued)*** 

**Other Trusts** 

The Nova Scotia Teachers' Union and the Province agreed to joint trusteeship of the Teachers' Pension Plan (TPP) effective April 1, 2006. Under joint trusteeship, the trustee of the Plan is the Teachers' Pension Plan Trustee Inc. (TPPTI), of which the Province appoints four of nine members. TPPTI is responsible for the administration of the trust fund and investment management of fund assets. The total net assets available for benefits as at December 31, 2024 were $6.2 billion (2023 – $5.8 billion).

The Public Service Superannuation Plan operates under the responsibility of the Public Service Superannuation Plan Trustee Inc. (PSSPTI), of which the Province appoints six of the 13 members. Due to changes made to the *Public Service Superannuation Act* effective April 1, 2013, the Province no longer has any responsibility for this plan. As at March 31, 2025, the total net assets available for benefits were $8.3 billion (2024 – $7.9 billion).

The Nova Scotia Public Service Long Term Disability Plan (LTD Plan) operates as a joint trusteeship between the Province and the Nova Scotia Government and General Employees Union (NSGEU), of which the Province appoints five of 11 trustees. The Trustees are responsible for the administration of the trust fund and investment management of fund assets, and all liability for benefits resides exclusively with the LTD Plan's trust fund. The total net assets available for benefits as of December 31, 2024 were $159.1 million (2023 – $154.6 million).

**16.** **Related Party Transactions** 

Included in these consolidated financial statements are insignificant transactions with various provincial Crown corporations, agencies, boards, and commissions. Significant related party transactions have been eliminated for purposes of consolidated reporting. Parties are deemed to be related to the General Revenue Fund due to common control or ownership by the Province.

Related parties also include key management personnel having the authority and responsibility for planning, directing, and controlling the activities of the Province, their close family members, and any entities closely affiliated with these individuals. Key management personnel for the Province have been identified as the Premier, Cabinet Ministers, other MLAs appointed to Treasury and Policy Board, Deputy Ministers, Associate Deputy Ministers, and the senior leaders and Board members of the Province's controlled entities. The Province may enter into transactions with these individuals and entities in the normal course of business measured at the exchange amount.

For the year ended March 31, 2025, there were no transactions to report between the Province and key management personnel, their close family members, or any entities affiliated with them at a price different than fair market value or under terms different than what two unrelated parties would agree to.

The most significant unadjusted related party transactions are described in more detail in Schedule 6 – Government Business Enterprises.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**17.** **Tobacco Settlement** 

On March 6, 2025, the Ontario Superior Court of Justice approved a $32.5 billion settlement agreement in Canada under the Companies' Creditors Arrangement Act arising from litigation against three major tobacco companies for healthcare-related costs. The total settlement will be payable partly by an upfront lump-sum payment and the balance through annual payments. The annual payments will be a percentage of these tobacco companies' after-tax income and depend on the profit they earn in each subsequent year. The percentage commences with 85 per cent of the net after-tax income for the first five years, reduced by 5 per cent for each increment of five years. The annual payments are reduced to 70 per cent of the net after tax income starting in year 16 until the total amount is paid. Under the terms of the settlement, $24.7 billion is payable to the Provinces and Territories with the upfront payment being $6.4 billion.

Nova Scotia's share of the Provinces and Territories portion is approximately 3.17 per cent which represents $784.8 million of the total settlement with $203.1 million being the upfront payment and the balance to be paid over the settlement period. The Province recognized $203.1 million as accounts receivable and miscellaneous revenue (Schedule 1) in this fiscal year, which is gross of legal fees payable totalling $19.2 million. The remaining balance of the settlement has not been recognized given the significant uncertainty related to the amount of future annual payments from these tobacco companies based on their long-term financial performance and estimated future profits that may be affected by economic, regulatory and the changing market preferences for combustible tobacco products. Subsequently, revenue will be recognized annually when there is certainty of the amounts, determined by these tobacco companies' annual after-tax profit.

**18.** **Contributed Services** 

Volunteers contribute a significant amount of their time each year to support the delivery of certain programs and services within the health and education sectors. The fair value of these contributed services is not readily determinable and, as such, they are not recognized in these consolidated financial statements.

**19.** **Subsequent Events** 

*Northern Pulp Group of Companies Settlement Agreement* 

On July 14, 2025, the Northern Pulp Group of Companies (NP Group) announced that the establishment of a new mill operation in Nova Scotia was not economically feasible. Under the settlement agreement, if the NP Group did not proceed with a new mill, the proceeds of the sale of the timberlands owned by Northern Timber Nova Scotia Corporation (NT) would be used to pay, in full and final satisfaction, all provincial debts and obligations in the priority set out in the settlement agreement. As a result, the NP Group, under the supervision of the Companies' Creditors Arrangement Act (CCAA) Monitor, commenced a process to sell the timberlands.

------

**Notes to the Consolidated Financial Statements** 

**Province of Nova Scotia** 

**Notes to the Consolidated Financial Statements** 

**As at March 31, 2025** 

**19.** **Subsequent Events *(continued)*** 

On August 21, 2025, the Supreme Court of British Columbia approved a $104.0 million stalking horse bid, which established a benchmark value for the sale. Between August 27, 2025 and November 20, 2025, other parties may submit competitive bids. The successful bid will be announced on November 28, 2025. Although it is still possible that sale proceeds may be available to the Province, uncertainty is high, and at the current stalking horse bid, the Province would not be able to recover on its NT loan. As a result, the Province has recognized a loan valuation reserve of $15.0 million as at March 31, 2025 to reduce the value of the associated loans receivable to nil.

*Nova Scotia Independent Energy System Operator (IESO) Guarantee* 

On July 15, 2025, the Province approved entering into a guarantee agreement and postponement of claim in favour of the Royal Bank of Canada (RBC) that will guarantee amounts owing to RBC from IESO, up to a maximum aggregate principal amount of $170 million USD. IESO is a newly formed entity, independent from the Province, that was established following the proclamation of the *More Access to Energy Act* with the objective to manage multiple parts of the electricity system in Nova Scotia, including transferring some responsibilities from Nova Scotia Power Incorporated. In addition to its functions to undertake planning, system studies, and hourly management of the electric grid, the IESO is responsible for procuring new energy resources to meet the requirements of the system. The guarantee will be made to enable the IESO to secure access to 100 megawatts of new natural gas generating capacity located in New Brunswick for Nova Scotia electricity ratepayers. This will be the first procurement being led by the IESO.

**20.** **Comparative Figures** 

Certain of the prior year's figures have been reclassified to conform to the presentation format adopted in the current year. The more significant reclassifications are attributed to the departmental restructurings and name changes that were announced and made effective in December 2024, under Order in Council 2024-425. For the purposes of these Public Accounts and comparability with Budget 2024-25, the name changes have been reflected, and the estimates and prior year actual figures of the affected departments have been reclassified.

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**Table of Contents** 

**Schedule 1** 

**Province of Nova Scotia** 

**Revenue** 

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  |  | *(as restated)* |
|  **Provincial Sources** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Income Tax **\*** | 4743291 | 4127396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Income Tax **\*** | 1106429 | 744864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmonized Sales Tax **\*** | 2737199 | 2882436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Tax | 108335 | 132188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motive Fuel Tax | 272370 | 285789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cannabis and Vaping Products Tax | 22122 | 20441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Resident Deed Transfer Tax | 14559 | 11204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Tax Revenue **\*** | 298496 | 280749 |
|  | 9302801 | 8485067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Provincial Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recoveries | 642301 | 608073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Revenue of Governmental Units | 526972 | 538841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Contributions to Regional Centres for Education | 356317 | 321039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleum Royalties **\*** | 55324 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registry of Motor Vehicles | 155286 | 149667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Government Charges | 72242 | 62438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous (Note 17) | 370506 | 157319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Gain on Disposal of Crown Assets | 8986 |  |
|  | 2187934 | 1837427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income from Government Business Enterprises (Schedule 6) | 490867 | 478369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Revenue | 205796 | 159840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinking Fund and Public Debt Management Fund Earnings | 25856 | 24369 |
|  | 231652 | 184209 |
|  **Total Provincial Sources** | 12213254 | 10985072 |
|  **Federal Sources** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equalization Payments | 3284338 | 2802849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada Health Transfer **\*** | 1358891 | 1362380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada Social Transfer **\*** | 440173 | 435909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recoveries | 653384 | 612707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCA Cost Shared Revenue | 28889 | 75800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Federal Transfers | 241750 | 229653 |
|  **Total Federal Sources** | 6007425 | 5519298 |
|  **Total Revenue** | 18220679 | 16504370 |

