October 6, 2017

Provincial Government Releases 2016-17 Public Accounts

The 2016-17 Public Accounts, the audited financial statements of the province for the fiscal year ended March 31, 2017, released today confirm that the deficit for the year was $1.1 billion, as anticipated in the 2016-17 Projected Revised Budget. Government remains on target with its approach to deficit reduction.

This deficit is $682.3 million lower than the original forecasted deficit of $1.8 billion projected during Budget 2016, and is $1.1 billion lower than the $2.2 billion deficit from 2015-16.

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 2016-17 are available via the following link:

The Provincial Government continues to take decisive action in its multi-year plan to increase revenues, reduce expenses, eliminate waste and operate more efficiently and effectively.

“While the results of the 2016-17 public accounts show positive trends in revenues and a reduction in the deficit, there is still much work to be done. We remain committed to returning to fiscal balance and creating the conditions necessary for economic growth in this province. We will build on this positive momentum by taking tangible, measurable actions to improve fiscal, social and economic outcomes in Newfoundland and Labrador.”
Honourable Tom Osborne
Minister of Finance and President of Treasury Board

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Media contact
Lisa Lawlor
709-729-4839, 730-1568

2017 10 06                              11:45 a.m.