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Finance
December 10, 2009

Minister Releases 2008-09 Audited Financial Statements

Today, the Honourable Tom Marshall, Minister of Finance and President of Treasury Board, released the audited financial statements for Newfoundland and Labrador. The financial statements (Public Accounts) present the province�s consolidated financial position and operating results of all organizations controlled by the Provincial Government for the fiscal year ended March 31, 2009.

The 2008-09 Public Accounts show a surplus of $2.4 billion. The provincial net debt at March 31, 2009 was less than $8 billion which is a $2.2 billion decrease from the previous year.

"This was the largest surplus in our province�s history and was primarily the result of continued growth in offshore royalties and also incorporates the remaining balance of the 2005 Atlantic Accord," said Minister Marshall. "While the Public Accounts report a surplus for the fourth consecutive year, it also highlights two consecutive years in which there have been significant reductions in the province�s net debt. These improvements in the province�s financial position are further indications of the strong foundation that our government has developed through its fiscal prudence and commitment to debt reduction while making strategic investments in our economy."

"In order to remain on course toward self-reliance and a prosperous and sustainable future, we will continue our approach of fiscal prudence while also investing strategically to help diversify our province�s economy," said Minister Marshall. "This will allow us to mitigate the volatility that is inherent in our non-renewable revenue sources, as well as the uncertainties that are faced within the global economy."

Each year, the Public Accounts are prepared in accordance with the standards established for governments by the Canadian Institute of Chartered Accountants. The consolidated 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, 2009.

For more information or to view the Public Accounts and related reports for 2008-09, access the following link: www.fin.gov.nl.ca/fin/public_accounts/index.html.

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Media contact:

Ronalda Walsh
Director of Communications
Department of Finance
709-729-6830, 685-1471
ronaldawalsh@gov.nl.ca

2009 12 10                                                      3:30 p.m.
 


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