09/12/2014 09:17 EDT | Updated 11/12/2014 05:59 EST

Nova Scotia's finance minister to present updated budget forecast Monday

HALIFAX - Nova Scotia's finance minister will provide an updated budget forecast Monday, five months after releasing the Liberal government's inaugural fiscal blueprint.

Diana Whalen projected a deficit of $279 million for 2014-15 when she tabled the spring budget in April.

She had previously warned the province was in a tough financial situation because of an unexpected drop in revenues, higher departmental expenses and a one-time adjustment to the public service pension plan.

In June, audited financial statements for 2013-14 revealed the province's deficit had ballooned to $678.9 million.

That figure was up nearly $200 million from what was forecast in December 2013.

Whalen also said the net debt reached an all-time high of $14.8 billion.