---

**\*** *See Note 6 for details of Prior Years' Adjustments* 

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**Schedules to the Consolidated Financial Statements** 

**Schedule 2** 

**Province of Nova Scotia** 

**Expenses** 

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Advanced Education** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Advanced Education | 559515 | 570096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Community College | 300126 | 279473 |
|  | 859641 | 849569 |
|  **Agriculture** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Agriculture | 39644 | 49156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Crop and Livestock Insurance Commission | 3533 | 7028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Harness Racing Fund | 1552 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perennia Food and Agriculture Corporation | 14929 | 15367 |
|  | 59658 | 72642 |
|  **Communities, Culture, Tourism and Heritage** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Communities, Culture, Tourism and Heritage | 236192 | 202623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Art Gallery of Nova Scotia | 4910 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaels Forward Fund | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Archives of Nova Scotia | 132 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schooner Bluenose Foundation |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherbrooke Restoration Commission | 2733 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vive l'Acadie Community Fund | 47 | 48 |
|  | 244034 | 210638 |
|  **Cyber Security and Digital Solutions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Cyber Security and Digital Solutions | 241493 | 225679 |
|  **Education and Early Childhood Development** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Education and Early Childhood Development | 249115 | 362583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annapolis Valley Regional Centre for Education | 218824 | 195669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cape Breton-Victoria Regional Centre for Education | 218189 | 196152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chignecto Central Regional Centre for Education | 327796 | 287364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conseil scolaire acadien provincial | 145725 | 124969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halifax Regional Centre for Education | 879674 | 766426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Education Common Services Bureau | 1956 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia School Insurance Program | 16019 | 14643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Shore Regional Centre for Education | 127587 | 109334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strait Regional Centre for Education | 131675 | 116757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri-County Regional Centre for Education | 123449 | 106236 |
|  | 2440009 | 2282490 |
|  **Emergency Management** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Emergency Management | 41887 | 111275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia E911 Cost Recovery Fund | 9664 | 6971 |
|  | 51551 | 118246 |

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 2** 

**Province of Nova Scotia**

**Expenses *(continued)*** 

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Energy** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Energy | 43738 | 30367 |
|  **Environment and Climate Change** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Environment and Climate Change | 75948 | 51729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Fund |  | 36071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Environmental Trust |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resource Recovery Fund Board Inc. | 72365 | 67719 |
|  | 148313 | 155556 |
|  **Finance and Treasury Board** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Finance and Treasury Board | 57008 | 33634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Gaming Corporation | 11675 | 37623 |
|  | 68683 | 71257 |
|  **Fisheries and Aquaculture** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Fisheries and Aquaculture | 13246 | 13487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Sportfish Habitat Fund |  | 288 |
|  | 13246 | 13775 |
|  **Growth and Development** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Growth and Development | 261107 | 262081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Provincial Housing Agency | 186639 | 161642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest Nova Scotia | 55386 | 57748 |
|  | 503132 | 481471 |
|  **Health and Wellness** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Health and Wellness | 1890249 | 1781895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Izaak Walton Killam Health Centre | 422192 | 389988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Health Authority | 4046780 | 3617307 |
|  | 6359221 | 5789190 |
|  **Justice** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Justice | 442546 | 417840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorFor Capital Repairs and Replacement Fund | 291 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Legal Aid Commission | 41757 | 32448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workers Compensation Appeals Tribunal | 1891 | 1984 |
|  | 486485 | 452975 |
|  **Labour, Skills and Immigration** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Labour, Skills and Immigration | 214869 | 205782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occupational Health and Safety Trust Fund | 80 | 109 |
|  | 214949 | 205891 |
|  **Municipal Affairs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Municipal Affairs | 314508 | 341783 |

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**Schedules to the Consolidated Financial Statements** 

**Schedule 2** 

**Province of Nova Scotia** 

**Expenses *(continued)*** 

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  |  | *(as restated)* |
|  **Natural Resources** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Natural Resources | 112777 | 158379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Coal Company Limited Fund | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Land Mine Remediation Fund | 16 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Land Silviculture Fund | 1750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Habitat Conservation Fund | 218 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Off-highway Vehicle Infrastructure Fund | 2419 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pengrowth Nova Scotia Energy Scholarship Fund |  | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Species-at-risk Conservation Fund | 350 | 353 |
|  | 117532 | 161025 |
|  **Opportunities and Social Development** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Opportunities and Social Development | 1610816 | 1386676 |
|  **Public Service** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Units | 189686 | 166339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mi'kmaw Youth Fund | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Utility and Review Board | 12021 | 10786 |
|  | 201742 | 177160 |
|  **Public Works** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Public Works | 743434 | 685288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build Nova Scotia | 42621 | 34747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Regional Transportation Agency | 2473 | 2452 |
|  | 788528 | 722487 |
|  **Seniors and Long-Term Care** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Seniors and Long-Term Care | 1295527 | 1250913 |
|  **Service Nova Scotia** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Service Nova Scotia | 215028 | 217493 |
|  **Restructuring Costs** | 661765 | 184829 |
|  **Pension Valuation Adjustment** | (16151) | 51467 |
|  **Refundable Tax Credits** | 155907 | 125224 |
|  **Net Loss on Disposal of Crown Assets** | 2023 | 3139 |

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 2** 

**Province of Nova Scotia** 

**Expenses *(continued)*** 

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Debt Servicing Costs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Revenue Fund | 856275 | 763986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annapolis Valley Regional Centre for Education | 384 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Art Gallery of Nova Scotia | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build Nova Scotia | 42 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cape Breton-Victoria Regional Centre for Education | 348 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chignecto Central Regional Centre for Education | 637 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conseil scolaire acadien provincial | 240 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halifax Regional Centre for Education | 1461 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest Nova Scotia | 1294 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Izaak Walton Killam Health Centre | 909 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Community College | 2996 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Utility and Review Board | 26 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Gaming Corporation | 3 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Health Authority | 8981 | 9251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Legal Aid Commission | 424 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Provincial Housing Agency | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resource Recovery Fund Board Inc. | 114 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Shore Regional Centre for Education | (16) | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strait Regional Centre for Education | 212 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri-County Regional Centre for Education | 155 | 201 |
|  | 874513 | 780687 |
|  **Total Expenses** | 17955891 | 16362629 |

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**Schedules to the Consolidated Financial Statements** 

**Schedule 3** 

**Province of Nova Scotia** 

**Loans and Investments** 

**As at March 31, 2025** 

*($ thousands)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Loans** | **Provisions** | **Net**<br>**2025** | **Net**<br>**2024** |
|  |  |  |  | *(as restated)* |
|  **Loans Receivable** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Education – Student Loans Direct Lending | 220604 | 98820 | 121784 | 126381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture and Rural Credit Act | 314024 | 9219 | 304805 | 275286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and Treasury Board – Loans to Municipalities | 903791 |  | 903791 | 812954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fisheries Development Act | 351603 | 2655 | 348948 | 326455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth and Development - Housing Loans \* | 116744 | 4256 | 112488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halifax-Dartmouth Bridge Commission |  |  |  | 145000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest Nova Scotia | 118552 | 5732 | 112820 | 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Affairs and Housing – Housing Loans |  |  |  | 87946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Jobs Fund | 324311 | 117965 | 206346 | 234964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1606 | 421 | 1185 | 1295 |
|  **Total Loans Receivable** | 2351235 | 239068 | 2112167 | 2014448 |
|  |  |  | **Net** | **Net** |
|  | **Investments** | **Provisions** | **2025** | **2024** |
|  **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Art Gallery of Nova Scotia | 7364 |  | 7364 | 6700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and Treasury Board – Public Debt<br> Management Fund | 1019436 |  | 1019436 | 993576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and Treasury Board – Other | 4781 |  | 4781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest Nova Scotia | 98653 | 29625 | 69028 | 79448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Community College | 52052 |  | 52052 | 36212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Health Authority | 71767 |  | 71767 | 65874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Power Finance Corporation | 273655 |  | 273655 | 285931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia School Insurance Program | 6630 |  | 6630 | 6244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perennia Food and Agriculture Corporation | 14362 |  | 14362 | 9749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Archives of Nova Scotia | 3440 |  | 3440 | 3165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resource Recovery Fund Board Inc. | 23075 |  | 23075 | 23623 |
|  **Total Investments** | 1575215 | 29625 | 1545590 | 1510522 |

---

\* *See Note 2 for change in long-term care loans receivable.*

All loans have been recognized at cost or amortized cost. Investments are recognized at fair value, cost, or amortized cost, as classified in Note 13.

