Finance
October 19, 2016

Prioritizing Strong Fiscal Management

Provincial Government Releases 2015-16 Public Accounts

The 2015-16 Public Accounts, the audited financial statements of the province for the fiscal year ended March 31, 2016, released today confirm that the deficit for the 2015-16 fiscal year was $2.2 billion, which is $1.1 billion higher than the original forecasted deficit for that year.

"Strong fiscal management is our top priority as a government. Deteriorating global commodity markets, particularly in the natural resource sector, resulted in economic constraints faced by the province in 2015-16. In addition to the downward pressure on commodity prices, the decline in oil production had an impact on oil royalties. This combined with prior uncontrolled growth in expenses has resulted in a serious and unsustainable imbalance that must be corrected. Through the Government Renewal Initiative, and our upcoming Way Forward Plan we are working to further address our new fiscal reality and to finding short and long-term sustainable solutions for this province’s finances."
- 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 of Canada. The Consolidated Summary Financial Statements were independently audited by the Auditor General and were issued with an unqualified audit opinion.

Copies of the Public Accounts and the related reports for 2015-16 are available via the following link: www.gov.nl.ca/fin/public_accounts/.

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 2015-16 Public Accounts confirm that the actual deficit for the 2015-16 fiscal year was $2.2 billion - $1.1 billion higher than the original forecasted deficit for that year.
• 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 2015-16 are available via the following link: www.gov.nl.ca/fin/public_accounts/.

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Media contact:

Tansy Mundon Director of Communications Department of Finance 709-729-6830, 693-1865 tansymundon@gov.nl.ca

2016 10 19            2:25 p.m.