The Minister of Finance and President of Treasury Board, the Honourable Tom Marshall, today released the province�s audited Public Accounts for the fiscal year ended March 31, 2007. The financial statements outline the province�s financial position and operating results of all organizations controlled by Provincial Government (Volume I of the Public Accounts).

The 2006-07 Public Accounts show a surplus of $154.1 million. The province's net debt at March 31, 2007, was $11.6 billion, a decrease of $125.7 million from the prior year.

"The audited financial statements for 2006-07 highlight the province�s continued success by recording a surplus for the second consecutive year," stated Minister Marshall. "While the annual surplus declined from the 2005-06 fiscal year, the province was able to maintain strong economic growth while experiencing decreases in equalization payments and offshore royalties."

The minister explained that while the provincial government has posted positive results in the past two years, the province must continue to focus on reducing its debt position.

"Although recent successes have allowed the province to reduce a portion of the provincial debt, this figure remains high at $11.6 billion or approximately $22,666 for every man, woman and child living in our province today and more than double the national average of $10, 000," said Minister Marshall. "It costs the province approximately $777 million to service this debt on an annual basis and that is money that must go to financial institutions instead of health care, education, poverty reduction and economic development initiatives throughout the province."

"We must strive to manage this debt and sustain current momentum in growth and prosperity to build a stronger Newfoundland and Labrador," added Minister Marshall. "As indicated in the recent mid-year fiscal update, the province�s financial situation is still subject to significant influence by factors beyond its control."

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