Government to Writeoff Millions in Uncollectable Debt.
The provincial government is writing off $11.6 million in uncollectable debts, mainly unpaid fines, loans and fees from previous years.
“Removing debts unlikely to be paid is a standard accounting practice that keeps the government’s financial statements accurate. Although a debt is written off, efforts to collect the funds continue,” said Finance and Treasury Board Minister Allan MacMaster.
The debts – from past fiscal years up to March 31, 2023 – were written off after a series of collection efforts and a review that determined they are unlikely to be paid.
Quick Facts:
- this accounting process follows public sector accounting standards and Nova Scotia’s Finance Act
Additional Resources:
A summary of writeoffs by department is available at: https://beta.novascotia.ca/documents/summary-departmental-write-offs-2023-2024
Source : Provincial Release
