Finance
March 1, 2017

Strong Fiscal Management

Amendments Made to Financial Administration Act

Amendments to the Financial Administration Act for Public Accounts received second reading in the House of Assembly yesterday. These amendments include the tabling of public accounts on or before October 31 of the following fiscal year. During the years where the fixed date provincial general election occurs, the Public Accounts will be issued no less than 15 days before the date of the election.

“Strong fiscal management is the top priority of the Provincial Government. The Public Accounts is the key accountability document which enables the House of Assembly and the citizens it represents to hold government accountable for the use of public money. Earlier reporting will help to enhance the accountability of the Provincial Government on the management of fiscal resources and will ensure the relevance of financial information contained in the Public Accounts.”
- The Honourable Cathy Bennett, Minister of Finance and President of Treasury Board

Earlier reporting of Public Accounts also assists in the aligning of resources within departments and government entities to ensure the Provincial Government’s financial statements are prepared in a timely manner. In addition, it will inform the Provincial Government to make appropriate resource allocation decisions based on the province’s financial performance.

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. These amendments are complementary to initiatives in The Way Forward vision, which are focused on addressing the province’s fiscal reality, and to finding short and long-term sustainable solutions for the province’s finances. For more information on The Way Forward, visit www.gov.nl.ca/pdf/the_way_forward.pdf .

QUICK FACTS

• Amendments to the Financial Administration Act for Public Accounts received second reading in the House of Assembly yesterday.
• Amendments include the tabling of public accounts on or before October 31 of the following fiscal year. During the years where the fixed date provincial general election occurs, the Public Accounts will be issued no less than 15 days before the date of the election.
• The 2015-16 Public Accounts were tabled on October 19, 2016, the earliest date the Public Accounts have been released in the last 18 years.

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Media contact:

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

2017 03 01                              11:40 a.m.