Finance
October 29, 2014

Demonstrating Effective Fiscal Management

Provincial Government Releases 2013-14 Public Accounts

The 2013-14 Public Accounts, the audited financial statements of the province for the fiscal year ended March 31, 2014, released today confirm that the deficit for the 2013-14 fiscal year was $388.6 million, a decrease of $175.2 million from the original forecasted deficit of $563.8 million. The change can be attributed to a slight increase in revenues stemming from offshore oil royalties and a growth in personal income, combined with a reduction in expenditures.

“This government believes in a balanced approach. We have worked hard to make progress in debt reduction while supporting a robust economy through strategic investments. We are proud of our sustained record of effective fiscal management, which has been recognized by credit rating agencies that affirm our credit ratings. As we prepare for Budget 2015, we will continue to demonstrate our long-term commitment to fiscal prudence while ensuring that people benefit from quality programs and services.”
- The Honourable Ross Wiseman, Minister of Finance and President of Treasury Board

The Public Accounts are prepared in accordance with the standards established for governments by the Chartered Professional Accountants of Canada. The Consolidated Summary Financial Statements, as well as the financial statements of the Consolidated Revenue Fund, were independently audited by the Auditor General, who has confirmed the financial results reported.

Copies of the Public Accounts and the related reports for 2013-14 are available at the following link: www.gov.nl.ca/fin/public_accounts/index.html.

QUICK FACTS

• The 2013-14 Public Accounts confirm that the actual deficit for the 2013-14 fiscal year was $388.6 million, a decrease of $175.2 million from the original budget forecast.
• The change from the original forecasted deficit can be attributed to a slight increase in revenues stemming from offshore oil royalties and a growth in personal income combined with a reduction in expenditures.
• The Public Accounts are prepared in accordance with the standards established for governments by the Chartered Professional Accountants of Canada.

- 30 -

Media contact:

John Tompkins Director of Communications Department of Finance 709-729-6830, 728-7762 jtompkins@gov.nl.ca

2014 10 29                                             1:40 p.m.