January 14, 2014
Strong Fiscal Management; Responsible Decisions
Provincial Government Releases 2012-13 Public Accounts
The 2012-13 Public Accounts, the audited financial statements of the province for the fiscal year ended March 31, 2013, released today confirm that the deficit for the 2012-13 fiscal year was $195 million, an improvement of $63.3 million from the original budget forecast, primarily due to lower than expected expenditures.
“In recent years we have made significant progress in reducing debt while making strategic investments to stimulate growth in the economy. Our record of effective fiscal management has been recognized by credit rating agencies recently in affirming our credit ratings. As we prepare for Budget 2014, we will continue to demonstrate our commitment to fiscal prudence while ensuring that residents of our province benefit from quality programs and services now and into the future.”
- The Honourable Tom Marshall, Minister of Finance and President of Treasury Board
The Public Accounts are prepared in accordance with the standards established for governments by the Canadian Institute of Chartered Accountants. The Consolidated Summary Financial Statements, as well as the financial statements of the Consolidated Revenue Fund, were independently audited by the Auditor General.
Copies of the Public Accounts and the related reports for 2012-13 are available via the following link: www.gov.nl.ca/fin/public_accounts/index.html.
Through sound fiscal management and responsible decisions, the Government of Newfoundland and Labrador is strengthening the business environment, encouraging the development of innovative industries and building a vibrant economy.
QUICK FACTS
- The 2012-13 Public Accounts confirm that the actual deficit for 2012-13 fiscal year was $195 million, an improvement of $63.3 million from the original budget forecast.
- The Public Accounts are prepared in accordance with the standards established for governments by the Canadian Institute of Chartered Accountants.
- Three credit rating agencies have acknowledged the Provincial Government’s strong fiscal management and have affirmed its credit ratings.
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Media contact:
Tansy Mundon
Director of Communications
Department of Finance
709-729-6830, 693-1865
tansymundon@gov.nl.ca
2013 01 14 1:00 p.m.