The provisions listed above include $2.5 million (2024 – $2.5 million) for possible guarantee payouts from the *Nova Scotia Jobs Fund Act* and $7.3 million (2024 – $7.3 million) for the Debt Reduction Assistance Program related to the student loans portfolio of the Department of Advanced Education.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 3** 

**Province of Nova Scotia** 

**Loans and Investments *(continued)***

**As at March 31, 2025** 

Maturity dates for loans range from calendar year 2025 to 2057, with some loans having no set maturity date. Interest rates for loans range from 0.0 to 12.0 per cent, with some loans having variable interest rates. Most investments have no set maturity dates or interest rates.

The security on loans can include life insurance, company assets, personal guarantees, or the value of the parent company, if applicable. Security can range from an unsecured position to a fully secured position.

Some loans have forgivable conditions; however, reasonable expectation of recovery remains.

**Designated Investments** 

The portfolio of investments held by the Nova Scotia Power Finance Corporation are defeasance assets to indemnify the long-term debt held by the Corporation. The Province has recognized defeasance assets equivalent to the outstanding long-term debt of the Nova Scotia Power Finance Corporation included in Schedule 4.

The Public Debt Management Fund is considered an unrestricted sinking fund. While these funds are not restricted by debt covenants, they are bound by legislation under the *Finance Act* to be used to pay or retire debentures, securities, or other debt instruments of the Province. The terms to maturity of the investments within this unrestricted sinking fund are summarized in Schedule 4.

**Allowance for Impaired Loans and Investments** 

Loans and investments are considered impaired when there is no longer reasonable assurance of the timely collection of the full amount of principal and interest. The allowance is comprised of two components, the specific allowance for individually identified impaired loans and investments and a general allowance for unidentified impaired loans and investments. The specific allowance for individually impaired loans and investments was established based on a review of impaired loans and investments. Specific allowances are determined by reviewing specific accounts that are in arrears or have been returned as defaulted. The collective allowance for unidentified impaired loans and investments is based on management's best estimate of the loss that is likely to be experienced on impaired loans and investments that were not known to be impaired at the financial statement date. The collective allowance was determined based on management's judgment and reviews of historic write-offs.

**Loans Past Due but Not Impaired** 

A loan is considered past due when a counterparty has not made a payment by the contractual due date. The following table presents the carrying value of loans that are past due but not classified as impaired because they have not met the aging threshold for impairment, or other factors such as credit rating, loan security, and collection efforts are expected to result in repayment. Loans that are past due but not impaired are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ thousands)* |  |  |  |  | **2025** | **2024** |
|  | **1-30**<br>**days** | **31-60**<br>**days** | **61-90**<br>**days** | **91 +**<br>**days** | **Total** | **Total** |
|  | 1109 | 5768 | 3346 | 23122 | 33345 | 41904 |

---

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**Schedules to the Consolidated Financial Statements** 

**Schedule 4** 

**Province of Nova Scotia** 

**Unmatured Debt** 

**As at March 31, 2025** 

*($ thousands)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **2025** | **2024** |
|  | **Gross<br>Unmatured**<br>**Debt** | **Repurchased<br>Own Debt**<br>**Instruments** | **Net<br>Unmatured**<br>**Debt** | **Net<br>Unmatured**<br>**Debt** |
|  General Revenue Fund \* | 19051840 | 20931 | 19030909 | 17342604 |
|  Nova Scotia Health Authority | 5019 |  | 5019 | 3371 |
|  Nova Scotia Education Common Services Bureau | 7 |  | 7 |  |
|  Nova Scotia Power Finance Corporation | 273655 |  | 273655 | 285931 |
|  **Total Unmatured Debt** | 19330521 | 20931 | 19309590 | 17631906 |

---

\* *The General Revenue Fund now includes the unmatured debt of Housing Nova Scotia due to the restructuring of that entity effective April 1, 2023.*

**Gross Unmatured Debt** 

All debt is presented in Canadian dollars. The Province does not hold debt denominated in foreign currencies at year-end.

Gross Unmatured Debt consists of the outstanding current and long-term debt of the Province's General Revenue Fund and governmental units. Current and long-term debt of the government business enterprises is reflected as part of Investment in Government Business Enterprises on the Consolidated Statement of Financial Position and further detailed in Schedule 6.

**Repurchased Own Debt Instruments** 

As at March 31, 2025, the Province held a carrying value of $20.9 million (2024 – $nil) of its own debentures. When a government repurchases its own debt instruments, the repurchased instruments offset the original liabilities on the statement of financial position and this represents the Net Unmatured Debt of the Province.

Similarly, any interest revenue and interest expense associated with these repurchased debt instruments are offset in the Consolidated Statement of Operations.

**Nova Scotia Power Finance Corporation** 

As per the Nova Scotia Power Corporation Privatization Agreement (Agreement), Nova Scotia Power Finance Corporation provides for defeasance of its debt. The portfolio of defeasance assets consists of Nova Scotia Power Corporation, other provincial governments, and Federal bonds, coupons, and residuals. As at March 31, 2025, the carrying value of the fully defeased long-term debt of Nova Scotia Power Finance Corporation is $273.7 million (2024 – $285.9 million) with a par value of $200.0 million (2024 – $200.0 million). The related defeasance assets recognized by the Nova Scotia Power Finance Corporation are included in Schedule 3.

Should there be a deficiency in defeasance assets, as part of the Agreement, Nova Scotia Power Incorporated is obligated to indemnify Nova Scotia Power Finance Corporation against all costs which Nova Scotia Power Finance Corporation may suffer or incur as a consequence of a deficiency in defeasance assets. Nova Scotia Power Incorporated is responsible for managing the portfolio of defeasance assets and is obligated to match its cashflows with the principal and interest streams of the related debt.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 4** 

**Province of Nova Scotia** 

**Unmatured Debt *(continued)***

**As at March 31, 2025** 

*($ thousands)* 

**Debt Repayments** 

Projected net principal debt repayments, capital lease payments, and payments related to Public- Private Partnership (P3) arrangements for the next five years and thereafter are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Principal**<br>**Repayments** | **Capital Lease**<br>**Payments** | **P3<br>Payments** | **Total**<br>**Payments** |
| 2026 | 824025 | 7837 | 7928 | 839790 |
| 2027 | 8935 | 5213 | 8260 | 22408 |
| 2028 | 1205734 | 4027 | 8606 | 1218367 |
| 2029 | 1058637 | 4178 | 8966 | 1071781 |
| 2030 | 1110731 | 4152 | 9342 | 1124225 |
|  2031 and thereafter | 14692574 | 84137 | 256308 | 15033019 |
|  | 18900636 | 109544 | 299410 | 19309590 |

---

Net principal repayments are comprised of the principal amounts due on loans, debentures, and long-term debt related to leased capital assets and assets acquired under P3 arrangements.

In addition, the Province has approximately $1.019 billion (2024 – $993.6 million) in unrestricted sinking funds held in the Public Debt Management Fund. While these funds are not restricted by debt covenants, they are bound by legislation under the *Finance Act* to be used to pay or retire debentures, securities, or other debt instruments of the Province. Sinking fund assets are now recorded on a gross basis in investments further detailed in Schedule 3. The use of these funds is evaluated each year based on a detailed analysis of cash requirements and market conditions. These unrestricted sinking funds consist of cash and cash equivalents, primarily of Canadian financial institution bankers' acceptances, provincial commercial paper, and longer term investments of fixed and/or floating federal, federal agency, and provincial term credits.

