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January 20, 2011

2009-10 Audited Financial Statements Released

The Honourable Tom Marshall, Minister of Finance and President of Treasury Board, today released the audited financial statements of the province for the fiscal year ended March 31, 2010. The financial statements (Volume I of the Public Accounts) present the province’s consolidated financial position and operating results of all organizations controlled by the Provincial Government.

The 2009-10 Public Accounts show a deficit of $32.6 million. This is an improvement from the almost $750 million deficit first forecast in Budget 2009 and the projected revised deficit of $294.9 million at the time of Budget 2010.

“While the Public Accounts report a deficit in 2009-10 amid tremendous global economic uncertainty, our government has made great efforts to help navigate the province through the impacts of the worldwide recession, and the improvement in the actual versus projected deficit at March 31, 2010 reflects this,” said Minister Marshall. “A strong record of fiscal management, along with strategic investments in important programs and infrastructure, allowed the province to see its way through the downturn while remaining financially sound.”

The province’s net debt at March 31, 2010 was $8.2 billion, up $0.2 billion from the previous year.

“Government has made meaningful strides in reducing debt, which was almost $12 billion at its peak in 2004-05 and nearly $23,000 on a per capita basis,” said Minister Marshall. “However, the province’s net debt per capita is still high at more than $16,000 for every resident of Newfoundland and Labrador. Therefore, we must continue to manage our spending sustainably and lower the debt over time, while strengthening and diversifying the economy to improve fiscal capacity.”

The Public Accounts are prepared in accordance with the standards established for governments by the Canadian Institute of Chartered Accountants. The consolidated financial statements, as well as the financial statements of the Consolidated Revenue Fund, were independently audited by the Auditor General, who confirmed the financial results reported for March 31, 2010. The Public Accounts and related reports for 2009-10 are available at: www.fin.gov.nl.ca/fin/public_accounts/index.html 

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Media contact:
Mark King
Director of Communications
Department of Finance
709-729-6830, 699-3454

2011 01 20                                                         12:25 p.m.


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