2003 Public Accounts (Financial Statements) released

The Minister of Finance and President of Treasury Board, Loyola Sullivan, released today the audited Public Accounts (Financial Statements) of the province for the fiscal year ended March 31, 2003.

The financial statements take into account all of the assets, liabilities, revenues and expenditures within government's control, in accordance with standards of the Canadian Institute of Chartered Accountants. The Auditor General confirms the financial results for 31 March 2003, through his independent audit.

The audited Public Accounts provide information about both the cash deficit and the accrual deficit for 2002-03.

The consolidated summary audited financial statements (Public Accounts Volume I), which include the activities of the government departments and government organizations, report a deficit on the accrual basis of $691 million for 2002-03. This compares to a deficit of $468 million (revised) for fiscal year 2001-2002 and $350 million for 2000-2001.

The cash deficit for 2002-2003 was $36.2 million. Net debt grew by $679 million from 2002 to 2003, bringing the net debt to $9.6 billion.

Minister Sullivan stated: "The government is very concerned with the deficit and the debt position of the province left by the previous administration." The minister noted that the external financial review announced by Premier Danny Williams November 6, 2003 will provide valuable information for the preparation of future budgets and fiscal plans.

The Public Accounts of the province for 2002-03 will be posted on the government=s web site at www.gov.nl.ca/ComptrollerGeneral/pubs.htm. A brochure outlining the highlights of the Public Accounts is also available on the internet.

Media contact: Deirdre Robinson Greene, Communications, (709) 729-0084

2003 11 18                                         1:50 p.m.