The term to maturity of these unrestricted sinking funds are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Term to Maturity** | **2025** | **2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and Cash Equivalents |  | 296413 |  | 305712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 to 3 years |  | 569965 |  | 511748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 to 5 years |  | 153058 |  | 176116 |
|  **Public Debt Management Fund** |  | 1019436 |  | 993576 |

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**Schedules to the Consolidated Financial Statements** 

**Schedule 5** 

**Province of Nova Scotia** 

**Gross Unmatured Debt** 

**As at March 31, 2025** 

*($ thousands)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **CDN $**<br>**Amount** | **Maturity**<br>**Dates** | **Interest Rates** |
|  **Debentures** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Revenue Fund \* | 18588695 | 2026 to 2075 | 1.10% to 6.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Power Finance Corporation | 273655 | 2031 | 11.00% |
|  **Total Debentures** | 18862350 |  |  |
|  **Loans** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Revenue Fund **–** Other Debt | 59210 | 2026 to 2049 | 0.00% to 21.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Education Common Services Bureau | 7 | 2029 | 10.27% |
|  **Total Loans** | 59217 |  |  |
|  **Capital Leases and P3 Arrangements** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Revenue Fund **–** Capital Leases | 104525 | 2027 to 2043 | 6.82% to 6.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Revenue Fund **–** P3 Arrangements | 299410 | 2043 to 2060 | 3.95% to 6.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Health Authority **–** Capital Leases | 5019 | 2027 to 2031 | 3.14% to 3.95% |
|  **Total Capital Leases and P3 Arrangements** | 408954 |  |  |
|  **Gross Unmatured Debt** | 19330521 |  |  |

---

*\** *The General Revenue Fund includes the unmatured debt of Housing Nova Scotia due to the restructuring of that entity effective April 1, 2023.*

**Call, Redemption and Other Features** 

**General Revenue Fund** 

Canadian debentures include $627.4 million in Canada Pension Plan (CPP) debentures, which are redeemable in whole or in part before maturity, on six months' notice, at the option of the Minister of Finance of Canada. All debt is presented in Canadian dollars. The Province does not hold debt denominated in foreign currencies at year-end.

Long-term debt obligations arising from P3 arrangements are recognized as unmatured debt as the underlying tangible capital assets are constructed. The remaining balance will be repaid over the term of the contracts. A listing of P3 arrangements can be found in Note 14.

The interest rates shown for the outstanding debentures reflect the fixed interest rates only. There are debentures that have floating interest rates. Floating interest rates are adjusted on a quarterly basis.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 6** 

**Province of Nova Scotia** 

**Government Business Enterprises** 

**As at March 31, 2025** 

*($ thousands)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **2025** | **2024** |
|  | **Halifax-<br>Dartmouth<br>Bridge<br>Commission** | **Highway 104<br>Western<br>Alignment<br>Corporation** | **Nova Scotia<br>Gaming<br>Corporation** | **Nova Scotia<br>Liquor<br>Corporation** | **Total** | **Total** |
|  Cash |  | 2097 | 36701 | 47596 | 86394 | 80052 |
|  Accounts Receivable |  | 1673 | 10515 | 6011 | 18199 | 16154 |
|  Inventory |  |  | 4255 | 80213 | 84468 | 84536 |
|  Investments |  | 70572 | 27684 |  | 98256 | 112919 |
|  Tangible Capital Assets |  | 37842 | 63894 | 104381 | 206117 | 493856 |
|  Other Assets |  | 1073 | 4744 | 8524 | 14341 | 11921 |
|  **Total Assets** |  | 113257 | 147793 | 246725 | 507775 | 799438 |
|  Accounts Payable |  | 10051 | 27339 | 69701 | 107091 | 104766 |
|  Unmatured Debt |  |  | 34342 | 42020 | 76362 | 212016 |
|  Other Liabilities |  | 1231 | 2646 | 21986 | 25863 | 32239 |
|  **Total Liabilities** |  | 11282 | 64327 | 133707 | 209316 | 349021 |
|  **Equity** |  | 101975 | 83466 | 113018 | 298459 | 450417 |
|  **Total Liabilitiesand Equity** |  | 113257 | 147793 | 246725 | 507775 | 799438 |
|  **Total Revenue** | 37849 | 15594 | 385636 | 894760 | 1333839 | 1305170 |
|  Debt Servicing Costs | 4756 | 451 | 1754 | 2550 | 9511 | 8035 |
|  Other Expenses | 34358 | 9884 | 177198 | 612021 | 833461 | 818766 |
|  **Total Expenses** | 39114 | 10335 | 178952 | 614571 | 842972 | 826801 |
|  **Net Income** | (1265) | 5259 | 206684 | 280189 | 490867 | 478369 |
|  Other Comprehensive Income |  |  | 3488 | 2923 | 6411 | 771 |
|  **Comprehensive Income** | (1265) | 5259 | 210172 | 283112 | 497278 | 479140 |

---

**<u>Halifax-Dartmouth Bridge Commission</u>**

The Halifax-Dartmouth Bridge Commission (HDBC), operating as Halifax Harbour Bridges, was created in 1950 by a special statute of the Province of Nova Scotia (now the *Halifax-Dartmouth Bridge Commission Act*). The purpose of HDBC is to construct, maintain, and operate bridges and their necessary approaches across the Halifax Harbour, between the communities of Halifax and Dartmouth, and across the North West Arm.

HDBC currently operates and maintains two toll bridges across the Halifax Harbour: the Angus L. Macdonald Bridge and A. Murray MacKay Bridge. Effective March 31, 2025, Halifax-Dartmouth Bridge Commission lost its GBE status and became a Governmental Unit. Since the change occurred as a result of an observable event, revenues and expenses that occurred prior to this change have been consolidated as a Government Business Enterprise, using the modified equity method. As part of the entity change, all long-term loan and line of credit agreements between HDBC and the Province were extinguished on March 31, 2025.

------

**Schedules to the Consolidated Financial Statements** 

**Schedule 6** 

**Province of Nova Scotia** 

**Government Business Enterprises *(continued)*** 

**As at March 31, 2025** 

**<u>Highway 104 Western Alignment Corporation</u>**

The Highway 104 Western Alignment Corporation (H104) was established for the purpose of financing, designing, constructing, operating, and maintaining a 45 km stretch of highway (referred to as the Cobequid Pass) between Masstown and Thomson Station in the counties of Colchester and Cumberland, Nova Scotia.

H104's main source of revenue is tolls. H104's mandate is to manage toll revenue collection and to fund annual and long-term maintenance. On December 16, 2021, the *Highway 104 Western Alignment Regulations were amended* by Order in Council 2021-288, with respect to the classification of vehicles and exemption of vehicles registered in Nova Scotia. As a result, the payment of tolls is no longer required for vehicles with Nova Scotia registered license plates effective December 16, 2021.

**Related Party Transactions** 

Government grants cover certain expenses incurred and costs of assets. They are recognized initially as deferred revenue at fair value when there is reasonable assurance that they will be received and H104 will comply with the conditions associated with them. Grants to cover expenses incurred are recognized in profit or loss on a systematic basis in the same periods in which the expenses are recognized. Grants to cover the cost of an asset are deferred and amortized to operations over the expected project life or useful life of the asset using the straight- line method.

Transactions with various Crown corporations, ministries, agencies, boards, and commissions related to H104 by virtue of common control by the Province are included in the financial statements of H104 and are routine operating transactions carried out as part of H104's normal day-to-day operations. These transactions are individually insignificant, and collectively, include maintenance services of $1.5 million (2024 – $1.5 million), as well as costs related to the Annual Roadway Maintenance Agreement.

**Annual Roadway Maintenance Agreement** 

The Annual Roadway Maintenance Agreement is a 30-year agreement between H104 and the Department of Public Works for the provision of annual roadway maintenance services and is renewed annually. The annual fee was $1.6 million for the current fiscal year (2024 – $1.5 million). During the year, H104 also incurred management fees of $371.8 thousand (2024 – $443.9 thousand) to the Province on the tenders the Province manages on behalf of the Corporation. These costs are capitalized to property, plant and equipment.

