Finance
December 10, 2009Minister 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: