Finance
December 13, 2006Province
Posts $199.3 Million Surplus for 2005-06
The Honorable Loyola Sullivan, Minister of Finance and
President of Treasury Board, released the province�s 2005-06 audited
Public Accounts today for the fiscal year ending March 31, 2006,
recording a $199.3 million surplus � the largest surplus in the
province�s history.
�This surplus is a significant improvement from the projected deficit of
$492 million originally budgeted,� said the minister. �The audited
financial statements for 2005-06 confirm that government has continued
to build on the achievements of the 2004-05 fiscal year and improved the
overall financial position of the province.�
The change is due to a number of factors, including sound fiscal
management, the success of finalizing the 2005 Atlantic Accord agreement
and improved offshore oil revenues.
Minister Sullivan added that the province's net debt at March 31, 2006
was $11.7 billion, a decrease of $203.6 million from the year before.
The net debt per capita for 2005-06 was $22,733.
�While great progress has been made in eliminating the past trend of
significant annual deficits, we must continue to focus our attention on
the province's debt,� said Minister Sullivan. "We are on the right path
but there is still a long road ahead before we achieve sustainable and
sound fiscal footing.�
The Public Accounts show the province is still carrying a debt-load of
$11.7 billion provincial debt, with a financial situation that is more
reliant on inherently volatile oil revenues.
�This fact only demonstrates the need for us to continue to be prudent
and conservative in our fiscal planning,� said the minister.
The financial statements outline the province�s financial position and
operating results of all organizations controlled by government (Volume
I of the Public Accounts).
The Public Accounts (consolidated summary financial statements) are
prepared in accordance with the standards established for governments by
the Canadian Institute of Chartered Accountants.
These financial statements, as well as the financial statements of the
Consolidated Revenue Fund, were independently audited by the Auditor
General who confirmed the financial results reported for March 31, 2006.
The Public Accounts and related reports for 2005-06 are available via
the following link:
//www.gov.nl.ca/ComptrollerGeneral/publications.htm
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Media contact:
Deborah Pennell
Director of Communications
Department of Finance
709-729-6830, 685-6612
deborahpennell@gov.nl.ca
2006 12 13
9:50 a.m.