**<u>Nova Scotia Gaming Corporation</u>**

The Nova Scotia Gaming Corporation (NSGC) was incorporated on February 15, 1995 by Chapter 4 of the Acts of 1994-95, the *Gaming Control Act*. The principal activities of NSGC are to develop, undertake, organize, conduct, and manage casinos and other lottery business on behalf of the Province of Nova Scotia. Revenues of NSGC are derived from two casinos, located in Halifax and Sydney, as well as ticket and video lottery sales. NSGC is the party with the authority to operate casinos in Nova Scotia under the Criminal Code (Canada) and *Gaming Control Act* (Nova Scotia).

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 6** 

**Province of Nova Scotia** 

**Government Business Enterprises *(continued)*** 

**As at March 31, 2025** 

**<u>Nova Scotia Gaming Corporation</u>*<u>(continued)</u>***

On December 1, 2022, the Province passed legislation that resulted in the removal of the Board of Directors of NSGC, whereby transitioning the status of NSGC from a Government Business Enterprise (GBE) to an Other Government Organization (OGO) under Public Sector Accounting Standards. The corporation continues to exist but with no staff. NSGC has three distinct and separate operating segments – casino operations, lottery sales, and corporate services. As a result of the restructuring, NSGC reassessed its accounting and determined that Casino Nova Scotia (CNS) is a government business enterprise and Atlantic Lottery Corporation (ALC) is a government business partnership.

For the 2024-25 fiscal year, NSGC is being accounted for in the following manner:

• Line-by-line consolidation for the corporate services segment

• Modified equity method for CNS and ALC.

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| | | | | |
|:---|:---|:---|:---|:---|
| *($ thousands)* | **2025** | **2025** | **2025** | **2024** |
|  | **Casino<br>Nova Scotia** | **Atlantic<br>Lottery<br>Corporation** | **Total** | **Total** |
|  Cash | 28194 | 8507 | 36701 | 32176 |
|  Accounts Receivable | 485 | 10030 | 10515 | 8021 |
|  Inventory | 234 | 4021 | 4255 | 4705 |
|  Investments |  | 27684 | 27684 | 24196 |
|  Tangible Capital Assets | 33533 | 30361 | 63894 | 59146 |
|  Other Assets | 2641 | 2103 | 4744 | 2957 |
|  **Total Assets** | 65087 | 82706 | 147793 | 131201 |
|  Accounts Payable | 5109 | 22230 | 27339 | 24621 |
|  Unmatured Debt | 2302 | 32040 | 34342 | 26874 |
|  Other Liabilities | 1894 | 752 | 2646 | 2371 |
|  **Total Liabilities** | 9305 | 55022 | 64327 | 53866 |
|  **Equity** | 55782 | 27684 | 83466 | 77335 |
|  Total Liabilities and Equity | 65087 | 82706 | 147793 | 131201 |
|  **Total Revenue** | 103522 | 282114 | 385636 | 370124 |
|  Debt Servicing Costs |  | 1754 | 1754 | 1618 |
|  Other Expenses | 61895 | 115303 | 177198 | 189513 |
|  **Total Expenses** | 61895 | 117057 | 178952 | 191131 |
|  **Net Income** | 41627 | 165057 | 206684 | 178993 |
|  Other Comprehensive Income |  | 3488 | 3488 | 812 |
|  **Comprehensive Income** | 41627 | 168545 | 210172 | 179805 |

---

------

**Schedules to the Consolidated Financial Statements** 

**Schedule 6** 

**Province of Nova Scotia** 

**Government Business Enterprises *(continued)*** 

**As at March 31, 2025** 

**<u>Nova Scotia Gaming Corporation</u> *<u>(continued)</u>*<u> </u>**

**Disputed Harmonized Sales Tax Assessments** 

ALC received Notices of Assessment from Canada Revenue Agency (CRA) for Harmonized Sales Tax (HST) in respect of the operation of video lottery terminals located on First Nation reserves in Nova Scotia for the periods June 1, 2009 to October 31, 2013. Through ALC, NSGC has remitted, on a without prejudice basis, the amount of the assessments to avoid the accumulation of interest and penalties. Remittances up to and including March 31, 2023, totaled $94.1 million. The CRA agreed to a settlement of 80 percent recovery of remittances during the year ended March 31, 2024. As a result, ALC adjusted self-assessed HST for periods beginning April 1, 2023 ensuring that no further recoveries would be required.

During the year ended March 31, 2025, amounts totaling $55.6 million were received from CRA as recovery of amounts previously remitted for the periods June 1, 2009 to October 31, 2013 and some periods between November 1, 2013 to March 31, 2023. The total amount remitted with an expected recovery up to March 31, 2025 is $8.9 million and is presented on the consolidated statement of financial position as a non-current asset, and $1.7 million is presented on the consolidated statement of net income in cost of sales. Interest received from CRA on the recovery amounts totaled $10.4 million and is presented as interest income on the consolidated statement of net income. Settlement discussions are ongoing for the remaining periods.

**Due to Atlantic Gaming Equipment Limited** 

As at March 31, 2025, the amount due to Atlantic Gaming Equipment Limited was $31.6 million (2024 – $26.4 million), of which $6.0 million (2024 – $5.4 million) was classified as current. This liability represents a portion of ALC's debt used in the acquisition of property, plant and equipment operated on behalf of NSGC. The amount owing has no fixed terms of repayment, is non-interest bearing, and is due on demand if NSGC withdraws from the ALC Unanimous Shareholders Agreement.

**Other Comprehensive Income** 

During the year, NSGC reported $3.5 million in other comprehensive income (OCI) related to its share of ALC's OCI (2024 – $0.8 million). As at March 31, 2025, accumulated OCI was $27.7 million (2024 – $24.2 million).

**<u>Nova Scotia Liquor Corporation</u>**

The Nova Scotia Liquor Corporation (NSLC) was created June 1, 2001, by Chapter 4 of the *Government Restructuring (2001) Act*, via continuance of the Nova Scotia Liquor Commission as a body corporate. NSLC derives its mandate from the *Liquor Control Act*, Chapter 260 of the Revised Statutes of Nova Scotia, 1989 and the *Nova Scotia Cannabis Control Act* passed in the Nova Scotia Legislature on April 17, 2018. NSLC is Nova Scotia's largest retailer of liquor and cannabis products and its network includes over 100 retail stores, e-commerce, 64 agency stores, four private wine and specialty stores, and one standalone cannabis store. The Corporation serves as a wholesaler to more than 2,000 bars and restaurants across the province.

**Related Party Transactions** 

During the year, remittances to the Minister of Finance and Treasury Board totaled $281.0 million (2024 – $274.0 million), which are disclosed in NSLC's statement of changes in equity. All other transactions with the Province are deemed to be collectively insignificant to NSLC's financial statements.

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 6** 

**Province of Nova Scotia** 

**Government Business Enterprises *(continued)*** 

**As at March 31, 2025** 

**<u>Nova Scotia Liquor Corporation</u>*<u>(continued)</u>*** 

**Lease Obligations** 

The Corporation leases properties for its retail stores. Lease contracts are typically made for fixed periods of 2 to 20 years but many have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. As at March 31, 2025, NSLC has total lease obligations of $42.0 million (2024 – $39.8 million), of which $5.2 million is considered current. Net minimum lease payments are due as follows: $5.9 million in 2026, an average of $5.6 million per year from 2027 to 2031, an average of $1.5 million per year from 2032 to 2036, and an average of $0.1 million per year from 2037 to 2041.

**Equity** 

Upon conversion to International Financial Reporting Standards (IFRS) in 2012, NSLC reclassified its payable to the Minister of Finance and Treasury Board from a liability to equity. NSLC's equity was $113.0 million (2024 – $110.9 million) at year-end. NSLC's main objectives for managing capital are to ensure sufficient liquidity in support of its financial obligations to achieve its business plans and to continue as a self-sufficient entity in order to provide continuous remittances to the Province.

**Other Comprehensive Income** 

During the year, NSLC reported $2.9 million in other comprehensive income (OCI) related to actuarial losses on defined benefit plans (2024 – $41.0 thousand). As at March 31, 2025, accumulated OCI was $13.2 million (2024 – $10.3 million).

------

**Schedules to the Consolidated Financial Statements** 

**Schedule 7** 

**Province of Nova Scotia** 

**Tangible Capital Assets** 

**As at March 31, 2025** 

*($ thousands)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **Land** | **Buildings and<br>Land<br>Improvements** | **Machinery,<br>Computers<br>and<br>Equipment** | **Vehicles<br>and<br>Ferries** | **Roads,<br>Bridges and<br>Highways** | **Total** | *(as restated)* <br> **Total** |
|  **Costs** |  |  |  |  |  |  |  |
|  Opening Costs | 1260454 | 9225550 | 1677889 | 280352 | 5898691 | 18342936 | 16846368 |
|  Transfers | 9237 | (2650) | 70601 |  | 374721 | 451909 | 988 |
|  Additions | 65334 | 1340502 | 270919 | 24765 | 569613 | 2271133 | 1594195 |
|  Disposals | (2420) | (28679) | (47219) | (11826) | (483) | (90627) | (98615) |
|  **Closing Costs** | 1332605 | 10534723 | 1972190 | 293291 | 6842542 | 20975351 | 18342936 |
|  **Accumulated Amortization** |  |  |  |  |  |  |  |
|  Opening Accumulated Amortization |  | (3981717) | (1165144) | (181508) | (3025168) | (8353537) | (7905815) |
|  Transfers |  | (5087) | (17400) |  | (111115) | (133602) | (1703) |
|  Disposals |  | 25612 | 45977 | 11666 | 481 | 83736 | 95177 |
|  Amortization Expense |  | (224612) | (87996) | (21224) | (277699) | (611531) | (541196) |
|  **Closing Accumulated Amortization** |  | (4185804) | (1224563) | (191066) | (3413501) | (9014934) | (8353537) |
|  **Net Book Value** | 1332605 | 6348919 | 747627 | 102225 | 3429041 | 11960417 | 9989399 |
|  Opening Balance | 1260454 | 5243833 | 512745 | 98844 | 2873523 | 9989399 | 8940553 |
|  Closing Balance | 1332605 | 6348919 | 747627 | 102225 | 3429041 | 11960417 | 9989399 |
|  **Increase in Net Book Value** | 72151 | 1105086 | 234882 | 3381 | 555518 | 1971018 | 1048846 |

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 7** 

**Province of Nova Scotia** 

**Tangible Capital Assets *(continued)*** 

**As at March 31, 2025** 

Amortization is calculated on a declining balance basis for most assets of the General Revenue Fund. The amortization rates of the more common tangible capital assets are as follows:

---

| | |
|:---|:---|
|  Buildings and Land Improvements | 5 - 30 per cent |
|  Machinery, Computers and Equipment | 20 - 50 per cent |
|  Vehicles and Ferries | 15 - 35 per cent |
|  Roads, Bridges and Highways | 5 - 15 per cent |

---

Capital leases and long-term care buildings of the General Revenue Fund are amortized on a straight-line basis over the length of each agreement, ranging from 4 to 25 years.

Amortization is generally calculated on a straight-line basis for assets of the governmental units. The estimated useful lives of the more common tangible capital assets are as follows:

---

| | |
|:---|:---|
|  Buildings (including Leasehold Improvements) and Land Improvements | 2 - 60 years |
|  Machinery, Computers and Equipment | 1 - 60 years |
|  Vehicles and Ferries | 3 - 7 years |

---

Capital leases of the governmental units are amortized on a straight-line basis over the length of each lease, ranging from 5 to 45 years.

Capital leases are included in the various asset classes as at March 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Cost** | **Accumulated<br>Depreciation** |
|  Buildings and Land Improvements | $227.1 million | $101.6 million |
|  Machinery, Computers and Equipment | $2.2 million | $1.0 million |
|  Vehicles and Ferries | $30.2 million | $16.1 million |

---

Social Housing assets are included in Buildings and Land Improvements and relate to the Department of Growth and Development. These assets are amortized using the declining balance method. The net book value of these assets is $283.4 million (2024 – $255.6 million).

Included in the closing costs of the various classes as at March 31, 2025 are costs for assets under construction, which have not yet been amortized. These costs relate to Buildings and Land Improvements of $1.251 billion; Machinery, Computers and Equipment of $312.7 million; Vehicles and Ferries of $23.9 million; and Roads, Bridges and Highways of $230.9 million.

Of the current year P3 expenditures, 99.0 per cent relates to health care infrastructure and 1.0 per cent relates to highways. Additional detail on the three P3 arrangements can be found in Note 14. P3 arrangements are included in the following asset classes:

---

| | | |
|:---|:---|:---|
|  | **Cost** | **Accumulated<br>Depreciation** |
|  Buildings and Land Improvements | $569.8 million | $7.6 million |
|  Roads, Bridges and Highways | $406.4 million | $52.6 million |

---

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**Schedules to the Consolidated Financial Statements** 

**Schedule 8** 

**Province of Nova Scotia** 

**Direct Guarantees** 

**As at March 31, 2025** 

*($ thousands)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **Foreign**<br>**Exchange**<br>**Rate** |  |<br>**Authorized** |<br>**Utilized** |<br>**Utilized** |
|  **Bank Loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Advanced Education – Student Loan Program |  |  | 7 | 7 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Growth and Development – Forestry Contractor Relief Program |  |  | 5000 | 494 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Growth and Development – Small Business Loan Guarantee Program |  |  | 20000 | 11744 | 14451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Public Works (US$) | 0.696 |  | 7188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Jobs Fund Act |  |  | 41733 | 32790 | 34704 |
|  **Total Bank Loan Guarantees** |  |  | 73928 | 45035 | 49797 |
|  **Mortgages** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada Mortgage and Housing Corporation Indemnities |  |  | 2793 | 2793 | 4225 |
|  **Total Mortgage Guarantees** |  |  | 2793 | 2793 | 4225 |
|  **Total Direct Guarantees** |  |  | 76721 | 47828 | 54022 |
|  **Less: Provision for Guarantee Payout** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Growth and Development – Forestry Contractor Relief Program |  |  |  | (158) | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Growth and Development – Small Business Loan Guarantee Program |  |  |  | (1443) | (1767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada Mortgage and Housing Corporation Indemnities |  |  |  | (2585) | (2585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Jobs Fund Act |  |  |  | (2500) | (2500) |
|  |  |  |  | (6686) | (7010) |
|  **Less: Provision for Student Debt Reduction Program** | **Less: Provision for Student Debt Reduction Program** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department of Advanced Education – Student Loan Program |  |  |  | (7) | (8) |
|  **Net Direct Guarantees** |  |  |  | 41135 | 47004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(Not provided for in these consolidated financial statements)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(Not provided for in these consolidated financial statements)* |  |  |  |  |

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 9** 

**Province of Nova Scotia** 

**Segment Reporting** 

**For the fiscal year ended March 31, 2025** 

Segment reporting is designed to assist users in identifying the resources allocated to support the major activities of government and to better understand the performance of segments.

The following schedules provide segment information for the 2025 and 2024 fiscal years. Segment results represent the activities of that segment and include any inter-segment transactions. Inter-segment eliminations are shown in a separate column and show the reconciliation to total consolidated amounts. The Province has determined that the following segments represent the major activities of government.

**Health** 

The provision of such services and institutions to the public that will lead to a higher state of personal health.

**Education** 

The provision of all aspects and phases of training to equip people with necessary skills to pursue productive lives. This includes: Primary to Grade 12, post-secondary, and advanced education.

**Infrastructure & Public Works** 

The provision of the means to facilitate the effective and efficient movement of persons and property. This includes the net results of the Halifax-Dartmouth Bridge Commission and the Highway 104 Western Alignment Corporation.

**Social Services** 

The provision of services and assistance to economically and/or socially disadvantaged persons requiring aid.

**Natural Resources & Economic Development** 

The provision for the maintenance and upkeep, efficient extraction, processing, and utilization of the natural attributes of the province with the aim of creating employment, supporting labour, and contributing to the material well-being of residents.

