Provincial Government Releases 2010-11 Audited Financial Statements

Today, the Honourable Tom Marshall, Minister of Finance and President of Treasury Board, released the audited financial statements of the province for the fiscal year ended March 31, 2011.

Unlike the annual Budget which is a forecast and lays out government’s plan for the coming year, the Public Accounts represent the actual consolidated financial results of government and all organizations controlled by it. Once the fiscal year is over the Public Accounts are audited by the Auditor General.

The 2010-11 Public Accounts show a surplus of $597.9 million compared to the originally budgeted deficit of $194.3 million. This is the fifth surplus for the province in the past six fiscal years. Net debt has decreased by $94 million to $8.1 billion and lower borrowing levels led to a reduction in debt servicing costs of $53.4 million.

“Newfoundland and Labrador saw significant economic growth in 2010-11 resulting in increased corporate and personal income taxes as well as higher revenues from our oil and mining industries,” said Minister Marshall. “We once again lowered the province’s net debt while continuing our commitment to maintaining a competitive tax regime. However, even with lower debt servicing costs, our total debt expenses were still $837 million. We must continue to live within our means to ensure that we can build on the progress that has been made to date.”

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, 2011. The Public Accounts and related reports for 2010-11 are available online: www.gov.nl.ca/fin/public_accounts/index.html

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Media contact:
Luke Joyce
Director of Communications
Department of Finance
709-729-6830, 725-4165
lukejoyce@gov.nl.ca

2012 01 06             1:55 p.m.