NLIS 2
December 12, 2003
(Finance)

 

Independent external review expected week of December 22

Loyola Sullivan, Minister of Finance and President of Treasury Board, today advised that the final report from PricewaterhouseCoopers on the independent external review of the province�s financial condition is expected to be received the week of December 22, 2003. The extension is required to enable the consultant to conduct further analysis on the province�s most recent financial data.

"I have reviewed the interim report completed by PricewaterhouseCoopers, which is based on financial data up to October 2003. Government departments are now finalizing that information for November 2003, and I felt including this data in the review will give government a more accurate picture of the province�s financial situation," said Minister Sullivan. "In addition, I have asked the consultants to do additional work with the province�s actuary on the cost of employment benefits (i.e group, health and life insurance). This is a new expenditure item that must be included on an accrual basis. The consultants have preliminary information only and more accurate information will be available next week."

Government announced its intention to conduct a thorough review of the province�s financial condition November 6, 2003. The successful proponent, PricewaterhouseCoopers was selected through a request for proposal process and began work on November 18, 2003. An interim report was presented to government at the end of November.

The results of the review will be released when Minister Sullivan has briefed the Premier and Cabinet on the report.

Media contact: Diane Keough, Communications, (709) 729-6830

2003 12 12                                         11:50 a.m.


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