**Other Government** 

Revenues and expenses that relate to activities that are not identified as a separate segment or cannot be directly allocated on a reasonable basis to individual segments because they support a wide range of service delivery activities. This includes certain items from the General Revenue Fund such as general tax revenues, Public Debt Management Fund earnings, debt servicing costs, and the pension valuation adjustment.

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**Schedules to the Consolidated Financial Statements** 

**Schedule 9** 

**Province of Nova Scotia** 

**Segment Reporting *(continued)***

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Health** | **Health** | **Education** | **Education** | **Infrastructure &**<br> **Public Works** | **Infrastructure &**<br> **Public Works** | **Social Services** | **Social Services** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  |  | *(as restated)* |  |  |  |  |  |  |
|  **Revenue Provincial Sources** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Revenue | 108335 | 132188 |  |  | 272370 | 285783 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Provincial Revenue | 1002528 | 973044 | 564691 | 524977 | 35706 | 37531 | 225820 | 195767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income from GBEs |  |  |  |  | 3994 | 15606 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | 7902 | 7420 | 18572 | 21649 | 40 | 21 | 2233 | 670 |
|  **Federal Sources** | 1549469 | 1539376 | 388519 | 502185 | 16834 | 60871 | 308992 | 297643 |
|  **Total Revenue** | 2668234 | 2652028 | 971782 | 1048811 | 328944 | 399812 | 537045 | 494080 |
|  **Expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grants and Subsidies | 1474206 | 1381648 | 1039950 | 969736 | 71763 | 56234 | 2835776 | 2650320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salaries and Employee Benefits | 3192449 | 2741802 | 2026893 | 1948608 | 148646 | 143062 | 241525 | 200088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating Goods and Services | 1684674 | 1391468 | 460867 | 425493 | 179817 | 219660 | 220261 | 182129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 194575 | 160669 | 36806 | 41397 | 81529 | 29849 | 27547 | 13004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | 112341 | 127526 | 112931 | 96694 | 307490 | 267840 | 30636 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt Servicing Costs | 9890 | 9978 | 6418 | 6084 |  |  | 442 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 2023 | 2798 |  | 6 |  |  |  |  |
|  **Total Expenses** | 6670158 | 5815889 | 3683865 | 3488018 | 789245 | 716645 | 3356187 | 3048300 |
|  **Segment Result** | (4001924) | (3163861) | (2712083) | (2439207) | (460301) | (316833) | (2819142) | (2554220) |

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**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 9** 

**Province of Nova Scotia** 

**Segment Reporting *(continued)***

**For the fiscal year ended March 31, 2025** 

*($ thousands)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Natural Resources &**<br> **Economic Development** | **Natural Resources &**<br> **Economic Development** | **Other Government** | **Other Government** | **Inter-Segment**<br> **Eliminations** | **Inter-Segment**<br> **Eliminations** | **Total** | **Total** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  |  |  |  | *(as restated)* |  |  |  | *(as restated)* |
|  **Revenue** |  |  |  |  |  |  |  |  |
|  **Provincial Sources** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Revenue | 414 | 430 | 8921682 | 8066666 |  |  | 9302801 | 8485067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Provincial Revenue | 252119 | 156752 | 841358 | 617647 | (734288) | (668291) | 2187934 | 1837427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income from GBEs |  |  | 486873 | 462763 |  |  | 490867 | 478369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | (13590) | 2948 | 216797 | 151827 | (302) | (326) | 231652 | 184209 |
|  **Federal Sources** | 220064 | 45691 | 3523547 | 3073532 |  |  | 6007425 | 5519298 |
|  **Total Revenue** | 459007 | 205821 | 13990257 | 12372435 | (734590) | (668617) | 18220679 | 16504370 |
|  **Expenses** |  |  |  |  |  |  |  |  |
|  Grants and Subsidies | 430113 | 117713 | 1177860 | 1421622 | (577596) | (615402) | 6452072 | 5981871 |
|  Salaries and Employee Benefits | 186128 | 163291 | 652147 | 598068 | (8098) | (9792) | 6439690 | 5785127 |
|  Operating Goods and Services | 194115 | 239523 | 375673 | 280347 | (130959) | (25142) | 2984448 | 2713478 |
|  Professional Services | 22256 | 32961 | 227798 | 277304 | (1053) | (1858) | 589458 | 553326 |
|  Amortization | 29647 | 16406 | 18486 | 30463 |  |  | 611531 | 541196 |
|  Debt Servicing Costs | 1450 | 132 | 873197 | 780424 | (16884) | (16423) | 874513 | 780687 |
|  Other | 2110 | 4088 | 46 | 52 |  |  | 4179 | 6944 |
|  **Total Expenses** | 865819 | 574114 | 3325207 | 3388280 | (734590) | (668617) | 17955891 | 16362629 |
|  **Segment Result** | (406812) | (368293) | 10665050 | 8984155 |  |  | 264788 | 141741 |

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**Schedules to the Consolidated Financial Statements** 

**Schedule 10** 

**Province of Nova Scotia** 

**Government Reporting Entity** 

**As at March 31, 2025** 

The General Revenue Fund is comprised of the Province's departments, public service units, special operating agencies, and the net income from government business enterprises, which are consolidated with the special purpose funds, governmental units, and a proportionate share of the government partnership arrangements to form the Province's government reporting entity.

**Departments and Public Service Units**

*(Consolidation Method)* 

---

| | |
|:---|:---|
| Advanced Education | Public Service *(continued)* |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intergovernmental Affairs |
| Communities, Culture, Tourism and Heritage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legislative Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Independent Production Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Police Complaints Commissioner |
| Cyber Security and Digital Solutions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Securities Commission |
| Education and Early Childhood Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office of Addictions and Mental Health |
| Emergency Management ***<sup>1</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office of Equity and Anti-Racism ***<sup>4</sup>*** |
| Energy ***<sup>2</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office of Healthcare Professionals |
| Environment and Climate Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recruitment |
| Finance and Treasury Board | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office of L'nu Affairs |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muggah Creek Remediation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office of the Auditor General |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Debt Management Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office of the Ombudsman |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SYSCO Decommissioning Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office of Service Efficiency ***<sup>2</sup>*** |
| Fisheries and Aquaculture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Prosecution Service |
| Growth and Development ***<sup>2</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Commission |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Economic Development Fund | Public Works |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Jobs Fund | Seniors and Long-Term Care |
| Health and Wellness | Service Nova Scotia |
| Justice |  |
| Labour, Skills and Immigration | **Special Operating Agencies** |
| Municipal Affairs ***<sup>2</sup>*** | *(Consolidation Method)* |
| Natural Resources ***<sup>2</sup>*** |  |
| Opportunities and Social Development ***<sup>2</sup>*** | Nova Scotia Apprenticeship Agency |
| Public Service | Nova Scotia Home for Colored Children |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Nova Scotia ***<sup>3</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restorative Inquiry |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elections Nova Scotia | Physician Assessment Centre of Excellence ***<sup>5</sup>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive Council | Public Safety Field Communications Agency ***<sup>6</sup>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freedom of Information and Protection | Sydney Tar Ponds Agency (inactive) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Privacy Review Office |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Human Rights Commission |  |

---

<sup>*1*</sup> *New Department established through legislation on September 20th, 2024.*

<sup>*2*</sup> *Various Department changes through OIC 2024-425, effective Dec 12, 2024.*

*<sup>3</sup>* *Office abolished through OIC 2025-34, and all matters moved to Executive Council, effective February 10, 2025.*

<sup>*4*</sup> *Moved from the Department of Justice to the Public Service on June 17, 2024, by OIC 2024-246*

<sup>5</sup> *Designated as a Special Operating Agency on October 7, 2024, by OIC 2024-367. Name changed through OIC 2025-2.*

<sup>*6*</sup> *Designated as a Special Operating Agency on February 18, 2025, by OIC 2025-49.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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![LOGO](g63675g58h63.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Public Accounts Volume 1 — Consolidated Financial Statements** 

