Finance
January 28, 2016

Stronger Fiscal Management A Priority

Provincial Government Releases 2014-15 Public Accounts

The 2014-15 Public Accounts, the audited financial statements of the province for the fiscal year ended March 31, 2015, released today confirm that the deficit for the 2014-15 fiscal year was $986.3 million. This is an increase of $448.4 million from the original forecast which is primarily the result of lower than anticipated revenues during the year.

�This is a pivotal time for our province and our people. Our province is facing a difficult fiscal situation that continues to change with the price of oil and other economic pressures. Through the Government Renewal Initiative, we are working on a plan to further address our new fiscal reality. The magnitude of this problem will be addressed through short, medium and long-term measures to correct the course. We are committed to strong fiscal management and this is our top priority as a government.�
- The Honourable Cathy Bennett, 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 Canada. The Consolidated Summary Financial Statements were independently audited by the Auditor General.

Copies of the Public Accounts and the related reports for 2014-15 are available via the following link: www.gov.nl.ca/fin/public_accounts/index.html.

The Provincial Government is taking decisive action to create a multi-year approach to help increase revenues, reduce expenses, eliminate waste, and operate more efficiently and effectively.

QUICK FACTS

• The 2014-15 Public Accounts confirm that the actual deficit for 2014-15 fiscal year was $986.3 million. This is an increase of $448.4 million from the original forecast.
• The Public Accounts are prepared in accordance with the standards established for governments by the Chartered Professional Accountants Canada.
• The Provincial Government is taking decisive action to create a multi-year approach to help increase revenues, reduce expenses, eliminate waste and operate more efficiently and effectively.
• Copies of the Public Accounts and the related reports for 2014-15 are available via the following link: www.gov.nl.ca/fin/public_accounts/index.html.

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Media contact:

Jennifer Tulk Director of Communications Department of Finance 709-729-6830, 728-4104 jennifertulk@gov.nl.ca

2016 01 28                              12:05 p.m.