**Schedule 10** 

**Province of Nova Scotia** 

**Government Reporting Entity *(continued)*** 

**As at March 31, 2025** 

---

| | |
|:---|:---|
| **Special Purpose Funds** | **Government Business Enterprises** |
| *(Consolidation Method)* | *(Modified Equity Method)* |
| Acadia Coal Company Limited Fund | Halifax-Dartmouth Bridge Commission **<sup>4</sup>** |
| CorFor Capital Repairs and Replacements Fund | Highway 104 Western Alignment Corporation |
| Crown Land Mine Remediation Fund | Atlantic Lottery Corporation (25% ownership) **<sup>5</sup>** |
| Crown Land Silviculture Fund | Casino Nova Scotia **<sup>5</sup>** |
| Democracy 250 (inactive) | Nova Scotia Liquor Corporation |
| Gàidheil Air Adhart (Gaels Forward Fund) |  |
| Gaming Addiction Treatment Trust Fund | **Government Partnership Arrangements** |
| Green Fund ***<sup>1</sup>*** | *(Modified Equity Method)* ***<sup>6</sup>*** |
| Habitat Conservation Fund |  |
| Mi'kmaw Youth Fund | Atlantic Provinces Special Education Authority |
| Nova Scotia Coordinate Referencing System Trust Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (approximately 32% share) |
| Nova Scotia E911 Cost Recovery Fund | Canada-Nova Scotia Offshore Energy Regulator |
| Nova Scotia Environmental Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50% share) **<sup>7</sup>** |
| Nova Scotia Government Acadian Bursary Program | Canadian Sports Centre Atlantic |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (approximately 8% share) |
| Nova Scotia Harness Racing Fund | Council of Atlantic Premiers |
| Nova Scotia Market Development Initiative Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (approximately 30% share) |
| Nova Scotia Securities Commission Fund ***<sup>2</sup>*** | Halifax Convention Centre Corporation |
| Nova Scotia Sportfish Habitat Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50% share) |
| Occupational Health and Safety Trust Fund |  |
| Off-highway Vehicle Infrastructure Fund |  |
| P3 Schools Capital and Technology Refresh Fund ***<sup>3</sup>*** |  |
| Pengrowth Nova Scotia Energy Scholarship Fund |  |
| Scotia Learning Technology Refresh Fund |  |
| Select Nova Scotia Fund |  |
| Species-at-risk Conservation Fund |  |
| Sustainable Forestry Fund |  |
| Vive l'Acadie Community Fund |  |

---

*<sup>1</sup>* *De-designation of the Green Fund as a special purpose fund through OIC 2024-240, effective December 11, 2024.* 

*<sup>2</sup>* *Reclassified to Special Purpose Fund from Trust Under Administration.* 

*<sup>3</sup>* *Includes refresh funds related to P3 schools.* 

*<sup>4</sup>* *HDBC lost its GBE status on March 31, 2025 as a result of an observable event. All assets and liabilities are fully consolidated, and revenues and expenses are recognized using the modified equity method.*

*<sup>5</sup>* *Government Business Partnership Arrangement and Government Business Enterprise of Nova Scotia Gaming Corporation,*

*<sup>6</sup>* *GPAs do not meet the threshold of materiality and cost-benefit to use the proportionate consolidation. Proportionate share is subject to change each year based on changes to funding levels or residual interest.* 

*<sup>7</sup>* *Name change from Canada-Nova Scotia Offshore Petroleum Board through Section 13 of Bill 471, effective January 31, 2025.*

------

**Schedules to the Consolidated Financial Statements** 

**Schedule 10** 

**Province of Nova Scotia** 

**Government Reporting Entity *(continued)*** 

**As at March 31, 2025** 

**Governmental Units** 

*(Consolidation Method)* 

---

| | |
|:---|:---|
| Annapolis Valley Regional Centre for Education | Nova Scotia Health Authority |
| Art Gallery of Nova Scotia | Provincial Drug Distribution Program |
| Arts Nova Scotia | Nova Scotia Legal Aid Commission |
| Build Nova Scotia | Nova Scotia Power Finance Corporation |
| Cape Breton-Victoria Regional Centre for Education | Nova Scotia Primary Forest Products Marketing |
| Check Inns Limited (inactive) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board |
| Chignecto Central Regional Centre for Education | Nova Scotia Provincial Housing Agency ***<sup>3</sup>*** |
| Conseil scolaire acadien provincial | Nova Scotia School Insurance Exchange |
| Creative Nova Scotia Leadership Council | Nova Scotia School Insurance Program Association |
| Halifax-Dartmouth Bridge Commission ***<sup>1</sup>*** | Nova Scotia Strategic Opportunities Fund Inc. |
| Halifax Regional Centre for Education | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(inactive) |
| Housing Nova Scotia (inactive) ***<sup>2</sup>*** | Nova Scotia Utility and Review Board |
| Invest Nova Scotia | Peggy's Cove Commission |
| Izaak Walton Killam Health Centre | Perennia Food and Agriculture Corporation |
| Joint Regional Transportation Authority | Public Archives of Nova Scotia |
| Nova Scotia Arts Council (inactive) | Resource Recovery Fund Board Inc. |
| Nova Scotia Boxing Authority | Schooner Bluenose Foundation (Inactive) ***<sup>4</sup>*** |
| Nova Scotia Community College | Sherbrooke Restoration Commission |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Community College Foundation | South Shore Regional Centre for Education |
| Nova Scotia Crop and Livestock Insurance | Strait Regional Centre for Education |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission | Sydney Environmental Resources Limited (inactive) |
| Nova Scotia Education Common Services Bureau | Sydney Steel Corporation |
| Nova Scotia Farm Loan Board | Tri-County Regional Centre for Education |
| Nova Scotia Fisheries and Aquaculture Loan Board | Upper Clements Family Theme Park Limited (inactive) |
| Nova Scotia Gaming Corporation | Workers Compensation Appeals Tribunal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interprovincial Lottery Corporation (10% ownership) | 3052155 Nova Scotia Limited (inactive) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Scotia Gaming Equipment Limited |  |

---

<sup>*1*</sup> *Effective March 31, 2025, Halifax-Dartmouth Bridge Commission lost its GBE status and became a Governmental Unit. Since the change occurred as a result of an observable event, revenues and expenses that occurred prior to this change have been consolidated as a GBE, using the modified equity method.* 

<sup>*2*</sup> *Effective April 1, 2023, all remaining assets and liabilities of Housing Nova Scotia were transferred to the Minister of Municipal Affairs and Housing. Housing Nova Scotia Act has been repealed but not proclaimed in force. Entity listed as inactive.* 

<sup>*4*</sup> *Schooner Bluenose Foundation Act has been repealed but not proclaimed in force. Entity listed as inactive.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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![LOGO](g63675g74p76.jpg)

## Exhibit 99.2

**Exhibit 99.2** 

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| | |
|:---|:---|
| ![LOGO](g63675dsp0001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Auditor General of Nova Scotia** |
| ![LOGO](g63675dsp0001.jpg) |  |

---

Kim.Adair@novascotia.ca

5161 George Street

Royal Centre, Suite 400

Halifax, Nova Scotia, B3J 1M7

**INDEPENDENT AUDITOR'S CONSENT** 

To: The Department of Finance and Treasury Board of the Province of Nova Scotia

I consent to the use of my independent auditor's report dated September 19, 2025 to the Members of the Legislative Assembly of Nova Scotia on the consolidated financial statements of the Province of Nova Scotia, comprising the consolidated statement of financial position as at March 31, 2025, and the consolidated statement of operations and accumulated deficits, consolidated statement of changes in net debt, consolidated statement of remeasurement gains and losses, and consolidated statement of cash flow for the year then ended, and related notes and schedules, included in the Public Accounts of Nova Scotia for the fiscal year ended March 31, 2025 that is included in Amendment No. 1 to the Province of Nova Scotia's Annual Report on Form 18-K to be filed with the U.S. Securities and Exchange Commission on the Electronic Data Gathering, Analysis and Retrieval system on October 7, 2025 and to be incorporated by reference into the Province of Nova Scotia's Registration Statement File No. 333-214108 previously filed with the U.S. Securities and Exchange Commission.

![LOGO](g63675dsp0001a.jpg)

Kim Adair, FCPA, FCA, ICD.D

Auditor General of Nova Scotia

Halifax, Nova Scotia

October 7, 2025

![LOGO](g63675dsp0001b.jpg)